New-York tribune., 1900-12-09
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market was weak and irregular,
with net declines in the greater number Of issues
Professional traders were bearish and their CT
erstions were helped by the liquidation Of timid
commission house customers who evidently
thought that the morey market was about q
run into a panic Holders who have bought
stocks On slim margins have. Of course. some
reason for fear. as the money market has de-
Neloped a tendency that may lead 10 lower quo
sstions for securities But people who have
bought stocks on good margins. with reserve
margins on hand. have no reason TO worry and
10 reason 70 sell their holdings at loss. What
over tates place in tSa money market will be
temporary only. vl,rs the chances are that
snoney cevelopnrcrts VIII he - the disturbing
Faturs that WsU Street traders predict Con-
frarv 20 expectatiar ana precedent the return
soN ~ currency froro tce interior has not begur-
Money not only fails 70 move this way, but tas
South and West coat'ure tc draw on this cent?,
which with payment - tho Suh-Treasurs. Is
as ? aerious drain rpcn local reserve holdirSE
The reserve decreased last week ever S50JN'sJ'.
The out Of town moye rent Of mone:- nl.re's
seaects an active trade situation throughout the
country. Proposed reductions in the wa reve.
nue taxes will have an important effect upon
mcney supplies. and whenever money become
scarce gold can he brought here f7oIc Erycps
danger of a money scarcity. the Treasury De
par;ment has GeciSed to anticipate January
Government bond Interest payments and II
surtter assistancc SHOULD he reeded tho Govern
ment viii, as il has done ir The past take aston
:n favor of the city hSpks Underlying coad.-
tions ir the money market snond PcSpl.
who permit themselves to be Lao into believing
shat trouble Is in sight VIII make :, serious mis-
take. Trade IS active and needs r,cceg, and al
this particular time. when arrangements must
soon he made for enormous January Interest
disbursements q would lie surprising il none.
rates did not advance. Bear traders will take
advantage OF every opportunity 10 depress val
Des, and they believe that the money market
VIII he the weapon that v.n force stock values
3n their favor. The fact that Wall Stree,
sentiment-that is, professional sentiment
has blush tings acts as p damper on
the market and induces the tickle and timid
spectators 10 accept the theory that breakers
are ahead. Rear breakers will be followed by
bull tidal wave, unless general conditions
suffer complete and radical change.
The bank statement wac not an encouraging
document, but the showing made Was nretty
Nell discounted in Fridays market and in yes
terday's dealings preceding the publication OF
the figures. Peserve above legal requirements
decreased 81 164. $50. Cash holdings were lower
by S6O0OOOO and loans increased nearly 81 600
000 The volume of trading I'm stocizs was snail
owing, no doubt 10 money market considera-
Sions. Commission houses were inactive and
room traders operations were Insignificant In
some OF the high grsde issues commission house
buying was reported, but, as rule, transactions
were confined TO sales for small accounts Ten.
nessee Coal and Iron and the United States Rub
Der stocks were particularly weak features ir
the early dealings. In the last half hour 2
stronger tendency developed, and last price.
Were above the lowest Of the day
The usual weekly table II price changes for tn,
more active stocks follows: