New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was dull and irregular, with
final prices at small net losses in the greater
number Of issues. Expectation OF poor bank
statement restricted trading. and made bear
sentiment. While the showing OF the banks was
fn line with Fridays forecasts, the changes
noted were not significant of anything that
could be twisted into bear argument on stocks
Cash holdings were reduced because of an in
creasing interior demand for money and be-
cause the local Sub Treasury has absorbed more
money than IT has paid out. Money Withdraw
ais at this time simply reflections of trade
prosperity and the excess of Government re-
ceipts over payments. If the last named factor
should result in excessive transfers of money
from the banks 10 the Treasury, internal
receipts would doubtless be left again on
deposit with the banks. The position of the
local banks is sound, and the loan expansion of
over S50000000 in the last four weeks and the
consequent gain in deposits have reduced
the surplus above legal requirements to a level
that suggests important change in money
rates.
Stock market transactions yesterday not
large in any issue, and, with the exception of
few OF the more important speculative shares,
there little doing The steel stocks were
under bear pressure, and losses averaging
point were made. The railroad list mod
erately firm, and all offerings found ready buy
ers. HSders Of the established dividend paying
railroad stocks not disposed to part with
their investments. and the fact that the greater
amount of railroad stock of this class is held
by investors precludes the possibility Of seri-
decline in prices until the industrial and po-
itical situations undergo a change that will
shake the confidence Of investors. And the rail-
road stocks that not yet in the dividend list
are held by people who expect to make hand
some profits the price improvement which
these issues viii enjoy they approach the
dividend class. People who bought Union Pa
cifc common at % IT gradually work to 80
dividend prospects. and the same people are
holding other stocks, such Norfolk and
Western common, Southern Pacific and Atchison
common, because the earnings of the proper
ties represented indicate that dividends are not
very far away
The people who are bears on the current mar
ket are weak financially. and their efforts to
lower values by forcing liquidation have been
complete failure 1t is poor time TO hammer
stocks, and the big bears of the December mar
ket are not the leaders in present bear activity
New securities are not being created, and the
old ones are passing into investors hands. The
bear element that sells investment stocks short
when conditions do not favor investment liuui-
dalton. is wise as it is courageous No
one, however, safely predict how stock
market will move, and the best that any one
can do is TO base his operations on the known
technical position of the market, the condition
of money and the position of the factors which
determine the actual worth Of securities Tech
meal market conditions do not favor lower
prices. The position of the money market does
erai business throughout the country does not
favor lower prices.
The usual weekly table of price changes for the
more active stocks follows: