New-York tribune., 1900-12-14
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN SIo0hS
The stock market was heavy in the greater
psrt OF the day. with net losses in most issues
st the close Profit taking sales and bear pres
sure were induced by money market eonsioera-
tions and 10 some extent by the reports or serl-
Gus financial trouble in Berlin. According 10 the
foreign press reports the decline in mortgage
bonds in Berlin threatens TO wreck Germanys
economic stability. hut according 10 the advices
received by foreign banking houses, hnanclal
conditions in Berlin are better than they were
two weeks ago while the failure of certain
mortgage banks is not considered a factor OF
widespread importance or one that will arect
Berlin anv more than the failure Of a local loan
company would affect the financial situation In
New-York Stock market traders always take
the darkest view Of all situations. They are
willing 10 go a long way from home in order TO
fnd trouble. especially at time when local con-
ditions are so sound and unpromising for
prolonged campaign against values. Expecta-
tions Of higher rates for money at this centre are
well founded. but the professional element on the
Stock Exchange is not particularly enthusiastic
over the chances Of important liquidation and
declines I'm securities. This element is therefore
hunting for trouble in Germany.
The Street expects higher money and an ad-
vance in rates will not come upon unprepared
market Bank holdings have suffered further
heavy declines in the week. due 10 shipments to
the interior and internal revenue collections ana
at the moment there appears no material Offset
20 this movement In the coming week payments
Of interest on Government bonds amounting
10 about S5000O0O viii help the situation, while
declining sterling exchange rates may be fol-
lowed by gold imports from Europe. Sudden
and possibly violent fluctuations in call money
rates will not alter the general business situa-
ton in this country; they win not upset the
intrinsic worth OF securities and they ought
not 20 cause extensive speculative liquidation in
stocks. Interest in yesterdays market was
largely centred in the Erie issues, which made
sharp advances on enormous volume OF busi-
ness. Confirmation OF the coal deal rumors cre-
sted big demand for Erie common and prefer
ence issues. while inside information regarding
the election OF new and powerful interests to the
Erie Board OF Directors doubtless accounted for
part OF the active buying in these securities.
II was not generally known until the close Of
business that three new directors had been
elected. While Erie stocks advanced. active.
and In many cases successful efforts were made
70 lower values. The Steel stocks and the in
dustrials in general were weak and. with few
exceptions. the railroad list closed under
Wednesdays final level. The influence OF the
coal deal was reflected in Pennsylvania Coal
Company stock IN the outside market, the price
advancing 90 points above its preceding high
record 10 740 Commission houses were not sc-
tive. customers exhibiting a spirit Of caution.
owing TO the uncertainty over the money market
The chief selling was for the short account