New-York tribune., 1900-01-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading dull and profess
sional. with decided tendency in the move
ment OF values until the last hour, when prices
declined throughout the list. Selling by i'm
portant bear interests who were the heaviest
winners in the December smash in values was
the chief factor in the late decline, but the
pressure of this selling did not bring out any
well held long stock. Rumors, the origin or
which was known to bear traders alone, were
circulated on the Exchange. purporting to re-
fleet actual conditions in South Africa; but they
were not Endorsed by press dispatches. At
times the Street was inclined to be cheerful over
the South African situation, but bear traders
were so sure that Ladysmith had fallen that
commission houses received no buying orders
from customers while conservative brokers did
not recommend marginal transactions. The
bear element made money in December and it
is in good condition to practise aggressive tao
tics but IL may be well for ii to bear in mind
that overconfdence and disregard of the fun
damental factors in the situation have not in
frequently led to extensive losses, which are
likely TO occur in the present instance. Total
dealings were under 100000 shares, and final
declines outside of the more active issues were
small.
Wall Street discussion is centred on the Trans
vaai war while local happenings are practically
unnoticed. The dividend declarations yesterday
and on Monday, the virtual end or the gas
war the probable cessation OF gold exports
and the enormous merchandise exports from
this port in the last week factors which
ought to ind some response in market prices.
The Boer war is important factor but it re-
ceives more attention in Wall Street than it de-
serves. Possible Boer victories will find the
local and foreign money and stock markets IN a
strong technical position that should prevent a
repetition of the decentralization which took place
last month"; and British victories will come to
the stock market the very tonic which 1t
Graves The stock market is waiting Mean
time the money situation is growing stronger,
investment interests are holding their securities
and many professional traders are committing
themselves to the short side of speculation IT is
easy TO picture the result of big and decisive
british victory on the securities markets Lon
don has taken about S15,O0O.OO0 of gold from
here and for the present 1t seems that gold
shipments are at an end London discounts are
decidedly easier, and the market at this centre
las been helped, in addition to the aid given by
gold imports, by the return flow Of money from
the interior.
The declaration of dividends by industrial and
railroad companies reflects confidence the
mart of conservative managers that the pros
nects for this years business are promising.
II is coutended by a number of bear traders and
bear nouthpieces that business will soon begin
to run down hill, but they have nothing save
their own theories to warrant their statements.
The export trade from this port does not
start off the year with any indication Of de-
cIining Industrial activity. For the week ended
YESTERDAY total merchandise exports from New
York amounted in value to S13,O13,S95, against
!. S9020513 a week ago and Sll,SU2,IOo in the
same week last year. The country can be ex-
trernely prosperous this year without equallng
the extraordinary record of 1899; railroads can
increase and resume dividends. and industrial
shares become investment securities without the
companies returning the heavy earnings re-
corded last year. From now on earnings Will
compare with big returns OF year ago, and de-
creases will not show depression in general
business 1t still looks like bull year.