New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-24
BONDS
THE DAYS OPERATIONS IN sToCKs,

LIE OA1 VI 4C->S ~ N-OOAb-
The stock market was weak throughout the
Day under the influence OF q healthtul reaction
airy movement Considerable speculative uGui-
dation took place. but there was no investment
selling or indication that the decline due TO
conditions other than those resulting from the
active bull movement Of the last two weeks IN
tha last few days stocks have enjoyed a health
tui setback from the rapid advances Of a week
ago, and as a consequence, the market is on a
sound speculative basis without radical weak
ness n any department Enormous realizing
sales have been made Several prominent oper-
ators have worked for lower prices, and the more
important interests in the Street have welcomed
<ne reactionary tendency. With al the selling.
however, there has been no break in the market.
no pressure of public Liquidation and nothing
approaching disturbance. The amount OF CAPT
sH seeking investment IS greater than the ordi-
nary stock market trader credits, but The failure
OF prices 10 make noteworthy recesstoas should
convince every one that the demand for securi-
ties is not yet over-that money IS anxious for
employment II the channels Of trade and IN the
general investment market Buying N yester-
days market represented investment and high
grade speculative purchases The early declines
induced selling by many snail commission house
customers but the liquidation OF their accounts
naturally improved the technical position OF
margins are not likely 70 make money IN this
market. owing 70 the certainty Of sharp reac-
x4ons. but there IS no necessity for people with
ample financial backing 70 sell their holdings at
q loss. Prices have not touched the top, and
stocks bought On recesstons and q: the current
level VII ultimately prove good bargains. unless
the country should 60 into bankruptcy.
The outlook IN the money market suggests
caution IN speculation. but not uneasiness over
fary situation The known movement Of money
9n the week indicates considerable increase IN
cash holdings, but. OF course, the uncertainty
over the loan account makes accurate estimates
n the change n surplus above legal require
zrsnts impossible. \ week ago when bun specU-
las1On was enornous. loans increased only s.,
$4,000. and s heavy Liquidation has taken
place n stocks this week there is no reason 70
believe that loan expansion VIII be larger than
st a week ago. New-Tork Is not oversup-
piled with money. but il has enough FOR all the
legitimate purposes u trade and speculation
In the event Of further trouble n China more
money may be needed by foreign Powers, and as
his IS the cheapest money market n the world
Foreign borrowers will Doubtless appeal 70 Us for
further help. There IS some possibility OF an
other British war loan being brought cut II
part n this country. No one. however. IS worry
ing about Il. Indeed. local investors would be
Te7oy 10 take large slice OF any loan that
foreign governments might offer. With all the
possible developments that may increase The de-
1nand FOR money. Il should be borne IN mind
that this coUntry's credit balance abroad Is
growing every day, while its supply Of gold IS
being constantly increased by the production OF
The Western and Klondke mines, and by re-
ceipts from Australia
Dealings were viii distributed yesterday, with
the heaviest transactions IN the Industrial and
traction issues. Sharp declines were made in a
number Of issues, and at the close net losses
were general throughout the list. Rallies took
place at times. but each recovery was followed
by further depression. especially in the iron and
eteel stocks. against which active bear pressure
was directed. Losses n the active LIST aver
aged about per cent The reaction was "a
garded as overdue. Il was not an indication OF
q permanent change in sentiment and prices