New-York tribune., 1901-01-20
BONDS.
THE DAYS OPERATIONS IN STOCKS

Early trading in stocks was accompanfed by-
advancing values. but in the greater part Of the
day prices were heavy under the force of steady
liquidation. In the last half hour selling Of the
general list became urgent and declines of f62
per cent were common Part of the days Iiqui-
dation represented sales by holders who believed
that the bull market was thing Of the past
and that much lower prices would be recorded
before bear aggressiveness ceased. Bear traders
sold the market on the rumors about the Queen
Of England's illness and on the heavy increase
in loans in the weekly bank statement. feel
ing of uneasiness over the steel situation helped
to depress speculative spirits while the total
lack Of support from prominent interests served
to convince many tinid margin traders that a
long period of bear activity was in view. Lon
don sold upward of $4,000 shares. and the weak
ness in the foreign market naturally affected
local prices. break of over three points in
Amagamated Copper and Anaconda, persistent
selling in st. Paul, and In the last hour vigorous
attacks upon the traction shares upset senti-
ment and left a blue and foggy atmosphere in
speculative circles
The bank statement furnished many surprises
and in some respects il was one of the most re-
markable exhibits ever published. Deposits in
creased S36.451 900, the heaviest gain for any
one week on record. Loans increased 500, ,S41. -
counting for the advance in deposits. The
change in loans came from sources other than
the stock market and doubtless represented
syndicate operations connected with railway
deals completed about to be completed. The
payment of the holders of the Pennsylvania Coal
Company stock incident to the transfer of the
company to the Erie was undoubtedly factor
IN the heavy loan expansion. Seven banks sup
piled the chief part Of the gain in deposits. The
statement had a bad effect upon stock values
as the heavy increase in loans was regarded as
an unfavorable development Loans now stand
at $3.50. .ST3, 400, against $3.50 200 a year ago
and S72O. Sol 900 in 1899. Deposits are S921,-
7s7 200 against $7e5, SIS. 100 at the same time
last year feature Of the statement was
gain in specie OF S11 .495300. making a gain in
this item in the last four weeks of $2J.611 500.
In view OF this showing uneasiness over gold
exports IS not warranted. II is quite probable
that further gold will be exported this week.
The decline IN stock values last week repre-
sents no unfavorable change IN the condition of
domestic trade. Reports of the commercial
agencies for the week show healthful progress
in all lines of Industrial activity and present in
dications of further expansion throughout the
year battle among the steel giants is not
expected, despite current rumors. but 1t may be
well to state that If hostties do come the ef-
feet upon general trade cannot be other than
bad. Speculative conditions present at the mo-
ment all the factors that are incident to mar
ket in relapse Confidence and cheerfulness
have been succeeded by depression and uneasi-
ness and predictions of lower prices are gen.
eral. When gloom is thick in Wall Street the
time is generally ripe for the purchase Of stocks.
The usual weekly table OF price changes for the
more active stocks toloWs: