New-York tribune., 1901-01-17
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market again irregular. with
final prices at net losses in the greater number
Of issues. Morning quotations generally
higher, and in several instances notably St
Paul sharp advances We're made. despite the
announcement Of gold exports to-day ST Paul
was bid up reports that the Morgan-1ill deal
was about TO be put through, but the stock de-
clined rapidly the absence Of confirmation of
the report The fluctuations in St Paul reflected
the professional character of speculation and
the efforts Of certain interests TO make a market
for their holdings. In the steel stocks further
heavy selling carried the prices Of Federal Steel
and other issues well under Tuesdays closing
with last hour selling and bear pressure reflect
ing the influence of the so-called Gates crowd in
the market. The bear party appeared to be
well organized in the afternoon dealings, but
its success due, not much TO its strength
TO the willingness Of powerful market oper-
ators and banking interests to permit lower
range of values. Burlington stock was helped
by the announcement of a stock subscription
privilege. The extreme advance was lost, how
ever, in the last hour dealings. The greater
number Of active railroad shares suffered losses
Of about two points from their early high prices,
while the industrial shares averaged as much
Peoples Gas sold down for Chicago account
and local bears hammered the traction issues.
Manhattan broke four points and Brooklyn
Rapid Transit three points
The course of values in yesterdays market
and the general volume of trading supplied fur
ther evidence Of a subsistence Of speculative ex-
uheTance A quieter speculation will be well
comed by the conservative element in the bank
ing community, and setback in values will
he particularly welcome TO commission houses
The public has not been active in the last few
days. and brokers believe that a lower range Of
prices is necessary sustained public interest
in the market. Commission houses naturally
looking for profits. and they therefore are
anxious TO have their customers sell at going
quotations, with the expectation Of buying back
at lower figures. Much preaching of lower
prices was heard in commission house circles
yesterday. It pointed out that recent divi-
dend declarations and other favorable develop
ments had failed 10 put life into the bull move
ment and that indications pointed to liquidation
among substantial market interests. II must be
admitted that bull enthusiasm has decreased In
the last few days. but IL is not admitted, how
ever that banking interests have completed
their plans which involve higher quotations for
securities A temporary decline would doubt
less be acceptable TO the interests named, and
IL certainly would be boon 10 a large number
Of people who have sold their stocks and are
waiting to re-enter the market at cheaper
figures.
Speculation has developed a 'spotty'' and ir-
regular tendency in the last few days that sug-
gests extreme caution among traders margin
The uncertainty over the steel trade, due to the
possibility Of Carnegie competition, is making
bear sentiment in Wall Street. Now, in well in
formed circles il is not believed that Mr.. Carne-
gle intends to demoralize the trade, while il
is confidently believed that Mr.. Morgan will be-
come the master of the steel situation Just as
he is the master Of the railway situation. At the
same time however, bear traders may be able
TO hurt values the mere mint that the steel
and iron trade is in an alarming position, and
il therefore may be wise for outside specua tors
in stocks TO keep their weather eye open for
speculative squalls. Money rates are favorable
TO q resumption OF bull activity at remote
period and gold exports not significant be-
yond showing that this is the cheapest market
in which the hard up" foreigners secure
accommodation.