New-York tribune., 1901-01-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
There was material falling off in the volume
of yesterdays business compared with re-
cent heavy daily totals, but prices. however.
continued to advance, while banking houses
We're again active buyers. Commission business
for margin accounts was lighter many opera
tors holding off in the expectation of lower
prices The market has suffered sharp reactions
this week, but they have not been generally no.
ticed, recoveries have quickly taken place.
Stocks may fall and advance several points in
a few minutes in a market of large dimensions
and yet maintain all the characteristics OF an
uninterrupted bull speculation. Fluctuations IN
the leading stocks play havoc with small mar
gins. Commission houses are, as a rule, par
ticular in the matter of margins. and in the
present instance a balance of at least 3 per
cent is required at all times. brokers demanding
additional protection If an account runs a frac-
tion under per cent. AS much as 10 per cent
ought be provided against speculative opera
tions in the current market, while caution sug-
gests 10 or 20 per cent and no pyramiding.
Securities will undoubtedly sell higher, but the
upward movement will not be free from sharp
setbacks and serious losses for the enthusiastic
trader who believes that prices can go in one
direction all the time just long conditions
governing actual values sound and growing.
Inc great changes tnat are taxing place IN the
railroad situation in the United States have not
been fully measured by stock values, and for
this reason the bear side of the market is not
attractive, save for turns.
The industrial stocks We're heavy throughout
the day. while the railroad issues made further
progress toward a higher level. In the last
hour the railway list was helped by the decara-
tion Of the Delaware and Hudson dividend at
the rate of per cent, an advance of per cent
from 1900. The increased rate may have a
significant bearing upon the future of the COM
pany, and il may reflect the efforts OF the pres
ent management to retain control, as under a
lease to the New-York Central Delaware and
Hudson stock would probably not receive more
than per cent. There are many stockholders
Of the Delaware and Hudson company through
out the country who have the utmost confidence
in the company's present able management and
who would regret to the property pass into
other hands. All the hard coal stocks were
strong. Ontario and Western showing especial
strength on heavy transactions. The Ontario
and Western has an independent standing In
the coal situation, and a consequence its po-
sition is strong enough TO warrant active buying
of the stock. The Union Pacific stocks were
features; also Norfolk and Western and South
ern Railway issues In the industrial list heavy
selling in the steel shares for Western account
few exceptions, showed a total lack OF public
interest in this class of securities. The indus
trial securities unnaturalIy depressed. In
certain cases, such as United States Rubber
and Tennessee Coal and Iron, adequate reason
exists for lower prices, but in the greater num-
ber of issues prices under actual worth and
at level that ought 10 invite good class of
buying. There many good Industrial shares
that are worth buying for investment or specu-
lative account.
Unless a radical change takes place in the
foreign exchange situation, gold exports will be-
gin next week Shipments of the precious metal
would be made to-day if there a fast
steamer sailing. At the current rate gold can
not be sent out at a profit, but it is expected
that rates Will advance TO a point next week
which will force exports without any extra in
ducement from the other side One well in
formed foreign banking house predicts that be-
tween S15o00,000 and S20000Oo0 will be ex-
ported in the course of. the next few weeks. The
effect OF gold exports big supply of the
yellow metal viii be insignificant AS a factor
in the local money market gold exports are not
likely to amount 10 much, as money is coming
10 New-York from the interior at a rate which
suggests a large increase in cash holdings in
the next few weeks. 1t is estimated that the
gain this week will amount to more than
Sl0,o10Oo0.
THE nANrS ATInNs Dn>-nC