New-York tribune., 1901-02-14
BONDS.
THE DAYS, OPERATIONS IN STOCKS,

The decline that took place in yesterday 3
market was not due TO any news DEVELOPMENT.
Conditions governing the actual value OF securi-
ties were not responsible for the days sharp
reaction IN the industrial or railroad issues.
Heaviness in quotations represented speculative
conditions. A reaction was due and prominent
operators took advantage OF heavy public buying
at the opening TO unload stocks and to work for
quick profits on the short side. The biggest
hears in the Street hope for nothing more than
turns IN their favor in the current market and
It is not thought al all likely that yesterdays
setback is the beginning OF an extended decline
In prices. Conditions outside the Stock Exchange
will have 10 change before a bear campaign will
appeal 70 Wall Street traders. When all the
plans for the betterment Of the railway and in
dustrial situation have been successfully carried
through. when banking interests which are en-
gagged in colossal financial operations are ready
TO withdraw from the market and when all bull
factors have exhausted their influence on specu-
lation then q period Of sagging values may be
expected. No one can tell when this period will
arrive, but current indications give no sign OF
its approach. A reaction OF from TO 10 points
will not necessarily reflect end OF the bull
movement.
There were no changes in monetary condi-
tons yesterday. The loss in bank reserves in
the last two weeks and the heavy expansion in
loans were responsible however, for some OF
the bear aggressiveness in the stock market.
Bankers are not alarmed over the changes IN
bank holdings and they say there is no prospect
Of higher rates for money for some time TO come
II is contended in some quarters Of the Street
that bank reserves viii be wiped out in four
weeks il loan expansion continues at last week s
rapid rate. This theory is well founded but
there is reason TO suppose that bank loans
viii be permitted TO increase 10 a point that viii
mean the extinction Of the reserves above legal
requirements The spring demand for money
from the interior viii soon develop, Sub-Treas-
ury payments viii not increase local bank hold
ings, owing 10 heavy payments by the banks,
and even gold exports may be renewed. But
these viii not be factors OF a distressing or
depressing character, nor viii they lead TO in
Vestment liquidation in stocks or a speculative
panic on the Exchange. The money market is
in a healthful and sound position in all the
cities OF the country, with absolutely no weak
spots or signs Of developing weakness.
The steel shares were sold by Western houses
IN yesterdays market, while the whole list was
offered down by operators working for Chicago
Interests. II thought that upward Of three
hundred thousand shares came on the market
for Western account Mr.. Keene was reported
as a heavy seller The mere rumor that Mr..
huence on the changing views OF commission
house traders, and in many cases Mr.. Keene's
operations make and shape the market. OF
course the current market is not one man af-
fair, but ct a time such as the present, when
prices are ripe for a reaction the influence of
portant. Sharp declines in Sugar Refining and
the steel stocks. heaviuess in the so-caled Gould
stocks. with big decline IN Missouri Pacific,
and losses Of fractions 10 one point in the gen
eral railroad list on a moderately heavy volume
Of business, make up the record Of the days
speculation. Selling for both accounts was ac-
tive throughout the day.