New-York tribune., 1901-02-20
sEN dividend.
BONDS.
THE pAYrs oPERATIoNs IN sToCKs.


Irregularity and weakness again marked the
course of stock market trading yesterday. In
the last hour an Insignificant reaction from
the low prices developed. but in the greater
number OF issues final quotations showed net
losses as compared with Mondays dealings. De-
clines were not due 10 news factors, as the
general situation presented no important ad-
verse developments. Selling did not represent
investment liquidation, and weakness did not
reflect uncasiness on the part Of substantial IN
teresis Market fluctuations were influenced by
professional operations for lower prices. Many
weak holdings We're shaken out. while further
transfer OF securities from insecure accounts 10
the hands of important market interests was
accomplished. The hig banking interests are
apparently willing 10 see moderate decline In
values, but the prospects Of an important set
back do not appear promising, as it is generally
recognized that any disturbance in the financial
markets al this period might jeorardize the sue
cess Of several large financial transactions that
are now under way. When these operations are
successfully launched the big men may leave the
market 10 the advocates of cheaper prices. At
that time money rates may suffer temporary
squeeze. and speculative liquidation Of stocks
may be forced. II securities suffer from a
spring decline they will, barring an unfavorahle
change in conditions governing real values sub
sequently regain the losses and doubtless sell
higher than any level yet recorded. A tempo
rary readjustment 10 a lower level would do no
damage, except in quarters where weak mar
gins are carrying big lines OF stocks.
There was a considerable contraction in the
volume OF trading yesterday compared with
recent daily averages. Wall Street traders are
evidently somewhat uncertain I'm their views re-
earding the money market outlook, the probable
effect Of the proposed steel combinations securi-
ties the market, and the attitude Of i'm
portant interests toward speculation. Uncer-
tanty in the Street breeds pessimism and pess-
mism is the signal for attack upon values
which incidentally is generally followed by good
buying of all good securities. Current attacks
upon prices should not be mistaken for invest
ment liquidation. Investors are not parting
with their stocks and bonds in these prosperous
days, and the reduction in business yesterday
merely represented the effect of uncertainty
upon commission house sentiment Declines OF
one TO two points were made in some OF the
active issues. but, as rule, losses We're not i'm
portant. The professional element was bearish
and the short interest was increased. It is be-
lieved that there is large short interest in the
market. and that a rally is due. There We're no
noteworthy changes in the money market except
IN the foreign exchange department, in which
an advance from Mondays decline was reported
The current supply OF bills is not large, while
the demand appears to be heavy for this weeks
foreign mails.
The stock market closed with an uncertain
tone. but with prices trife above the lowest
Many rumors were heard regarding railway and
industrial combinations and the effect OF these
rumors upon stocks was reflected in many spas
modc and irregular movements Traders did
not sell with confidence in a prolonged bear
campaign, and after each selling movement
speculation seemed 10 halt, while traders appar-
entity waited before renewing their attacks to
see whether or not banking interests were buy
ing. Traders have been badly punished in
the last few months that they pursue their
operations on the short side with extreme eau
ton. The railroad stocks in general were heavy
with evidence OF liquidation in the so-called
Gould shares. and the Southwestern group in
general Burlington received support below lA5
and made only small loss. The rumor that the
Burlington company would take the place Of
the ST. Paul in the proposed Northwestern deal
was revived and, while IL received little be-
lief. the report came from a quarter that is
usually well informed in the iron and steel
shares the preferred issues lost the strength ex-
hibited on Monday, and the common stocks We're
heavy. The hard coal shares were weak.