New-York tribune., 1901-01-11
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market was excited. irregular and
generally lower Room traders continued to
work for cheaper prices. while their efforts ap-
resred 10 be seconded by certain important in
terests who no doubt, thought II wise to check
for time bull activity. In view of the size or
the market and the advances on the preceding
davs of the week declines were not heavy IN
deed in the greater number Of issues final
quotations showed only small losses, while in a
few stocks ret gains were recorded. The denial
nv a prominent banker Of certain reports re-
garding railway deals encouraged selling in the
stocks affected and induced short sales
throughout the list. Heavy local and foreign
selling took peace in st. Paul. Northern Pacific
and Erie issues The need of big margins in
this market was reflected in the movement of
St Paul stock, which at one time showed a
maximum loss Of about six points and twelve
roints as compared with its recent high price
Denials of railway deals at this stage are
thought to be technical and not significant OF
any change in the plans Of prominent capltal-
lists AT the low level Of the day good buying
developed. Early losses were in great part re-
covered but renewed selling in the last hour
caused further reactions. Exceptional strength
was shown by the Southwestern issues. The
announcement just before the close OF the IN
crease IN the Louisville and Nashville dividend
ering throughout the list.
The public interest in speculation will not fag
ss long as prices show an advancing tendency.
II the market should be deserted by the great
banking and railroad interests that are now
concerned In upholding values. there would be
an enormous flood of speculative LIQUIDATION
and for time downward tendency In values
with underlying conditions sound, however, a
decline at this period will not run beyond a
level which will mark the elimination OF or
6inarv commission house margin accounts. In
vestment selling will not take place unless con-
ditions affecting investment values suffer a
radical change And after the reduction Of the
weak bull accounts stronger buyers will hold
securities while active operations for a rise will
undoubtedly begin again. Values may reach the
high level of the year without any material set
bacx hut there are not a few traders who be-
feve that sharp decline will develop BEFORE the
record prices Of 1901 are made A large proper
ton Of the buying of the current week has been
-,urely speculative the expectation or ne"
announcements Of railway combinations, and as
"a consequence many stocks are in weak hands
This is an element of danger in the present mar
ket that suggests caution in buying at the pre-
,,auing level. Stocks are not selling at prices
bevond their actual worth. and the prospects
favor a much higher level of values. Specula-
sharp recession is possible, and where all pur-
cbases should be backed by heavy margins
The course of money in the week has been IN
favor Of the New-York banks, and tomorrow 8
hank statement ought to show a further Dig
addition TO cash holdings. Money rates are
easier in tone Sterling exchange continues TO
reflect the possibility Of gold exports to Europe
hut shipments. il they should be made. are not
looked for before the end Of next week 1t Is
possible that in another week the local banks
will hold in reserve above legal requirements
an amount that will permit Of exports OF SlO-
100000 without disturbance in the money mar
ket Gold exports would add strength TO the
foreign markets, and this in turn would have
favorable influence upon the local situation AS
there is in circulation outside the Treasury
Ss6l. $50. .5O7, and IN the Treasury over S246.-
600 600 while total money in circulation
amounts 10 over Sc, 100000 gain of over
$3.50 100000 in five years. there can be no cause
for alarm in the prospects Of further loans to
foreign money centres. The Bank Of Englands $
p weekly statement shows improvement over a
week ago, with an increase in the proportion Of
reserve to i1bility from 1882 per cent to 1891
per cent.