New-York tribune., 1902-12-14
THE DAYS OPERATIONS IN STOCKS

Farlv strength in the stock market was fol-
lowed bv declines in the last half hour. which
left final prices at net losses in the greater num-
her of issues. Selling apparently was due TO
speculative profit taking, there little ev1-
6ence Of forced liquidation. The advance in the
final trading on Friday and the strength at the
opening yesterday naturally induced realizing
sales among holders who were lucky enough to
buy stocks at the low level made in Friday S
early market. Selling of this character was as
sisted influence on quotations by bear
pressure from traders who found in bank state
rnent figures sufficient ncouragement 10 ham
1ner values. Declines in the last half hour ran
from fractions to / per cent, the heaviest losses
in the active list being made by Atchison, Cana
dian Pacific St. Paul. Louisville and Nashville,
Pennsy ylVania. Southern Pacific, Union racine
and United States Steel common.
Bank statement figures show a loss in reserve
above legal requirements of S1,5S6.SJ0, but the
chances are that the actual position of the banks
is better than reported in the statement. as. ac-
cording TO the average system, the principal
gain from the interior currency movement and
the principal decrease in loans which took place
at the end of the week, are not fully reflected IN
the published figures. In the statement of av-
erases loans decreased 81 o65. 800 cash de-
creased S30a4 200 and deposits decreased
S6.031 400. Reserve now stands at SS,3S6,90O,
S6.325.:;;S75 in 1900 Taking the position of the
banks as reflected by the statement of averages.
there is no reason for uneasiness in Wall Street
circles Reserves are larger than at this time
in many years. There is no heavy demand on
the banks for stock market requirements. There
is no prospect of immediate gold exports, while
there is good reason to believe that the return
flow OF currency from the interior. which is now
under way, Will add many millions of dollars to
the cash supplies at this centre.
Securities values in the week just closed have
moved in a direction that has developed acute
distress among weak holders and timid invest
ors but this movement has not caused alarm
among the believers in this country and its eX-
handing industries a period of industrial de-
preston Will doubtless develop at some future
period. but there is nothing in present condi-
tions that suggests that the time has arrived to
go short of stocks in expectation of coming de-
mora liza tion in business Trade conditions are
absolutely sound. There is no structural weak
ness in the industrial situation. and until signs
of weakness of this character develop there
ought to be uneasiness in speculative circles
Many people who have grown up with the coun-
try and who have been accustomed to cycles of
prosperity followed by cycles of depression are
looking for period OF industrial dulness
and bankruptcy. but il begins to look as II the
expected seven years of famine Will not de-
velop for long time to come. Indeed. there is
so much genuine health in the general situation
months least of active prosperity Following
the last period of industrial depression business
placed basis calculated to Withstand
the raVages of many years of trouble.