New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-22

,,a...s p-easiness over a or per cent
.,.sa onerators arc so lamblike and inno-
.. and lacking in confidence that they imme-
s,.,ely become apprehensive Of the situation
r,a hears conducted a very pretty little opera
.orro performance yesterday and to-day, pu'
,,av he,neG the chances OF prolonged pun
nver,ent By increasing the short interest. by
.,,rocting new buyers who will soon make their
Influence fell. and by transferring stocks from
weak 10 strong hands. Good often comes from
the evil ways OF the bears
The higher rate for money will soon DC ioi-
lowed by gold imports. so people need not get
into a furry because bear takers look serious
and talk in whispered tones about nc money
r,erknt delirnma" The reserves az this centre
are SiOOOOOG0 larger than they were at this
time a year ago and, unlike last year. the re-
Suction In holdings from the large surplus OF d
..u, months ago means the active employment
~ money in business enterprises Last year
money was Icing boarded because peoPie "e'e
oeraja 70 use Il. This year Il is Deihs Pi"e0N
into the channels OF trade because people nave
aore1ence in the situation while the stock mar
10, has been benefited by the decline IN prices
The spectacle ought not TO he presented oL - -
Mo selling .keir stocks on bear lies ana orohSIs
Who have encouraged customers 10 Oty a.oON I
ought not to urge them to sell on ever! p-eaA
cau-ed By lcdE 4pudtiO4i 49,
oo down or any length of time When there 10
sncn a preponderance OF encouraging lac1o-s.
ard brokers should keep this III nl.nd ana UeSt
buyers OF stocks with more ADeTaHl! MHVH INV
- ave raviGg an inning \ broker must
nr0lect himself, Lut he should see IN 'he MS
nlac. tha: his client enters the market no Iui-
h-otar Is 10, 2 man OF large capital he also
sbould keen within bounds in respect OF me
amount Of securities ne carries TOT ms c.lch.s;;
I, DrlIjence is observed. bO;n by the broker ana
bls client bear raids viii have no terrors'
The stuai.0n continues highly encouraging
,,r a ,esunl3t ion-aftcr ta.s temporary bear sue
cess-of the bu.l movement, in securities anu
osneciaily so at present, az the decline !es'ei-
az ana to-day places technical market COMO
,io1s i'm favor Of higher prices. The ROCK ISL
ard directors viii probably put the comp9n! Ok
A 4 Der cert basis Ills Week BuriihE'on ; -Nu
cret earnings which Will doubtless snow
Ssavy Increase viii De published. and eoid m
nor,s VIII De in sight. These dTec; GeNeloI
,,nenis in connection with the accumuIatlng evil
Sanco Of business srowjh are factors Whlch VII.
srr,ha- encourage optimistic sentiment ne
pressure exertcd on stocks caught many slop-loss
n-,ers. and lightly margined holders We're lorceu
IN sell ont while people VINO shy II ever! az
orano, ~ hear sggrcssion let 60 possessions
rrhirh were rapidly absorbed by shreWd opera,
tors who knew that resultant movement Mo i
shortly set in. After months OF aPpIe[iaSs''is
,rces the operators for lower prices nad
handsome victory TO-DAY, and chiefly at the eX-
pense OF small operators whose hnanclaL means
were not sufficient 30 Withstand u i ~"
,or lower prices There was no selling or invest
WON, holdings and hopeful operators preferred
IN increase their margins rather thah sd,IIive
The chance Of future profits to bear greed. IN
the bond department there was no siaughIeI Oh
prices. and dealings were less active. Inc honei
market for call loans ruled at ) per cent win
The las; lean at 81. while time money was rom
81 10 : per cent. according 10 the dates OF ma
turitv There was a l. & shifting or loans oNIns
10 the change in money rates. ana tne pear ere
mont used this factor. together with pack OF
falsehoods about the United states ana spain
with excellent effect from their point OF VItW.
Tho foreign exchange market was weaker, win
ne tendency toward lower rates. and IN banK-
ing circles gold imports were discussed as prac-
;ical,y arranged for. ,--,., ao.,,..
rrces for the last sales OF the prihcpS cros
..ool,s to-day compared with the final figures
fnllnWS.