New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-13
BONDS
THE DAYS OPERATIONS IN STOCKS.

The current reaction In stock values has car
ried the market to level al which many con-
servative operators are willing to BUY in expec-
tation OF higher prices starting from the pres
ent quotations They argue that the market has
Ind n considerable decline. and that weak ac-
counts have been thoroughly shaken out: that
the bank reserves have probably reached their
lowest point and business conditions under
lying the real worth Of securities have not been
checked in their expanding tendency. Ihey are
prepared to hold stocks purchased at ruiihs
quotations. even If prices sustain further LOSSES
and they DO not hesitate 10 express unbounoeo
confidence in the future Of securities vaiues'
This kind OF argument is based uron common
senst and a full appreciation of existing conoi-
lions II NAV not be safe however. for small
marginal traders TO follow il at present A fur-
,ber readiustrnent OF values to lower level de-
nends anon money market conditions. and until
the extent Of gold imports can be more accurate
" determined the money market should he
carefully watched by intending buyers. No one
doubts that ultimately prices will 60 anoVe 'he
best figures reached this year.
In Yesterdays market further losses were
made Lower prices IN London. and disposl-
tion on the part Of tmid holders 10 sell en-
Outraged renewed activity among the hears. the
III
ont the list, This was especially marked in the
early dealings when the fear OF tight money
and an unusual crop Of bear rumors frightened
MANY onerators into selling II is often the case
that when bear reports are the most plentiful
ann gloom and depression overshadow the
speculative community. the bear movement is
about at its end. Sentiment was depressed yes
terdav over the money situation. the Govern
rent crop report. talk of friction between the
PhilIppine insurgents and the American forces
and uneasiness over European affairs owing 10
DEVELOPMENTS in Central Africa Ihere was
gloom everywhere. But there we're certain indl-
cations that on the decline substantial operators
who gold their stocks at receft higher prices
were quietly accommodating new line at the
lower level -.-rsn
The Government crop ,.poraShs bear card.
because sentiment was ready TO accept anything
that might be used an argument for lower
prices Results In the crop world turn OUT so
differently from the estimates OF the Govern
ment that nobody need worry over crop condi-
tons as figured by the Department OF AgrlcuH-
ure T., NAV be recalled that the Governments
crop report last year on wheat fell about TOWN
600 bushels short Of the actual yield. At any
other time the crop report would not receive so
much attention Bankers are not alarmed over
the monetary situation. II they were, stocks al
present prices would not appear attractive. the
New-York bankers understand the money mar
ket They know its requirements and VIII han
die the situation TO the satisfaction OF investors
and moneyed interests. Money rates were hrm
Yesterday but there was no indication OF strin-
gency The "hnanciers' who carry stocks on
borrowed money were frightened. however, and
disposed OF their holdings AT cheap prices 10
more substantial interests. The total volume OF
business was not large. and after the early SELL
ing movement quotations recovered trlne on
covering by shorts. The close was weak At
losses averaging ! per cent in the more active
Issues