New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-01
BONDS.
THE DAYS OPERATIONS IN STOCKS.

with sverv hear attack upon values. the out
look for higher securities prices this summer
grows more promising. In yesterdays market
renewed pressure from the professional element
and heavy commission house liquidation carried
quotations we'll under Saturdays closing levei.
and in many instances sharp declines were
made especially in the issues that represent III
dustrial and street railway corporations buy
ing on the reaction was considered goou Whiie
the short interest was further enlarged and IN
cldentaly weakened. The bigger the short In
terest the more dangerous becomes the snort
side Of speculation In times Of business growth
and Industrial expansion. Bear accounts are
becoming topheavy. and traders ought 70 re-
member that 1t is possible to overstay decn-
Ing market Just as 1t is possible to overstay an
advancing market.
Stocks were sold yesterday because one oeath
from yellow fever was reported in the south,
because the wheat market higher. and a
few net railway statements for April disap-
po,nting. and because sterling exchange ruled
near the gold exporting point Weighty reasons
indeed for selling well protected securities. but
convincing TO timid people when backed by the
approval Of powerful operations for the decline.
Southern Railway Louisville and Nashville and
the Southwestern railroad issues were ham
shares were attacked on account OF the rise In
wheat and the list in general was sold on the
strength Of possible gold exports. II gold is ex-
ported now II will be returned later on in the
season and as such expectations Will reflect
nothing but legitimate conditions the advance
in exchange rates should not afect securities
values The simple minded alone Will sell good
stocks because this country has temporary
balance against II. And the ignorant trader
alone will sell the stocks that he owns outright
or on big margins on yellow fever IN the South
or irresponsible crop reports from the West
Professional traders were not vigorously OPP
posed In their attack upon values. and In local
transportation and gas issues they had free
rein in running through the accounts of poorly
margined holders Metropolitan Street Railway
was forced down thirteen points to 2OIf4, Brook
lyn Rapid Transit six points to 1859, Man
haitian five points to 1041a and Consolidated
Gas four points TO 1914 Closing prices were
above the lowest Of the day. but rule the
final rallies were unmportant. Liquidation wa.
heavy throughout. and the course of values
while rejecting no development affecting th'
actual worth OF securities. indicated the pres
ence in the market OF a powerful party that wa
intent upon depressing prices without any re
gard for the methods employed as long as the,
were successful. In some cases so-called in
siders were forced to sell owing to the strengt
OF the bear element but the stocks sold wer
taken by strong interests. who will be the own
ers OF the greater part OF the floating supply o
securities when the market starts up
ward movement In the outside market a de
cline OF ten points in Amalgamated Copper wa
the feature Of the days business. The stoc
market has reached point where It is dan
gerous to sell short as 1t was dangerous to bu
for rise at the elimination Of the Januar
advance.