New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-08
RONDS.
uur n,y,s OPERATIONS IN STOCKS.

ruF DAYS OPERATIONS IN SloOho'
rofrea, of the banks TO lend money on
t,dustrial stocks. together with the fact
~, The greater number Of Wall Street commits
~ horses were overloaded with these indus
80, issues led TO severe break in stock raiues
;.sraav AS usual. the weakly marglned
t,5ors were forced 10 sell their securities at
49,, while the bigger and Weather operators
10 enabled to secure some rare bargains
s.or loss orders were readily reached IN the
,,oh,v speculative issues and at one time STOCKS
~. sold regardless of value or of reason on the
- % many owners and brokers. Brokers ap-
.orsntlv we're as much frightened as were their
.s,o-,ers. The fact that the known attitude OF
ns hanks toward the market was IN FAVOR Oh
'.u.sr nrices inspired many well-protected hold
&c N sacrifice their possessions. and when II
..,s announced that certain money-lenders were
.s,sire all bids for funds the Stock EX-
.ho,ee something akin to panic invested the
.,.tar commission house circles for few mo-
,erts And one small firm was forced TO as
.r, Some well-informed traders thought the
,s.,re would run further while bankers as
ala axnressed the hope that values would reach
. lower level. A large number Of loans were
allied in the day. but the actual position Of the
ng
The effect of the days decline should be re-
ssc,ed In increased buying Of the railroad
stocks and a falling off in the speculation in the
Industrial shares of doubtful merit The stocks
.bstShsve been actively manipulated in the ol-
,ecion If higher prices received a black eye
Yesterday Perhaps the banks were 700 active
n their discrimination against the industrials'
and many people thought that the banking IN
,iutions were altogether too arbitrary, Dul
The effect Of SUCH sentiment had absolutely no
influence upon the men who WELD the power III
The banking community. While the money
sntnrs doubtless were severe, 1t is likely tnat
heir action will relieve the situation of many
dement's Of danger. while proving a powerful
actor in building up legitimate and healthrul
bull speculation in stocks The reaction that
box place in the morning. however, was some
hing more than the logical outcome Of period
Il overtrading in the industrial issues. and that
the decline was too violent and beyond the
bounds Of reason was proved by the ease with
gbIch afternoon values recovered part of their
early losses.
The railroad list suffered along with the in
.ustrials but not 70 the same extent in point Of
roerce Many firms which were carrying large
amounts Of the industrial stocks were compelled
to unload their railroad shares in order to pro-
tsct themselves. and the losses sustained from
hssellng by out-of- town spectators were said
10 nave been particularly severe. The failure Of
customers 10 respond TO calls for more margins
eft many brokers no alternative but TO sell. al
though in some instances sales were reported by
houses where customers margins were not eX-
tsusted and where a little more calmness Of
spirit on the part Of the brokers would have
ssved the customers unnecessary loss. The
liquidation ceased before noon. and the market
Immediately began TO show the influence Of the
accumulation OF stocks by powerful interests.
Traders who sold short in the early dealings
began 10 cover their contracts al about the same
time. and the result Of these two factors was a
sharp rally throughout the list Call money,
which lent as high as 10 per cent in the morn
Ing, declined TO q per cent in the afternoon, one
Prominent banking house starting the decline
by putting out 81, 600 900 at per cent. In
tome cases stocks rallied as much 10 per cent
nom their low prices. and at the close the In
oustrals alone showed noteworthy net losses.
The extreme decline in Brooklyn Rapid Transit
was fifteen and a quarter points. in Manhattan
nine points, and in Metropolitan Railway six
Teen points. In the industras the extreme de-
eLnes were follows American Steel and
WIRE WIRE. common. 6; Sugar. 1874; American To,
nacco. 10. Consolidated Cas- 57s; Continental
iooacco 5si Federal Steel, common. ~. and
preferred. 50; Glucose GU; International Paper.
ssyymm0n T. and preferred, 3; Knickerbocker Ice,
~, National Steel, 13A; Air Brake. 14l2; Peo-
pes Gas 11$4; Tennessee Coal and Iron, 5A :;
leather, preferred. g. Rubber. common, 3}s;
enlon Bag. common. s, and preferred. Az.
me following table shows the decline in a
plumber OF active issues from Mondays high
'e'el 10 the low level recorded yesterday