New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was weak and lower under
selling pressure from both accounts. Bear trad
ers were aggressive in attacking values
throughout the list while many marginal trad
ers were SO discouraged at the course Of quota
tions. and so wrought up over bear fairy tales
that they sold their stocks for any price they
could get and were thankful If their sales were
made within half point Of the market. In the
afternoon there a slight rally. but at the
close prices were again near the poorest Of the
day. The average Wall Street traders mind APP
pears to be filled with apprehension. No one
can explain why sentiment has changed. why
confidence has been followed by fear and pru-
dence by doubt and uncertainty. The business
situation certainly does not warrant the change.
The money market is not in favor OF lower stock
market values. Railroad earnings are not poor,
bank clearings are not small. The crop outlook
IL not distressing. The student Of psychological
phenomena ought 10 come into Wall Street at
once He would find some valuable subjects,
and be able 10 gather an enormous amount Of
interesting data for future reference we'll
as for present study. transition period APP
pears to have taken hold Of the lighter Wall
Street mind, but because OF 1t no sane man
ought 10 sell his investment stocks allow
himself TO admit that business conditions are
not what they seem.
Certain powerful bears have taken charge OF
the market at a time when the public is not
buying securities They have succeeded in
frightening timid holders into selling. and. as a
consequence, they have made many people
change their opinions about business and pros
perty, while inducing them to believe that from
now on the course Of affairs in this country will
take a downward trend. And number OF peo-
pie have been led to sell their securities be-
cause they believe that the industrial issues
coming on the market will precipitate gen.
IL a,9a CN1It Af Nt,a o.0fa
will not hurt the market. II means the passing
OF stocks into stronger hands, and the creation
OF short interest OF large proportion With
stocks In the hands Of substantial interests and
with an over-extended short account, the mar
ket will be in splendid condition to enter upon
q bull campaign this summer Traders who vol
unfairly sell their stocks at this time should
bear in mind that for every stock sold there is
a buyer. and that that buyer is not taking the
stock merely TO oblige the seller. Men Of large
financial resources have been accommodating
stocks and they believe that prices will sell very
much higher before values measure existing
business conditions and prospective Industrial
expansion.
Experts. so-called, believe that values will go
lower before decided upward move sets in. A
further decline is not unlikely. as the bear
party is larger than 1t has been In many
months, while the more important bull interests
appear content to give the bears all the rope
they want. II is not however. a market in
which wer-protected holdings should be sold
at a loss. The gloom is growing so thick that
Weak holders were forced out OF the market
yesterday and the whole days movement APP
peared TO reflect a determination on the part
OF substantial operators to rid the Street Of
every small speculative account in existence.
In the Industrial shares and Brooklyn Rapid
Transit declines were sharp. and liquidation was
heavy. The railroad list. as rule held com
paratively firm especially Louisville and Nash
vile. Southern Railway preferred and Rock ISL
and. Brooklyn Rapid Transit lost points, and
the Industrial issues from 10 4 points. Ana
conda declined under liquidating sales, and In
the outside market Amalgamated Copper was
weak and pressed for sale The money market
was inclined toward greater ease. Conservative
bankers are not alarmed over the poor showing
made by Saturdays bank statement, as the
loss in surplus and the heavy gain in loans rep
resent passing rather than permanent in1u-
ences The National City Bank received yester-
day from the Sub-Treasury warrants for SlO.-
100000 on the Philippine indemnity payment
account. all Of which will show in this week s
bank exhibit Receipts Of money from the In
terror are greater than the local shipments and
there is absolutely nothing in the monetary
situation TO cause uneasiness Powerful specll-
lators have changed the small operators senti-
ment, and as result lowered his bank ac-
count Total transactions yesterday were above
one million shares.