New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-17
SEX dividend
THE DAYS OPERATIONS IN STOCKS.

Ferlv morning market gossip said that a good
sized break would take place In stocks BEFORE
the day was over. but no evidence Of weakness
was noticed IN the course of an extremely dull
and unimportant speculation As a rule prices
were we'll above Saturdays closing level Bear
tips 90 called were freely circulated on Satur-
dav and sunday. and while bear sentiment was
strong among the bears there was apparently
rt,le stock available for selling purposes The
operators for lower prices are now basins their
arguments on the manufactured theory that
many market interests cannot continue 10 carry
present holdings Of Industrial securities and
that further liquidation must take place. Par
ticular stress is placed upon the word must
Stocks must decline II holders suddenly decide
10 sell. but it is not likely that any such de-
cision Will he reached as long as the future
holds out the hope Of higher prices Inter
ests who have carried the new industrial Sc
ourities through the recent period Of decline are
not likely T. throw over their holdings at loss
unless their financial standing compels them
10 do so
The new Industrial stocks We're not widely
distributed at their high prices Promoters
may not have sold at the best prices. because
they may have believed that higher values
would be recorded When the decline in the
fndustrlals set I'm strong men practically
industrials and the small amount held by the
public went back to the syndicates and people
who alone could carry large amounts Of stocks
In period Of declining values The fall in the
price Of these issues has been heavy, and at
current figures they DO not represent imitation.
The assumption that the industrial stocks
held by substantial interests who are waiting 70
distribute their possessions to the public may
be wrong but it is the common sense view Of
the situation. The public certainly is not in
the market and the public Is important
holder Of stock at present. Weak holders are
out II Is therefore natural TO conclude that
the rich men own the chief part of the floating
supply Of stocks and that they will not sell
until quotations have advanced TO the level
which current Indications promise viii be
reached
Aggressive manipulation and constant bear
hammering NAV pat prices lower. There may
vet be enough weak accounts in the market TO
furnish basis for A further decline. There may
be some large holders who are carrying more
stock than their resources warrant and they
may be forced to go into liquidation. Market
SQUALLS may come along and frighten some in
vestors There are many things that may hap
1en but the chances are that they VIII not
happen Money market conditions doubtless will
govern the market for some time to come. but
SO far as causing extensive declines in values
Il seems that the money market is no longer
sufficiently powerful Money market conditions
have been responsible for heavy liquidation.
Now they should only check active speculation.
They WILL unless All indications are at fault,
govern the volume of speculation. hut cease 20
act as a depressing influence upon values In
the last hour yesterday the market very
strong on covering Of shorts. and advancing