New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-17
R(lNIlS
THE DAYS OPERATIONS IN STOCKS.


Several factors that had little bearing on '"'
49,, u.or,n % securities contributed to lower
,,arkct values yesterday and inspired renewed
.arrossiveness on the part Of professional oper-
.tors for the decline The Transvaal si'ua'
~ monetary situation and remarks ny ram
.,,o,y State Senator regarding the prooaD'e
&C.,, ~, the new franchise tax law upon 'he
,ocal traction companies were effective in us
couraeing operations for an advance WINE III
ducjnr further liquidation Of a purely specu'a-
.,,e character Selling was particularly heavy
a-ter tho mobilization Of the bank stat'hle""
which showed the reserve above legal require
,nents at only S275.450, the lowest Dolnt ."
.ecord The fact that the banks hold >-"'-
r21 200 In cash. while they are rapidly reducing
choir liabilities was lost sight Of in the general
scramble 10 sell And the actual strength OF
financial conditions throughout the country the
pavments on interest account that the Govern
rnent will make this week, and the rehei '""'
ran be had from gold imports If the necessities
NJ the situation require assistance were all ior-
gotten save by the far seeing operators ""o
said little. but bought stocks on the decline
some traders were forced 10 sell their stocks
especially those traders who have neeh ca,
ing high priced speculative issues such as Net
,onolifan and Manhattan. Metropolitan nrph"
fourteen points and Manhattan SIX points Mai,E
fredcre may le forced t. sell stocks TINS week
lecauso money promises 10 RUE az hlSil"i l't''
.n6 hanks Mil most certainly make a heavy
contraction In their loans. Nor" weak HOiuiii-S
r,il ho thrown on the market and more stocks
will 20 into rich mems accounts. rev S. .t,
sold Yesterday found buyer Every snare una
will be sold this week Will ind buyer Mon
who have ample capital viii buy because 'n'I
can afford TO hold stocks for the prices Una ,
actual worth warrants. The more important
interests in the Street are alive - the charao-
ter Of the situation It's governing forces ana lls
possibilities. They believe that acuNe ouit
speculatiOn will follow the current perlou OF
Uouidation and in consequence they are not
willing 10 sacrifice their securities for the nene-
fit Of spectators who are working Tor lower
In the first hour ~ trading Yesterday cover
.ng 81 shorts caused temporary irlnness.
Brooklyn Rapid Transit was noteworthy
strong feature. and ia the Subsequent react"ii
f. took no important part closing the day al a
small net gain. Peoples Gas suffered "a sharp
decline hut Il was well bought ana all me
good stocks that We're attacked found ready
buyers among people WhO appreciate bargains
The more important losses were made ny Amer
ican Hoop. American steel and wire sugar Ne.
fning American Tobacco, Colorado tnci ana
Iron Manhattan Metropolitan. Peoples Gas
and Reading first preferred. Brooklyn Rapid
Transit was more active than any other STOCK.
and it was reported I'm hoardroom circles tiat
the Metropolitan Street Railway interests were
heavy BUYERS.
The factors that have caused the curren, de-
cline in stocks sink into insigniNcanc" when
tnproving the actual worth IF securities. Trade
reports gathered by the commercial agencies
prove that the volume OF business Of the coun-
fry has never before been cQualltd. Payments
through clearing houses last week We're more
than ~ per cent larger than they were IN the
same week year ago and -" per cent larger
than in the corresponding week ln lN1- Re
ports Of railroad earnings are becoming almo 81
Inonotonous In the regularity % the improt Do
lnent shown. Exports 81 grain ~ the last two
weeks amounted to 1920 213 bushels. against
4 423 O16 bushels last year Orders for iron cone
tinue heavy, and the productive capacity Of fur
laccs and manufactures is ovcrtaXed and iu
many cases orders are refused because works
are unable % FIJI them or time High prices
have not checked the demand And high prices
for all manufactured products have not inter
Tered with exports reflected in the monthly
trade report published I'm the week The ball
ance 80 trade this winter promises TO run in
this countrys favor 10 a larger extent than ever
before on record The returns Of foreign trade
are bull factors that viii exert tremendous
influence upon stock values This year
The usual weekly table showing uet price changes
s. the more active issues follows