New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-14
RONnS
THE DAYS OPERATIONS N STOCKS.


Transactions In stocks Yesterday were upon
so,auer scale. but price fluctuations were not
t.h,r rarrov, limits I'm the more active Issues
?, tho e,rly dealings the tendency was toward
,o,,sr ouotatiors but upon the announcement
,bat Government interest payments would be
,e4tled in advance Of the regular october period
Tho whole list rallied and continued strong the
greater part OF the rest q the day. Liquida-
lion appears AZ an end for the moment II
would not cause surprise however, if further
forced selling incident TO money market conoi-
,ions took place The selling on Monday and
Tuesday made a big change in the character OF
boldings. and further pressure on prices Will
doubtless bring ont stock that small operators
we're able 10 hold 10y narrow margins in the
decline on the days named Well Informed peo-
rio believe that the shorts Will be wise TO
change their position on any further decline as
the opportunities for covering at a proht VIII
MOI he frequent after the money market becomes
more settled In the afternoon dealings the
market exhibited pronounced strength, while
Anal prices showed many substantial net ad-
vances
Real holders of stocks are not likely TO be
came panickv this year Reason for THIS Is 10
no found in intrinsic values and IN the con-
6rions that make the actual worth Of securities
When stocks decline because Of hquidauon pro-
~oke6 bv passing influences the chief sellers are
The weak marginal traders. They are victims OF
circumstances They are forced 10 sell because
their money Is exhausted, or because they rear
TINT the little money they have will he swept
a,rav y they do not sell. This kind OF selling
hurts the small trader. but IT helps TO make
better market In times OF high money rates
ereculative LIQUIDATION In stocks Is absolutely
necessary because loans called and the
stocks carried on those loans are practically
thrown on the market The weak men get out
and the strong men get IN. Small holders re
duce their lines. while big operators add TO their
own holdings People who have ample bank
accounts ought not TO sell at loss Ia times OF
prosperity. and especially at this season when
everv known market evidence. including the
current decline reflects determination on the
rart OF the more Important interests 10 put
prices higher In the next six months
Bear traders have enjoyed a period Of luck.
Money rates have acted in their favor foreign
war possibilities have helped them and the death
Of Cornelius Vanderbilt has accentuated the
temporary strength 81 their position. But II
is not d year for bear campaign Facts and
conditions that make prosperity cannot he
overshadowed for any length Of time 10y the
factors that have led 70 present liquidation in
stocks with the reaiiustment Of holdings
That is now going on and d return flow Of money
20 this centre a bull mania In stocks Is not only
possible. but extremely probable The troubles
that beset the market just now are durable. In
Yesterdays dealings Mexican securities We're
striking features. especially Mexican Contra
nrst income bonds which advanced ~ points
80 2Sia Mexican Central stock and Mexican
National stock were strong on the best kind Of
buying. The strongest banking house IN Wall
81 Is behind these securities.