New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading vas active at the ex-
pense Of values. In the opening dealings selling
for both accounts was noted. and in the greater
part Of the day prices declined under the in
huence Of this kind of transactions The de-
cline was not due to the development of new
adverse factors. Talk however. about higher
money rates, labor troubles and political uncer-
taiuties frightened many speculative holders
and encouraged active operations for the short
account There undoubtedly was some liquidation
by people who have been classed as strong hold
ers but a good part Of the days business repre-
sented the operations Of powerful speculative in
terests who evidently have combined to reduce
the level OF quotations An active market in
which bear manipulation is prominent Is likely
to create impression among timid holders tnat
conditions underlying values have been injured
and that the decline may run into panic IN
a hear market tirnid holders sell merely because
they are timid, while many other operators sell
because they believe that they will be able to
buy their stocks back at much cheaper prices
Moreover. in the present case 1t is thought that
a number Of prominent market interests are
letting out stock for the sole purpose OF encour-
aging activity. II big men are selling the small
traders should stay from under" but good
margins ought TO be used for buying on scale
down.
The steel stocks were hammered by the pro-
fessional element Tennessee Coal and Iron re-
ceiving the brunt Of the attack Conditions IN
the iron and steel trade show no unfaVoraple
tendency in the course Of prices or in the prog
ress Of business. According TO authorities on
trade good progress IS making IN the TedO-
4ustnent that has been under way for several
months past while signs OF improvement are
constantly coming 20 hand Manufacturers are
now in a position to take new business at low
figures. contracts for high priced materials hav-
ing been worked off, and reports from the
various steel and iron centres show a marked
increase in orders in the last two weeks. Ten
ntssee Coal and Irons last statement was not
q favorable exhibit as compared with the
statement for the corresponding time year
ago but the figures represented past ratne!
than present conditions The stock Of the com
pzny is being handled by people who are past
masters in the art OF slnaplpulation ana the
efforts to depress the price may be as successful
as were the efforts Of the same people when
the quotation was pushed to 10 year ago. II
Is interesting TO note that insiders have conf
denCe in the property and stand ready to in
crease their holdings-when prices attrac-
tive Tennessee Coal and Iron lost over five
points Yesterday. closing sixty-eight points un-
der its best price Of 1899. American Steel and
Wire lost over two points and Federal Stee
over one point.
In part the Decentralization in yesterdays mar
ket reflected liquidation by spectators who had
counted upon an easy money market through
out the fall. 1t has repeatedly been pointed out
by authorities that call money would not con
tinue TO rule under per cent for any length
of time. and that predictions Of this char
acter have become actual facts light WASTED
spectators have thrown over their holdings If
fear of ; or 6 per cent money market Higher
rates for money based on legitimate condition!
DO not warrant stock market panic. but wheI
spectators make up their minds that a certain
thing VIII not happen they become violently
alarmed when the fallacy Of their position II
uncovered. Inc STOCK market received no sup
port from the more important market Interest,"
in yesterdays trading, and It was general,
believed that the decline had the tacit sympeth!
Of the strongest speculative interests in tn
Street On the decline, however there wa
quiet buying by people who are always on tn
lookout for bargains This was especially tr1
IN the Of the granger and Vanderbilt
shares Commission houses had large selling
orders IN the leading speculative issues and tn
course OF trading indicated that more lonj
stock held by people of small financial re
sources than had commonly been supposed
Closing prices were triie above the lowest o
the day, but the final level Of quotations pre-
scented long list Of important net losses