New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was active in volume,
with prices generally lower. Commission houses
were more IN evidence, but transactions from
this source represented sales of tired out hold
ers. When holders become tired prices are gen
orally near the bottom, but in the present mar
ket It Is useless TO make predictions, owing to
the complete absence Of support and the indis-
position OF substantial interests to oppose the
element that is waging a campaign against
values and confidence. A turn against the
shorts could be successfully worked at present
II the big men, so called, were anxious to help
the market; but unfortunately the big men are
willing 70 permit bear campaigners to destroy
values and 10 weaken public faith in conditions
which are intrnsicaly sound. A bear campaign
IS useful and necessary in speculation at times
but IL unchecked Il is likely to exert a harmful
influence IN quarters where business confidence
prevails. Weakness in Northern Pacific had a
bad effect upon the rest of the list and the rail-
way shares in general were heavy and lower.
foreign houses being active sellers Of the
granger issues. Louisville and Nashville was
sold on the belief that the dividend would not be
increased. ana considerable Liquidation was
noted IN Missouri Pacific and IN all the Pacific
securities. The heavy cut in the price Of struc-
tural steel hurt the steel stocks and with the
exception Of Sugar Refining the whole industrial
list was heavy, especially in the final trading
short sales. Londons heavy selling was doubt
less induced by the Chinese situation, and the
reports that the foreign legations in Picking had
been destroyed caused sharp decline in all is
sues IN the last hour dealings. Last prices were
generally at the lowest Of the day. The bank
statement showed a small ipss in cash and sur
plus holdings.
Business read1ustment continues but il is not
In the direction Of industrial depression. Com
mercial agencies report a large volume Of bust
ness throughout the country. and railroad earn
ings bear witness against the assertions Of Wall
Street spectators that the period Of progress
and prosperity is at an end. Actual conditions
are not at present nleasered by stock market
values. Wall Street pessmsm is not a refec-
ton OF sentiment outside the Street, and Wall
Street reports from bear sources are not based
on facts. The bear element has frightened the
public out Of stocks, and as a consequence COM
mission houses are not making running ex-
penses. Acute foreign complications may arise
from the troubles in China, and in this event
liquidation Of good stocks may take place but
outside Of the Chinese possibilities there is no
factor that should lead to investment sales
China may defy the world for a time, but It does
not seem likely at the moment, in the opinion
Of Wall Street men. that the result viii involve
the great Powers in a serious quarrel among
themselves. Any adverse development at this
time will find the financial markets in sound
conditions generally, inasmuch all markets
have been preparing for several months for all
sorts OF untoward happenings. Preparation,
however, has been utilized by spectators TO
destroy confidence in the future Of values. and
stock market trading has been depressed to a
point that ought 10 discount the deyeIOnrnept
into established facts Of any of the present
home and foreign uncertainties A duh and
waiting stock market has ruled so long that
the Wall Street situation has become unnatural
more active stocks follows: