New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-19
SIX dividend
BONDS
THE DAYS OPERATIONS IN STOCKS

Home and foreign uncertainties. the dread or
things that may never happen and active bear
manipulation have frightened some holders OF
stocks into parting'wifh their possessions. Lqui-
tdation was the prominent feature in yesterday s
,Ilarket-liquidaton that represented commission
house speculative accounts and investment hold
5ugs. Holders of high priced stocks find in
prevailing actual 'vaslu no warrant for selling
their investments. but, actual conditions count
for little at present Genuine liquidation was
noted yesterday. andyfif this kind Of selling con-
tinues stocks will raj urally go lower. 1t may
be well to bear in pdnd however that stocks
sold VIII find buyers. Endrthat the buyers around
going prices viii selb at a profit when current
sellers may be willing return to the market.
Many of the so-caie,1 high priced securities are
below their actual worth but lin market con-
1rolled by uncertainty over home and foreign
politics. business reaiijustment and speculative
manipulation solid investment issues are quite
likely 10 move to prices under a bargain level
and especially if investors begin to sell.
Sentiment has been affected by the Chinese
situation It has beenkaffecbed by the failure of
the Northern Pacific. directors to increase the
dividend rate on the common stock, and it has
been affected by thesprospect Of higher rates for
money. The Presidential campaign will doubt
less worry Wall Street throughout the sum
sner and If railroad earnings soon begin to show
decreases from last years neaNy records w all
Street will sink lower in pessinisra and doubt
These factors certainly do not tend to improve
market quotations. and, as frequently pointed
out in this column. they give little promise of q
sustained bull movement at present. The most
.nfavorable Developments. however cannot
carry prices down beyond a certain limit, and
the current discounting process hs moving at a
rate which suggests that the end is not far
away The volume OF business eyesterday was
larger than on any day in several weeks.
Heavy engagements of gold forsthe account Of
Berlin and higher prices for wheat doubtless
induced selling in althe specuEa five issues, but
an active borrowing, demand for stocks before
the close indicated anSoversoId Acendition. This
demand was followed by active covering
movement in the final dealings, but with few
exceptions prices ended at net losses.
Strength in American securities abroad was
not accompanied by advances in foreign securi-
ties. which generally were lower Higher prices
fer Americans in London we've doubtless en-
igineered fEom this centre for effect upon local
prices and for q short time near the opening
The London strength was a factor here. Arbi-
TRACE houses bought in the local market. On
the decline support appeared in a few Issues
notably Atchison and Louisville and Nashville,
while low prices attracted active covering and
buying of a substantial character. The steel
stocks were particularly weak features IQui-
idation was noted in Burlington. New York Cen
trial Peunsy kVania, St Paul and other high
bear pressure and selling 10y disappointed hold
eFs, while all the Pacific stocks were heavy.
"A sharp break In Minneapolis and st. Louis on
small sales was a feature of the day, Final
Hoses were l per cent and aboves1n the greater
humber Of active securities.