New-York tribune., 1901-09-24
BONDS.
THE DAYS OPERATIONS IN STOCKS


THE DAYS OPERATIONS IN STOCKS
The stock market was moderately active in the
greater part of the day on a declining leVei OF
values At the opening strength was reported
IN the more active issues. but in the subsequent
dealings the tendency was toward lower OASIS
In mary shares sharp declines were made, and
in the afternoon dealings losses of from one
to three points were common. In the copper
shares the decline even heavier, Amalea-
mated stock declining from 1O1 at the opening
TO 9215, closing at a net loss of I@4 points IN
Anaconda the net loss amounted to 5ss points
The sharp break in the copper shares was the
chief influence in shaping the course Of values
throughout the list. Adverse trade reports
from copper centres and belief that the Stand
ard OIL interests were working for lower prices
created bear sentiment in Wall Street and in
fuenced many small holders of stock TO throw
their holdings on the market
There seems TO be impression in certain
Wall Street circles that the weakness in the So
called Standard Oil stocks reflects an effort on
the part Of the Standard Oil interests to bring
about a cheaper quotation level Moreover, it
is contended that the Standard Oil party IS OPP
posed to the so-called Vanderbilt and Gould
interests. II is said that the latter named in
terests are anxious for higher prices and that
the current irregularity in the movement OF
values IS due entirely to the lack of harmony
between the Standard Oil, Vanderbilt and Gould
operators. This theory developed last week
when the Amalgamated Copper directors re-
fused to declare an extra dividend of one-half
of L per cent, and when the St. Paul directors
refused to make any change in the dividend
rate on St. Paul stock. Both of the companies
named are controlled by Standard Oil interests.
The chances are that the theory outlined is
not we'll founded. The so-called Standard Oil
Vanderbilt and Gould interests have too much
stake to risk a fight through the medium OF
the stock market. The fact remains, however
that the mere suggestion of such fight has
! created large amount of bear sentiment in
! speculative circles.
The decline in stocks was also helped by
money market considerations. Reports from
European centres indicated that active oppo-
sition would be made to further gold exports to
the United States. A reflection of this feeling
in the action of the Imperial Bank OF
Germany in advancing its discount rate from 81.
to per cent which followed by an advance
in local foreign exchange 1t is now
thought highly probable that the Bank of Eng
land will advance its rate this week. and that
the Bank of France will take similar action. In
connection with this, it is interesting to note
that discussion is now heard in London banking
circles Of another large British loan for South
African war purposes. If England finds 1t neces-
sary to make further issue of war bonAs Lon
don bankers will certainly do everything in their
power 10 prevent gold exports TO the United
States. Russia, too, is looking about for more
money, and If it succeeds in interesting France
In its financial needs there will be little pros
pect OF this country getting gold from Paris.
Later in the season the United States may
be shipping gold TO Europe 10 help out the re-
quirements of foreign governments Mean
while. there ample funds in this country TO
meet legitimate business necessities but there
Is not enough money in New-York to finance an
active bull movement in securities Money con-
tinues TO go to the West and South for crop
movement purposes. and the return flow will
not begin for six weeks at least The Treasury
Department has helped the local situation 10
extent and doubtless it has removed the
danger Of extreme stringency in lending rates.
In commission house circles the course of
values in the day resulted in a large amount of
bear sentiment at the close of business. Pre-
dctions of lower prices were freely INDUCED IN,
but no we'll informed investor sold his stocks
Securities not dear at current prices, and
IL quotations toward a lower level ex-
cellent opportunities will be offered TO secure
high class stocks at bargain figures. On any
decline the cheap Southern and Southwestern
railway issues and the attractive Industrial pre-
ferred stocks may be bought with confidence
In the industrial list yesterday the chief de-
clines were made I'm the copper shares and in
American Sugar Refining. In the railway list
ST. Paul, Louisville and Nashville Union Pa
cifc and the rest of the popular issues
showed declines of from / TO per cent. Good
buying was reported in International Steam
Pump common.
7.UF NAYS OPFR ATOMS IN PONDS