New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-10-01
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market was heavy in the greater
part Of the day, with final changes at net losses
In the majority Of issues. There was no par
ticular development responsible for the Decline
the sagging tendency apparently being due to
desultory liquidation and efforts by certain mar
ket interests to bring about lower level of
values. A highly colored newspaper attack upon
the Vanderbilt properties said to be a factor
in the days loss in values. but the Vanderbilt
New-York Central certainly was not sold by in
vestors. Some one appears to be unduy excited
over the reports that Vanderbilt deal is under
way. The assertion is made that under the re-
ported plans New-York Central and Lake Shore
stockholders will be robbed for the benefit of the
holders Of so-called Junior Vanderbilt securities
such as Nickel Plate, Big Four and Lake Erie and
Western. While it is not even definitely known
that a greater unifcation of the Vanderbilt roads
is contemplated, 1t may be said that the men in
control of the New-York Central con-
servative, intelligent and honest to put through
any plan that would enrich one class Of stock
holders at the expense of another class. If, as
reported the New-York Central proposes to
issue some security for the stocks of the
various Vanderbilt properties investors in New
York Central may rest assured that the value
of their holdings will not be reduced by the
operation. New-York Central will always be
Of the prime American railroad investments.
Selling in the Vanderbilt issues caused some
marked losses in the Junior shares, but New
York Central was not particularly affected.
There appears 90 be strong bear party at work
in the current market, with its arguments for
lower prices based money market conditions,
industrial depression abroad, the refusal of the
so-called public to support bull speculation
and the alleged market attitude of various
powerful financial interests AT the moment
there is certainly nothing in the arguments
named to induce investment liquidation, but of
course these factors may be sufficiently eff
fective to reduce market values. Many ex-
perienced judges advise their clients to buy on
the breaks for a turn but indulge in opera
tions for a sustaineS rise until later in the
season. Money CENTRALLY begins to return to
this centre early in t+sDvember. When this east
ward flow sets in ilfsre undoubtedly will be a
greater disposition the part of substantial
banking interests ~ encourage period of ac-
tive bull Speculation, but until then the chances
will doubtless reiaain in favor of a ragged
course of prices, With little beyond traders
operations for Gaiiy market features. In addi-
ton to the so-c5llea bear factors mentioned. it
is pointed by the pessimistic that Presi-
dent Roosevelt attitude on trusts will not be
a bull card on ind srial securities. Wall Street
will be more cheer Il few weeks hence.
The minor Go:il5 stocks We're weak, and their
decline influenced raiders to sell on the belief
that insiders anc 'ull pools were liquidating.
Selling throughor he list INDUCED in on
the theory of belitr rather than on information.
Outside favorable factors We're not important
offsets to rumors I'd fancies on the floor of the
exchange and in commission houses. Gains in
railroad earnings and other signs of maintained
prosperity failed to, stimulate a demand for
stocks. The copper shares were again weak
features and much of the weakness in the
London market due to the copper situation
On the Paris Bourse developments attending
he disturbing.
pecially in Rio Tinto shares London selling in
the local market was heavy. The money market
was unchanged with call funds at 31s@4a per
cent. Sterling exchange was easier. The hnal
dealings In stocks made up of covering
operations by the shorts, and as consequence
last quotations above the lowest of the
day.