New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-09-14
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Sharp declines were made in stock market
values yesterday The sad and gloomy news
from Buffalo caused active selling in the Lon
don and local markets, and at this centre open
ing prices sold down from two TO three points
with the losses in few issues reaching even
greater proportions. Much of the selling rep
resented stocks that accumulated in the
early part of the week the confident expec
tation that President Mckinley would recover.
on the decline securities were taken by sub
stantial market interests, who naturally were
forced to buy, just they were last Saturday,
when people began to throw their holdings
regardless~of actual worth. The forced loading
up process is not a bull factor although II
serves to sustain prices temporarily. Stocks
bought yesterday added greater amount TO
big operators holdings than they care to carry,
and as a consequence the stock so bought will
seek the market again all favorable oppor-
tunities. Efforts of the so-called big men TO
liquidate may cause strength for a time. but
under present conditions it will be more arti-
fetal than real
Money rates advanced to 10 per cent but the
greater part of the business done under this
figure. There formal meeting of the
Clearing House Committee. as no necessity ex-
sisted for radical action on the part of the bank
ers. The monetary situation is moving along in
a satisfactory manner, and there is nothing In
current conditions that should occasion alarm
Itany stock commission houses in such good
shape that they able to lend large amounts
OF money on the exchange. while the banks are
not at all pressed for means to meet the de-
Il1ands that are being made upon them. From
government bond purchases there Will be re-
ceived in this city at least S1o.o00,0OO. and If
money rates remain at their present level ex-
change rates will doubtless drop TO point that
will attract gold from Europe. In the event of
the Presidents death there may be fiurries in
the money market. but il is not believed that
permanent or serious disturbance will result.
IS the resources of the bankers of this city are
strong enough to prevent panic.
The afternoons course of values offered little
encoura cement to the advocates Of higher prices.
although at times a tendency to rally was
noticed. At the close. however, quotations were
near the poorest of the day. There was at no
time evidence Of panicky conditions the
Stock Exchange among the banks or in brokers'
offices Commission houses reported sound con-
ditiOns and ready responses TO calls for addi-
rional margins Bear traders, of course, took
advantage OF the selling movement to make
profits on the short side. and. rule, senti-
ment among professional traders was bearish on
the general market. Some Of the more note
worthy net losses were made by Amalgamated
Copper. Sugar Refining. American Tobacco,
Brooklyn Rapid Transit, St. Paul, Rock Island,
Colorado Fuel, Delaware and Hudson General
Electric, Kansas and Texas preferred. Pennsyl-
vania Reading second preferred. ST Louis
Southwestern and Union Pacific, all of which
lost from 8 10 6 points In the industrial list
the United States Steel shares lost over 3 points.
Republic Iron and Steel preferred made a net
loss of Ia per cent. Estimates OF to-day's bank
statement were favorable as the loss In cash up
10 Thursday night offset by the bond pay
ments made yesterday. OF the large amount
paid out on bond account only about S2OOO0O0
will show in the statement of averages. Total
sales in stocks were above 100000 shares.