New-York tribune., 1901-08-28
BONDS.
THE DAYS OPERATIONS IN STOCKS

Technical conditions OF speculation
sponsible for the decline that developed in yes
terday's stock market. In view OF the advance
that has taken place in the last few weeks the
reaction not surprising, nor was 1t inimical
to the best interests of the investment and
speculative situation. There a strong dis
position to take profits throughout the day. and
IN the afternoon dealings the decline brought
out a great deal of long stock from traders Of
slender financial backing. Professional opera
tors took the short side. and substantial mar
ket interests were not inclined TO help the mar
ket beyond taking their specialtes whenever
good opportunities We're presented. There was
that had any adverse bearings upon
the value of securities The decline was purely
a speculative affair. based on conditions inside
the Stock Exchange.
Traders always find some reason for decline.
and in yesterdays market they brought forward
the friction between France and Turkey. the
failure Of the steel strike to reach a settlement
and the Increased demand for money from the
West as adequate reasons for selling securities.
OF course. these arguments were not effective in
inducing investors 10 part with their holdings.
The greater number of stocks are still cheap,
but frequent declines should naturally be ex-
pected, especially at this season Of the year,
when light wasted holders can be induced 10
sell on money market uncerta mites. The money
market presented no material change yester-
day, but the inquiry from the interior continued
demand from the West will be excessive this
year. but il may be well, all the same TO count
The money market shows no indication OF com
ing stringency. although II possesses. In its
various factors. enough uncertainty TO discour-
age excessive enthusiasm on the part or small
commission house traders in stocks.
Speculative interest was confined in great
part to the railway list. In the industrial
shares United States Steel issues We're active
at declining values. also Amalgamated Copper
but elsewhere there were few important trans
actions in the Industrial column. The mH"e-
ment OF 81. Paul stock was again unexp'alned
by any known development affecting the COM
Iany. The price moved over wlde range OF
quotations. ending at small net loss after
having sold from 16SSs down TO 1863. Talk re
garding the dividend ate on this stock Is
mixed: in some quarters II is thought that the
rate 10 be declared on September II will show
a material increase over the last dividend an
nouncement. while in other quarters II is be
lieved that change Will be made. Conspicu-
GUS features OF the railway list were Pennsyl-
vania. Louisville and Nashville. ST. Louis and
San Francisco, Union Pacific and Southern Pa
cifc These stocks were generally lower and
throughout the railway list final prices showed
substantial decreases from Mondays last quo
tations.
Some Of the lower priced stocks showed CON
spicuous frmness. as. for instance. Texas and
Pacific Chesapeake and Ohio. and. for a good
part OF the day. Southern Railway. The local
traction group not especially active. In
the industrial list strong features on a very
light volume of business were International
Paper and International Steam Pump. Efforts
were made yesterday In certain quarters 10
encourage bear sentiment on lnterndtIoHdI I'd
per securities While the company has active
competition it's earnings are heavy. and its
general financial condition is improving, despite
whatever inroads opposition companies may be
making in the paper business. The time will
undoubtedly when the International Paper
Company will control the Great Northern Com
pany and any other important competing con-
Germs that may be organized in the future. In
vestment holders of International Paper pre-
ferred should not sell this issue bear at
tempts 70 depress its price. The security is a
sound investment.