New-York tribune., 1901-09-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Declines Of from to , points were made at
,he opening on an enormous volume of business
and although a tendency TO rally developed al
,irres closing prices We're not far from the low
est of the day. The attack on the Fresluei'
was a terrible shock to speculative sehlliileA',
but IL in no way impaired the actual Nalue OF
Investments or upset the commercial slapll''!
Of the country. The extraordinary strehslh o.
trade anG financial conditions IN the 'hIleu
States were dWelt upon by President Mchlil'e'
81 few hours before the attempt upon his Hfe'
and his remarks regarding the coholulohs soH
erning the situation should help to free mems
minds of the idea that attempt at assasslha-
ton or the possible death Of the President
can unset the progress Of trade, commerce ana
anance The market suffered yesterday, bu'
not from investment liquidation vast amount
of speculative holdings were unloaded, pear
traders sold stock short. and many commission
house operators made a needless sacrlnce ol
their accounts.
Selling ..at the market" by commission house
traders in Yesterdays operations simply meant
eny price that buyers would pay. Naturally
such prices were not good prices, ano as a CoA-
sequence a large number Of loss accounts were
Aqured out on brokers' books after the close OF
business At the opening specialists On 'he
Exchange refused to accept orders, and until
after the END OF the UTsl lpuI Il Ne1S 4iAAA'0SS-
10 get reports on orders placed before the first
dealings In brokers' Offices much good COM
mon sense advice was given regarding the fool
ishness Of throwing stocks on the market wnen
values were declining rapidly. Operators
who acted upon the better judgment OF thelr
bankers became satisfied after the first rush to
sell was over that the market would not develop
panicky conditions and that stocks were just
as valuable intrinsically they were twenty
four hours before. Stocks have not been injured
as investments Speculative values have fallen,
hut intrinsic worth remains unshaken
At the opening sales prices tumbled in man6
ner that reflected the usual weakness Of specue
lators under the stress Of serious public deveS
opments Missouri Pacific. the first stock dea4
in sold at lO1 against 1O6 Fridays closing.
Then came Southern Railway at 81. decline
Of three points; Erie first preferred al 60 t.
672, against 721l on Friday: Manhattan al 1l6,
a decline Of three points, and Rock Island at
140 decline Of four points. Pennsylvania lost
three points, Peoples Gas four points, st. Paul
five points, Southern Pacific three points Nor
folk and Western three points. United States
Steel common three points the preferred three
points Atchison three points and Union Pacific
four points. Sales were heavy throughout the
list few stocks escaping the slaughter of values.
The United States Steel shares reflected, per
haps more support than any OF the other highly
speculative issues, and il said in well in
formed quarters that inside interests had taken
large blocks Of both the common and preferred.
Insiders, Of course, were forced to buy their
specialties, other wise the market would have
gone TO pieces entirely The large transfer of
stocks 10 hands viii not be factor favor
able 10 a steady recovery in values inasmuch
insiders are now carrying more stock than
they care TO handle, and on all favorable oppor-
tunties they viii endeavor TO part with their
surplus holdings. There is however, at the
present time, no reason for uneasiness over the
future Of stocks, money and business. 1t is a
good time tor all Wall Street and business in
terests TO evince strong confidence in the situ-
alton.
The bank statement showed. as expected a
further demand in cash and reserve holdings
and a substantial contraction in loans. As a
result Of all changes reserve above legal re-
Quirements decreased S5,004, ,OJ0, TO S69l5.-
S15, against $260J62 80 in the same week a
year ago and S24JS 925 in 1899 The loss in
cash was much heavier than Fridays estimates
indicated, amounting 10 S1011l,50 The de-
cline in reserve has reached a point which will
either cause higher rates for money or lead 10
large imports of gold from Europe.
The usual weekly table Of price changes for the
active stocks follows: