New-York tribune., 1901-04-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
On an enormous volume OF business stock
market values suffered sharp declines in yester-
days market. Selling the olenng due
in great part to the warning sent out in market
letters and interested publications Saturday.
stating that the market IN a dangerous
position and that the top had apparently been
reached At the opening about every stock
the list recorded a sharp decline, and in many
cases the losses as compared with Thursdays
final prices, were as sensational as the advances
that took place in last weeks market. At the
low level fair support offered but at the
close there was enough weakness to indicate
that the decline probably had not yet its
course
Apprehension regarding the money market
was in part responsible for the initial selling IN
the market. The high priced railway stocks
recorded the greatest decline, but the entire list
suffered losses Of from l to . per cent. Rock
Island stock declined at the opening from lag
TO 145, and subsequently, to 14112 closing at
143. net decline of ~ per cent for the day.
Among the active stocks the decline in Rock
Island the most noteworthy. Insiders in
Rock Island were not responsible for the move
in this stock. In Burlington the decline was
not so great but the close the price 314
points lower than Thursdays last quotation
Selling in Burlington Rock Island and all the
high priced railroad shares represented liquida-
ton by commission house traders and by i'm
portant speculative interests, who considered
prices favorable for the realization of profits
The total volume of business amounted TO
over 100000 shares in stocks, and in bonds TO
over S35000G0 par value. Selling throughout
The list disclosed the fact that commission
houses We're loaded with weak accounts and
with accounts Of important market interests
who considered it advisable 10 convert their
paper profits into cash. The public sold indis-
criminately throughout the list. The bear ele
ment took advantage Of realizing sales. and was
successful in reaching many stop loss orders.
Declines on this account extraordinarily
severe After the first decline supporting orders
came from Standard Oil. Vanderbilt and Gould
brokers' but il was the general opinion that
these orders were merely introduced to prevent
a panic and not for the purpose of putting prices
higher
Representatives Of the leading commission
houses said that the decline was due in great
part 10 the fear the part Of the public that
the money market was about to advance to a
prohibitive leve. Rates for call money started
ct 4 per cent, and in the course Of the day ad
vanced 10 g per cent. The per cent rate was
due more TO the uneasiness Of borrowers than to
an actual scarcity of funds. According to the
bank statement issued on Saturday. there is no
money market at this centre. The cash hold
fngs Of the associated banks amply sufficient
to meet all requirements Of speculation and Of
general business purposes. It is true that in
the last week the demand upon the local banks
has been heavy, out this demand is evidently
temporary. This is the time OF the year when
the inquiry from the interior is likely 10 be
heavy for few weeks then 10 be followed by a
movement of money toward New-York. In
will not advance to stringent figures this spring.
After the middle of April the movement Of cur
rency should be toward this city; in other words.
from present indications there is reason TO be-
leve that the reserves Of the New-York banks
will be materially increased before the end OF
the month
Outside Of money considerations the market
was sold on the discovery by the commission
house element that syndicate operations for
higher prices had about reached their limit.
II was reported trustworthy authority that
brokers representing important banking in
terests in the Street had given their brokers
orders to sell without limit. The course of the
days market certainly seemed to bear out this
report. The greater part OF the commission
house selling in the early dealings. while
in the afternoon transactions appeared to be for
short account
The more important losses were made by the
following stocks: American Tobacco, points;
Baltimore and Ohio. 35k; Canada Southern. 2;
Burlington, 3k: ST. Paul. An; Rock Island. ~;
Omaha :: Colorado Fuel IN: Consolidated Gas.
27s: Delaware and Hudson, D: Lackawanna, Az;
Erie. 2A Illinois Central. 4; International Paper
preferred. 2h; Louisville and Nashville 3h:
Manhattan. 2s.; National Salt, Az; New-Yorl
Central, Az; Pennsylvania 8; Reading LIST pre-
ferred, 2ls; St. Louis and San Francisco. 21s;
Union Pacific. 21k; Wabash preferred. 2k:
Wheeling and Lake Erie 1st preferred. 2f, and
Western Union. 2 Exceptions to the general
decline were found in American Coal. which ad-
vanced 10 points; American Smelling 7; Texas
and Pacific, Il, and United States Express. 8.
IE DAYS OPERATIONS IN BONDS
.,,,r-r2 .-ArF7s-r- FONDS -Merket etronp Fyna,