New-York tribune., 1902-10-14
BONDS.
THE DAYS OPERATIONS N STOCKS.

THE DAYS OPERATIONS N STOCKS
Liquidation and bear pressure continued IN
yesterdays market. and as "a result Of the day 5
operations slightly lower price level was IS
tshlished FOR the greater number Of issues. Buy
ing on the decline was for the account of sub
santial market interests, who evidently helieV d
that quotations had reached the bargain level.
The heaviest losses were made in the first hour,
while the lowest prices of the day were recorded
before L. o'clock. afternoon quotations exhibit
ing strength under the influence of covering II
shorts As consequence of the buying in the
afternoon much of the early loss Nas recovered.
while IN few issues net gains, as compared
with Saturdays CLOSING. were reported. The
coal stocks were strong features AT the cud.
also ST Paul. Union Pacific and sugar Refining.
Opening prices showed sharp deelues IN the
greater number Of active issues. the chief eNc-r-
ton being United States Steel common. winch
for the day gained fraction. The Could shares,
S. Paul Atchison and Sugar Refining were par
ticularly weak i'm the forenoon, declining =
points i'm tho first hour.
Missouri Pacific is established = per cent
stock and M its current price il is an excellent
investment purchase 1t should be horne in mind
that Missouri Pacific is in position
handle an enormous amount of business al
much cheaper cost than IL could few years
ago owing 10 the wonderful imp-ov ement IN
fits roadbed and rolling stock; and II should also
he horne i'm mind that i'm the next twelve months
this company doubtless viii do a bigger bust
ness than before in its history. owing
the enormous corn crop in its territory. the ex-
pansion ~ general industries along its lines and
its improved traffic opportunities as an inTcIt-
ant part Of a big transcontineu,sl system There
probably more short selling than actual
liquidation, nearly every professional ,pe-
rator in the Street hearish hile the COM
mission house element followed the popular tide
IN the morning. going short Of stocks as elthu-
siasticaly as IL PLAYED on the long side hen
prices were from 10 20 L. points hove the cur
rent level The hear element rredominates IN
deed. There are too many hears TN the Street 10
make short selling safe Now that money is not
I'm abundance for speculative operations the
Street in fts usual inconsistent fashion Sos
nothing ahead but panics prices for securities
Wan Street is So volatile that change in sen
timent may occur any minute. and i'm place n
the present depression and pessinisrn a rosy
view Of existing conditions and ~ the future
course ~ values may develop
This is no time for panic There Is no more
reason Tor the sacrifice = good securities al
present than there was q month ago Stocks
are worth iDtrnsicaly As much as they were I
worth when prices were selling ~ the tor and /
people who throw over their holdings because Of /
the vaporings of the prophets II disaster &C. /
serve little sympathy n they lose their money /
Operators who have speoulated unV-.ssly lv /
buying more stocks than their financial resources I
warrant are now suffering just punishment for 4
their folly The elimination of their accounts l. ]
helping the market The wedding out Of over
loaded pools and weak margin Trad IS Is max /
ing the situation an the safer Cor actual invest
ors and spectators who operate on large mar 4
gins only. II the current movement 4 rri,es 4
this country there might he reason for unsasi- 4
ness. bur fortunately t represents nothing he
vond speculative conditions brought q a cli- 4
max by passing money market factors The 4
coal strike helps 10 depress sentiment and at 4
fords bear traders additional argument for ham
mering stocks. but the money market situation
Is the main cause ~ The collapse in bun sp-cu-
lauon
'sh money advanced 10 l. Per cent yester-
osN, ruling uihe under this figure sterling /
exchange, however was weak. and good author
ities predicted good imports. The banks dis
claim all intention Of holding money rates al *
orhitant figures, hut they take no pains 10 con
oeal their disposition 20 encourage stock mar
ket liquidation Liquidation Was helped vestcr- 4
DAY by Saturdays hank statement. which ma Dc \
poor showing, but which. nevertheless. failed /
70 reflect the actual position of the banks The
hanks are I'm better condition than shown nv the |
utterly untrus'Worthy statement Of averages
ana people who wish 10 pay excessive rates for
call funds can secure all the money tb., de /
sire Regarding foreign exchange il Is .nter-
estng 10 note that the statement ~ exports Of \
domestic products in September shows a net
Increase I'm .alue of s. .S(5 99S over the Same 4
time year ago. hreadstuns contributinr S1
a3s.0S OF the gain and cotton Sl3 4Sl $40 ubna
exports 81 provisions. mineral oils "a .,,,la
fen of in value S7l04567. Exoor,s Of hr.sd-
stuffs and cotton should increase from r,,,. -,
This country viii have hig surplus of grain %
sell abroad this year. Foreign supplies are
short, snd foreign countries will he oon,nens
20 buy I'm the United States Al the n,or,sr,
speculative Wall Street is suffering from bvs
terra, the banks are lending money al eNorh, 1
tant figures and the wise man is pickin, ,,,
stock bargains 10 hold for higher prices