New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-12-13
Sex dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
Liquidation and bear pressure were resumed
81 the opening in yesterdays market and as
consequence further declines were mace
throughout the list In the greater number OF
.hares nrices touched the lowest level of the
war Money market considerations were the
controlling influences in shaping the course OF
values although in certain timid circles Ihe
Venezuelan situation was again put lor"aIU "S
an argument for lower prices the low inquiries
.. the cav were made in the morning, afternoon
movements being in upward dlrecuoh' HUI
louing covering of shorts and evidence OF sup
mort from powerful Wall Street interests A9
= -es,,,t of the rally final prices showed COM
rIe+e recoveries in many instances Willie ue-
-I,re. when made were generally confined TO
xo.tors call money advanced to II per cent
-. 80 IN Nor cent while borrowers found no
s;4z7,,ytv il, securing accommodation at the rates
-a5 According to the known movement OF
money, in the week, the local banks nave 1851
nat ~, Sinh sury and interior operations over
s3no0Oo0: but liquidation OF loans "a
doubtless been heavy in the week the Ioss III
zach NAV be offset by reduction IN haolitieS
=. an influence on reserve above iega1 Fequ4ie
,,sn+s The banks gained cash from the lIlteIIoi
this week otherwise the net loss "oulo asste
.a+e about s5yOoo.OoO. Many people who de-
Rc-ad m
+eraaz, while the people with their own capiIal
- c+,,,a f,,,zrers A call for capital from the
- y,orlr Central bond underwriting syndicate
- countless q factor in the early decline IN
,-.1,es Many leading Wall Street men WHO
nave the best interests Of the SITUATION III
mind advocate the purchase by the secretary
NJ +he Treasury of more government poiiu0 i
,-der 70 extend Immediate relief TO the money
market Under the Sub-Treasury system many
millions OF dollars are taken out OF the iocaI
,.-,,s auerv week. and at this season. when
there are so many calls on the banks the ne
,essttv of Treasury assistance TO OFFSET SUD
Treasury withdrawals is apparent certain
bankers that are interested only in charging eA-
orbi,ay+ rates for money do not encourage gov
.rr1rnent aid al this period
s+ock market values. however, are raploly
d!soounting possible monetary disturbance aI
the end of the year. Indeed in the greater NUM-
her OF securities the money market condltlohS
have reen more than discounted by the move
rnert OF values in the last month. Yet there are
many people of good judgment who predict thaI
quotations viii go lower before pefhldueH'
change in the course Of prices develops This
theory is based the idea that there are sun
many vulnerable spots in the market that the
t,p7id investor will sacrifice good securities, ana
that the bear element will continue aggressive
until money begins to return to New hork III
large volume. If stock values go lower there
will he many rare bargains. Bargains OF the
most attractive kind 10 be found at the cur
rant level but the public is afraid 10 buy be
Cause Of the fear of having margins wiped out
despite the fact that the decline from the pest
urioes CT the year already runs from 40 10 40
,,oints On ali recessions in December stocks
should be a safe purchase by people VINO nave
ample funds and who not frightened by
r Of the 0TO0h-
cts Of III omen.
Stocks have been declining, hut the actual
-7or+h Of investments has been increasing Re
ro,ts received last night from the commercial
agencies reflect sound and healthful trade con-
dirions throughout the country Wall Street
presents the only dark spot in the situation as
an ali other directions the skies are clear and
promising Railroad earnings continue TO break
last wears big records. hank clearings are large
and exports are increasing. People who need
,esslv throw over good stocks doubtless forget
that the bountiful crops of 1902 mean big rail
road traffic and heavy exports in 1903 They
dos,b4less fail to appreciate the fact that the
iron and steel trade is enjoying prosperity, and
that ali indications point toward a profitable
business in this line Of trade for months TO come
1t has also, doubtless, escaped the notice Oh
people who are selling their stocks from fear
rather than from necessity that there have been
many preceding periods OF declining stock mar
ket values which. despite bear predictions that
stock values would sink to minus quantities,
have been succeeded by bull movements that
have carried quotations many points beyond the
best level attained in the last preceding up
ward wave And in past bear market conditions
affecting real values have been far less promis-
ing than they are al present
Certain Wall Street interests including heads
of some commission houses. making dubious
predictions about the future of values and
incidentally frightening their customers into a
condition bordering panic. OF course, it
makes no difference 10 the commission house
whether customer buys sells stocks, far
as individual commissions concerned al
though ordinarily bull market is more profit
able 10 the commission house than bear mar
ket At present ii appears impossible TO induce
customers to buy, so they advised by some
brokers to sell their long stocks and go short of
the market, prices must go lower. What
ever the customer does the broker gets his COM
mission There is entirely too much uneasiness
in Wall Street. The short side of the market is
becoming S popular the long side few
weeks ago, and any who has followed mar
ket movements knows what is the inevitable re
suit of cverextended speculative account or
either side of the market. 1t may be well IL