New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-12
BONDS.
TIE DAYS OPERATIONS IN STOCKS.


After a moderate exhibition of strength in
the first three hours of trading prices weak
ened. with sharp declines before the close. AS
was the case on Monday there were no new
developmenfs responsible for the downward
movement, bear pressure and selling by dis
couraged holders supplying the chief cause OF
the DAYS losses Sentiment was bearish, ana
the Wall Street atmosphere was thick. with the
barometer falling fast at the close. Neverthe-
Jess there were some courageous people with
money who bought on the decline. while every
stock actually sold found a purchaser. In the
early trading the market was dull. and. although
prices were slightly above Mondays close there
was no aggressive buying. with no disposition
among outsiders to enter speculation. In the
afternoon weakness first developed in Amalga-
mated Copper and under heavy pressure this
stock sold down FIVE points. followed by sym
pathetic decline in Anaconda. Selling then be
came general throughout the list, with losses of
from one TO three points being recorded before
The close in many issues. Heavier losses were
made in a few issues. as. for instance. IN Chi
cago and Northwestern, which broke ten points
I.acEawznna nearly ten points. ST. Paul six
,,oints Tennessee Coal over PER cent and
limited States Realty five points. American Car
and Foundry held steady and was well bought
closing unchanged from Monday. Other firm
features were Chicago and Alton preferred. Corn
Products Detroit Southern. Hooking Valley,
National Lead preferred. Peoples Gas. pan
handle and Toledo. ST. Louis and Western.
The limited States Steel shares lost small frac-
lions. II was said that the attack on the mar
ket was for the purpose Of compelling liqutda-
tor by large speculative operator. Large
selling orders Were placed in a number of stocks
nv interests apparently working in cooperation.
If the banking interests that are now working
for lower prices had taken a similar course sew
eral months ago there would be no occasion for
the current drastic liquidation in stocks and the
rneasiness over the money situation Sentiment
in certain bank parlors has changed rapidly
in the last two months. and as a consequence
speculators who were led into a position Of
false security are now suffering the punishment
that 70 frequently follows stock market eX-
cesses.
The money market outlook is not black
the bear element in Wall Street pictures it 10
he A bad feature, of course rs the constant
absorption OF the Sub-Treasury from the local
banks but the possibility of acute disturbance
is NOT bright, although near the first of the new
year preparations for January disbursements
may result in higher rates for loans 1t is not
believed in well informed circles that large ex-
norts OF gold will be made this year, despite the
present high rates for sterling exchange, while
a return flow OF currency from the interior is
exports Of gold may be made ard that the Sec
re+ary of the Treasury will refuse further
sistance 20 the money market in case Of urgent
need is being carefully nursed in Wall Street
with the result that many people are on the
verge Of nervous prostration over the outlook
Current declines in stocks. current speculative
manipulation and current precautionary meas
1lres by conservative banks and banking houses
will lay the foundation for better stock market
later on. The people who are now the biggest
bears on stocks will. of course, be well loaded
with securities when the time is ripe for adj
vance while investors and bargain hunters will
doubtless increase their holdings on all declines.
The so-called Western crowd Of spectators,
which has not been in favor with the local banks
since il was discovered that prices ought TO go
lower, has, il is understood, been pretty thor
oughly cleaned out. while the ordinary public
trader lost his money some time ago and is evil
IDENTIFY too discouraged to think Of re-entering
the market at present Later on, when the
campaigncrs for lower prices are satisfied that
quotations on bottom the public trader will
be told that it is all a mistake and that the
country is not going to the dogs after all. Then
sunshine and happiness will return to the
Street. Then the people who three months ago
saw nothing but good times ahead. but who are
now talking in grave whispers OF the culmina-
ton OF the present of prosperity. will again
chant Wall Stree. paans. telling Of the triumph
Of American industries and the strength Of the
financial situation. Meanwhile investors are not
alarmed over the course of values They are
receiving good dividends and they have no rea-
son TO believe that reductions will be made
Wall Street is blue but it will recover Such
a situation, however. suggests large margins