New-York tribune., 1902-11-15
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
The campaign for lower prices made further
progress in yesterdays market. In the greater
number of issues sharp declines were suffered.
in some cases losses running from > 10 points,
while in the majority Of stocks final changes
showed net declines Of from 10 points. Lqui-
dation was heavy. bear operators were again
active and investment selling recorded for
the account of certain interests which had been
seriously injured in their speculative transac-
tions II was reported I'm the course Of the DAY
that the so-calIed Western element had been
forced to throw a large amount of investment
holdings on the market, in order 10 protect
operations involving recent dealings on borrowed
money. There apparently was little rallying
pouer in the market and no disposition on the
part OF substantial interests 10 support prices
Al the low level however. stocks were taken by
a good class of buyers. commission houses re-
porting an active demand from people who
come into Wall Street only after securities have
suffered severe depression.
Heavy liquidation reported in the high
priced issues especially in ST. Paul, Delaware
and Hudson Louisville and Nashville Penn
sylvania and Canadian Pacific. The decline in
these issues was heavy, st. Paul falling IA
points Canadian Pacific , points. Pennsylvania
3ss points and Delaware and Hudson 81 points
A
were recorded by Southen Pacific, Union Pacific
An1algamated Copper. Erie second preferred
the new Rock Island issues. St Louis and San
Francisco. Tennessee Coal and Iron and Read
ing In the Gould stocks there was fair
amount OF support. although buyers appeared
inclined to Jet these issues go lower. in order to
pick them up at still more attractive figures
Pressure on Amalgamated Copper and the
United States Steel Shares was pronounced,
rv,r
important sources prevented material final
losses The failure of a Boston bank and the
expectation Of a poor local bank statement
were factors that were utilized by the bear ele-
nent TO induce liquidation. There doubtless
was some selling on the theory that the failure
IN Boston reflected weak hank conditions i'm
general. but, OF course, well informed person
parted with good investment holdings such
a ridiculous argument. It was merely case Of
dry rot with the Boston bank. Selling of stocks
this week has created large short interest,
and it is therefore probable that a substantial
rally in prices VIII soon take place. In the clos
ing hour yesterday recoveries from the lowest
prices were recorded. although last quotations
were far under those of the preceding day. Total
sales were in excess Of one million shares.
Various railroads throughout the country are
making voluntary increases in the wages Of
their employees the most noteworthy example
Of which is the 10 per cent advance by the
Pennsylvania Railroad in the wages Of all it's
men who are now receiving less than 500
month A number Of Western roads have re-
Gently increased their wage schedules. and the
chances are that many more companies will
take similar action In advancing wages the
railroad companies recognize the increased ser
vices given by their employees in the last year,
owing 10 the large volume of traffic, and the
increased personal expenditures Of the men on
account of the higher cost of living. Signs OF
discomfort in labor circles have been among
the few adverse factors in the general situation,
and the tendency 10 increase wages and to settle
labor disputes by arbitration should therefore
exert a favorable influence sentiment in the
business and investment field For the moment
the stock market apparently is not in a posi-
ton 10 be materially affected by such en-
couraging development the advance in wages
among the railroads. but ultimately this and
other faVora BILE factors will receive the recogni-
ton that their importance warrants
According to the known movement of money
in the week, the local banks have lost over
S2.J00ee0 in cash holdings. This loss may be
Offset influence on reserve above legal
requirements by reduction in loans the heavy
stock. market liquidation Of the week doubtless
having caused a large contraction in the loan
stem. Absorption Of money by the ub-Treasury
Is the only adverse factor in the monetary situa-
ton at present Local banks are not at all
alarmed over the situation Indeed. they be-
neve that current bank reserves which are
heavy for this period of the year will more
than suffice 10 meet all requirements in New
York. especially as stock market trading will
doubtless he maintained on a quiet basis after
current liquidation ends Reports received last
night from the commercial agencies showed
sound business conditions throughout the coun-
try. Fighting among the speculative giants of
Wall Street has not upset industrial activity.
Money is now moving TO this centre from the
snterior in excess o. shipments. the local hanks
receiving this week S4'o50'ste against shipments
" S3.7l42oO
Ihk DAY OPERATIONS IN BONDS