New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-30
BONDS
THE DAYS OPERATIONS IN STOCKS.

Heavy declines were made in yesterday mar
ket Liquidation continued. and as result 81
the DAYS operations securities became NOR
strongly intrenched in the hands Of Substituted
speculative and investment interests. severe
losses were made in the more active ISSUES Ms
for instance -13s points in Atchison. rs IN haIl'-
more and Ohio rs in Canadian Pacific, "a IN
ST. Paul loss in Louisville and Nashville 'is IN
Manhattan. ~ in Missouri Pacific, ~ in Read
,ng AZ in New-York Central. IA in Southern
Pacific and a. in Union Pacific. Notwithstand-
,rP Saturdays favorable bank statement and
the strong possibility Of a further gam III re-
serve this week, the trading element was oeel
fish while out Of town operators were heaNN
sellers throughout the day. Call money reached
the highest point Of the season Inc secolu
operation on President Roosevelt was mace me
most of by operators for the decline as ped
argument hu, il is not likely that many peo-
pie were frightened into disposing Of stocks he
cause of the Presidents apparently incense
ouential Illness. Exaggerated reports or me
operation were received in London. and on the
rnndon Stock Exchange American stocks were
down rotnt or more sales in most cases repre-
senting speculative liquidation. As long as the
current monetary stringency continues al TINS
centre hear traders will take every possible op-
portunity to depress values Further hquloa-
tion may also be necessary before money mar
ket conditions return to a normal basis, but
there is no reason for the predictions made IN
some quarters that panicky conditions may de-
velop.
The larger market interests are long OF STOCKS
and they cannot afford to permit liquidation to
r7,n IN 2 danger point Moreover. the banks,
which are closely associated with important
financial and railroad operations. will see that
the situation is properly protected Investors
may therefore rest assured that the situation
is not in danger of collapse. hut small specu-
iators should continue TO exercise great caution
OF both sides of the market. The present stock
market is hacked by big railroad earnings and
business prosperity in general Current pros
r4erous conditions in the business world are
healthful. They have an appearance OF per
rnanency that suggests a long period Of growing
industrial activity. The money market trouble
NAV keep the stock market unsettled for several
weeks but further bull activity will doubtless
follow
After the early dealings there 1rmer
tendency in the market, hat before the close re-
neNed liquidation and bear pressure developed.
carrying prices to the lowest Of the day. ANY
attempt hid UP values met ny plenti-
full supply of long stock. In the last half hour
call money advanced 70 RI per cent. and stocks
broke rapidly heavy volume Of business.
The possibility Of objections by other Southern
Line and the present owners Of the Louisville
and Nashville induced sales Of Louisville stock.
and bears on the general market pointed out
the chances of still further decline in Louis
VILE stock if there should be hitch in the pro-
posed plan of consolidation The bear element
has not had an inning for long time in the
stock market. and advantage is now being taken
of present temporary conditions promote
feeling of uncertainty over every possible factor
in the situation II = day comes soon when
the Wall Street atmosphere IS especially dark
will then be a good purchase
Foreign houses were heavy sellers in the local
market, and extreme weakness prevailed on the
London Stock Exchange. There were r,lroors
in London that international banking house
was IN trouble. but definite news on this
point was published, and II therefore
thought likely that the report wholly an
invention Of market manipulation The YEA K
ness in London, the practical inpossibiIitv IF
securing time loans in this market and the pro-
hihitive rate Of call loans were responsible for
the downward course Of values on the local ex-
change. In view Of the shaking out process Of
last week and a similar movement yesterday
rally ought soon take place Stocks are
worth intrinsically as much to-day as they
were before the decline began. The trouble is
confined 20 Wall Street. and there is no req SON
for uneasiness the general situation The
following table shows the losses suffered nv the
more active stocks from a week ago to yester
days closing:
Sept p Sept n