New-York tribune., 1902-10-07
THE DAYS OPERATIONS II STOCKS.

Stock market values moved toward a lower
level throughout the day. with substantial net
declines AZ the close. Liquidation II specula-
tive accounts continued. The bear element was
actively engaged in working Cor lower quota
tions. and its operations were assisted by out
~ town selling and a general feeling OF bear
ishness and fear I'm commission house circles
For tho moment Wall Street is intensely bear
ssh Indeed. the Street is becoming so blue that
the time must he near when stocks VIII be
purchase. when the Wall Street atmosphere is
thick when dolcf,l forebodings are heard in
commission houses and when bear literature is
heinr nut out by the rcsm. securities are gen
orally safe purchase. No damage, save 10
Night margins, Is being done by the present wave
of Wall Street liquidation and pessimlsn
Stocks thar are sold are taken by good class
~ traders declines do not represent a change
IN the conditions affecting the real worth OF So
curities and the position of the money market
does not foreshadow disturbance in the coun-
try's industries.
The failure of ne local banks &c take ad-
vantage Of the permission Of the Secretary of
the Treasury 70 withdraw government deposits
from the general deposits thar require cash
reserve doubtless eNerted some influence on
prices and sentiment yesterday. There Is no
reason for the banks 20 increase their lending
power bN such a method merely TO foster stock
market speculation, and the chances are that
the banks have not followed the Secretary OF
the Treasury's permission in order 10 discourage
active speculation in stocks al a period when
money Is moving 10 the interior for the pur-
poses of trade A number Of reckless pool
operators have come 20 grief in the last week.
IN yesterdays market further distress among
this class OF traders reported, but their dis
comhturc was the general markets gain II
is not safe 10 predict hoN much longer nauida-
tian viii continue, but II may be asserted with
oui fear of contradiction that the stock mar
Ret is m a more healthful condition than
a has enjoyed for several months. Factors az
fecting the intrinsic worth OF investments do
not encourage tho sale at loss of rood securi-
ties
Cali money averaged s per cent with d high
level OF l. per cent The banks showed a con-
servative disposition and exercised great dis
elimination IN the matter OF collateral for
loans. Sterling exchange was strong under the
infiuence of am active demand for remittance
hut despit" ths fact Sj0u0p0 was taken m
London for NcW-Nork account. There were
few sharp breaks In the days stock market
and nothing approaching decentralization. hut
there was a slow recession in values that left
the general list from ! 10 3 points under sat
urday's close
St Paul received support. ON an weak spots
snd. while al one time showing am extreme de-
cline OF nearly , per cent the close vac only
fractionally below Saturdays final figures
Louisville and Nashville underwent freouept
and violent fluctuations. From an earry eharp
rally there was am extreme decline of nearly
points, but This issue. too. recovered sharply IN
the late dealings. Missouri paciac. Texas PACT
nc and the 81. Louis Southwestern stocks los,
about points al the extreme of The da,,s de-
cline Chicago and Northwestern suffered a
severe break Minneapolis. 81 Paul and Ssult
ste Marie common was Pressed for sale losing
6is per cent net. sharp raid ON Csnasi,-
Pacific broke the price nearly : r,oipts "a, on.
time Sugar Refining lost over poirts s,a
some OF the specialties suffered declines of 100
per cent Railroad earnings received ,es,sr.a,.
made magnificent exhibitions as ooropsre5 ,,it,
the record breaking period a wear ago