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

Mex Cen LIST inc. s6s = v abasn y i7S -
THE DAYS OPERATIONS N STOCKS,
Further progress in the campaign for lower
prices was made in yesterdays market. Open
INK quotations were under Saturdays final fE-
ures while throughout the morning values de
rlined steadily with losses Of one TO four points
before noon. Although a large part Of the early
loss was recovered in the later dealings. last
quotations showed a long list Of net declines
II is hardly necessary 70 state that there were
no adverse developments affecting the intrinsic
worth Of securities. the decline being due en-
tirely 10 liquidation by spectators who were
forced TO sell. owing 10 the pressure eXerted
over the market by a powerful band of mar
ket interests that are actively engaged in de
stroying confidence in Wall Street circles in
their efforts to secure stocks at cheaper prices.
This element will doubt ess not work for higher
prices until the present slaughter has been car
ried further; and il is likely that the specula-
tive banking syndicate will be heavy holders
Of stocks when the bear campaign is at an end.
Little bears are following the lead Of the big
bears. and they enlivened things yesterday by
putting out many rumors of business catas-
trophies, deaths of big men, and other un-
founded stories. Doubtless, there many
so-called panic birds in the Street now picking
I'D stocks that are being recklessly thrown over
board by timid holders. and there are. of course.
good buyers OF all stocks actually sold. II is
hard time for margins but large margins and
abiding faith in the business conditions in this
country will win in the long The bulk Of
the liquidation OF long stock completed by
noon, but further attempts at raidng the mar
ket were made In the last hour heavy covering
OF shorts carried values to a point the
opening figures. but generally under Saturdays
close, with the heaviest losses for the active
shares in Amalgamated Copper. Chicago and
Alton Colorado Fuel Delaware and Hudson.
Reading issues. St. Louis and San Francisco.
United States Steel preferred and Wabash pre-
ferred. Rock Island lost 9s4 points on sales Of
two hundred shares. while Lackawanna gained
10 points on dealings of eight hundred shares.
Sugar Refining. United States Steel common,
Missouri Pacific, Hooking Valley, Norfolk and
Western and Peoples Gas were strong features
at the close. Total dealings were over one mill
ion shares.
Wall Street is now thoroughly saturated with
pessimism. and it may require some little time
10 convince the sorroWing souls who haunt COM
mission houses that The end of all things good
has not arrived. The Wall Street temperament
has been depressed by the operations of GER
tain powerful interests that are anxious to
bring about a lower level Of values. Well ar
ranged plans for the killing of bull sentiment
have been successfully carried out. and as
consequence wall street reminds one more OF
a slough Of despond than Of a centre that is sup
posed to contain the business brains Of the
country Substantial banking interests that fos-
tered active speculation several months ago
have suddenly realized that conditions in Wall
Street and in general business centres demand
according 10 their way Of thinking, cheaper
prices for securities. They bewsil the fact that
their loans are extended, and in sorrow they
proceed 70 improve their position by frightening
holders Of stocks into liquidation II this coun-
Try were on the verge Of an industrial panic
current bank loans and current prices for stocks
would naturally furnish excellent for
uneasiness; but as the conditions backing credit
and stocks are absolutely sound, it is hard to
see why so much fear has developed. unless it
is solely for stock market purposes. Money
lenders Of course. are not phianthropists. and.
with stocks at lower prices. renewed operations
for the rise can be encouraged, and incidentally
an active loan market win develop
While stocks recovered in the afternoon deal
ings. there was no improvement in general SEN
timent and no apparent disposition the part
of the bear element TO change its position. The
country in general will probably pay little atten
ton to the operations of Wall Street speculation
and it is not likely that business men will see
in Wall Street conditions indications Of the end
Of industrial prosperity
Efforts being made to convince the public
that the present declining tendency in stocks
marks the elimination Of this country's indus
trial progress. and that Wall Street is only dis
counting an inevitable collapse in business A
calm consideration Of the situation, giving due
weight 20 the Ia Dor troubles and other adverse
factors, finds no adequate ground for the belief
that industrial prosperity is about to end In
deed. there are enough known factors to war
rant implicit belief in the permanently Of
current favorable conditions for another year.
while there is TO reason 10 suppose that the
country viii not at the end OF next year be in
sound a position il is to-day. Most in
dustries have enough work on hand or in sight
to keep them busy for the next twelve months.
The crops have been good this year and rail-
roads are therefore assured OF a heavy grain
well as general merchandise traffic: and big
crops mean big exports. There are none OF the
elements in the situation that were responsible
for the business depression in 1898 and the few
succeeding years. Old timers in Wall Street are
not alarmed over the course OF the stock mar
vet as they realize that the downward move
nent is due 90 aggressive speculative opera
tions. and not 70 conditions affecting the real
worth OF securities. They maintain that stocks
are a. purchase on all declines and that the