New-York tribune., 1902-05-06
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Developments in Wall Street yesterday caused
both uneasiness and satisfaction in the financial
community. The weak commission houses and
the shoestring traders were convused with fear,
while the conservative banking houses and in
telIigent operators IN securities were entirely
satisfied with the course Of market values and
the disturbance in certain commission house
circles. As a result Of the scandaious opera
tions Of the insiders in the bubble companies
three firms were forced TO suspend while further
severe losses were suffered by over extended
long accounts in stocks. The houses that went
under were identified with the so-called Meyer
syndicate No further explanation of the firms
trouble is therefore necessary. Stock values.
however, were affected by other influences as
we'll the high rate for money and the posi-
biIity OF an anthracite coal strike contributing
10 the declines that were general throughout the
list. Early losses were In some cases recovered
before the close, while In the greater number Of
issues final figures were we'll above the lowest
Of the day.
The liquidation in the morning was purely
speculative. Investment holdings were not
thrown on the market, and well margined own
srs were not disturbed. The further elimination
OF weak accounts. the failure OF concerns that
were mixed up ir questionable stock market
transactions end the attitude Of the banks in
checking through the medium OF the money
market, reckless speculation in worthless securi-
ties caused no small amount of satisfaction in
conservative circles. The speculative situation
IS much stronger than il was a few days ago.
while the disturbance IN stocks has in no way
affected the actual value of investments. In
the rest of the week speculation Will doubtless
be under the influence OF the money market and
coal labor strike possibilities, but the chances
are that the influence Of the collapse in the IN
dustrial bubbles ended in the first two hours
OF trading yesterday. The fall in poor indus
trials and the retirement OF discredited man
ayers of certain doomed Industrial companies
should serve TO attract attention to the shares
of the. substantial properties. as. for instance
the car equipment stocks. International Pump
American Grass Twine. International Paper and
Peoples Gas. There many sound industrial
shares, and the developments Of the last few
days ought not 10 prejudice intelligent operators
-4gainst them.
Z A noteworthy feature Of the trading yester-
day was the absence of heavy public liquidation.
This was doubtless due TO the fact that the
public is not heavily loaded with securities. the
majority OF owners being people who have the
courage and financial means TO carry their
stocks through passing market storms. In the
early dealings st. Paul broke 1a4 points, Colo
rado Fuel, 294; Long Island. 6: Louisville. 1$4
Manhattan, 15s; New-Haven, 5; Reading. 3A;
other stocks a point At the close the
heaviest net losses, which were well under maxi
mum Losses were shown by Canadian Pacific,
Northwest, Consolidated Gas. Delaware and
Hudson Erie. Illinois Central. Manhattan.
North American, Pennsylvania. Reading. Ten
nessee Coal and Iron and Rutland pre-
ferred. The last named stock. after declining
from 90 to SO. rallied TO 95 the advance being
due to the announcement by prominent bank
\
stock held by some OF the embarrassed syndi-
cate spectators. Before the close Of business
500 shares of Dominion Securities sold the
curb at 30 a decline of 40 points from Saturday.
Hackensack Meadows sold at Is. Storage Power
sold at 33495 and General Carriage was quoted
at 3a5 North American Lumber and Pulp
closed at 2 bid and 80 asked.
The selling pressure was over by noon. and
despite rise IN money rate TO 20 per cent no
extensive liquidation followed. Louisville and
Nashville showed decided strength. gaining over
4 points, 20 139. the advance succeeding an open
ing decline OF over point. st. Paul also showed
a firm tendency, although its final price was at
"a small fractional net loss. Wabash shares were
hourht on the prospects OF the entrance OF the
road 10 tidewater through the purchase Of the
Western Maryland by the so-called Fuller syndi-
cate The advance in money rates produced an
easier tone in the foreign exchange market, and
il was not thought likely that gold would be sent
out by Thursdays steamers. Higher rates for
money do not indicate unfavorable conditions in
the financial situation. nor does the failure of
certain concerns IN the Street reflect unsound
conditions save in the affairs OF the concerns
affected. The general financial position is sound.
and the collapse OF the wildcat speculation in
international Power and the Meyer specialties
has STRENGTHENED the local situation.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BOSDS.-Market steady Final
o,,o.af4ors follow.