New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-06
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Further declines were recorded in yesterdays
stock market At times speculation presented
ievidence Of Generalization. but there was
disposition on the part Of the leading interests
10 believe that the market would reach a pan
icky condition. Careful operators who We're well
secured by large bank accounts bought secur-
ities on the decline and, despite the extreme
pessinlism that prevailed in commission house
circles. these interests were willing to buy
stocks on the theory that an important upward
movement is not far distant. People who buy
stocks and bonds at prevailing prices may rest
assured that. while quotations may be forced to
p lower level. the actual worth of securities is
not depreciating. In the greater number of
cases stocks are intrinsically moro valuable to-
day than ever before in the history of the
try. Conditions governing the actual worth of
Investments present no evidence of weakness.
Indeed. reports from the business centres of the
country indicate a most prosperous situation in
trade with signs of further expansion in the
course Of the next twelve months Wall Street
apparently has not reached the position where it
can look forward to a promising future but
elsewhere in the country people who are en-
gagged in various lines of work satisfied
with the present position of business affairs and
with the outlook for industrial activity in the
course of the next twelve months
Two Wall Street failures were announced
due TO overspeculation, and not to factors af-
fecting the general situation. Professional
operator however, sold stocks on the theory
that the suspension of these firms indicated
weakness that would affect other well known
Wall Street concerns. Many holders OF stocks
who were not we'll informed regarding the
actual situation i'm Wall Street We're induced to
Sell their securities, and as a consequence. a
large amount Of genuine liquidation was
issues / per cent and above, reaching in the
greater number Of cases the lowest points of the
year Atchison, for instance, declined to 81
while Baltimore and Ohio sold under 20. Union
Pacific near 6S. Missouri Pacific at 50 and Rock
Island at 20 The Industrial issues were again
under pressure, and notwithstanding early sup
port in United States Steel the general level Of
values for this class of stocks closed under the
preceding days final figures. The fact that no
was able 10 offer satisfactory explanation
for the general liquidation of securities created
p feeling of great uneasness in the Street. The
bear element naturally active in circulating
TUmors OF an adverse nature. while number of
well known operators who are supposed to con-
duct their transactions through a certain Broad
Ct. house, were energetic in their efforts to
bring about lower level Of values It seems to
be quite generally understood in the Street that
powerful speculative interests will continue to
they have forced heavy liquidation in every
stock the list.
Total dealings were above 100000 shares.
with the heaviest operations in Atchison Erie,
Missouri Pacific, Pennsylvania, Reading Union
Pacific and the Steel shares. The last named
while heavily sold. showed only fractional recess
sions in prices Erie was attacked. doubtless on
the theory that, it among the few issues
that made a relatively strong showing in the
decline of ten days ago, il ought now TO seek
lower level in sympathy with the rest of the
list. Its price lost 32s, getting down TO 2324
while the first and second preferred each lost
points. Consolidated Gas lost > points, Sugar
Refining points and most of the industrial is
sues from l 10 points. Heavy losses were
sustained by the standard investment issues
Call money firmer. but sterling exchange
was weak. Outside of the Wall Street failures
there were no adverse news developments af-
fecting stocks. Real investors who sell at cur
rent prices viii make Il big mistake. People
who have money invest will find absolute
bargains al these quotations The Stock Elk
change will not go out OF business. The country
will not go TO the dogs. Securities will not al
ways sell at present low figures Last prices
were generally at the lowest of the day.
TLE nANyS OpERATINNc pnMnc