New-York tribune., 1903-07-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Further severe declines were recorded in yes
terday's stock market In the early dealings in
dications of strength were noted in a number
of the active issues, but in the last three
hours OF trading liquidation developed through
out the list, followed by a substantial falling
off in the market value Of stocks and bonds.
The decline was not accompanied by news de-
veiopments affecting the actual value Of secu-
rites, selling representing the operations of
professional traders and sales for the account
of people who forced to throw over in
vestment securities in order to protect their
speculative accounts Many substantial oper-
ators have been loaded up with industrial
shares for which there is market and on
which they have been unable to secure loans
from the banks. Many other operators have
been carrying stocks on borrowed money, and
their inability to supply additional margin at
the call OF the banks has resulted in forced
sales at sacrifice prices. The so-called small
people OF the stock market are not the losers
In the current movement. The decline has af-
fected most seriously many people who year
ago were rated as muti-millionaires, and, ac-
cording TO the opinion of some Of the most con-
servative observers in the Street further losses
wifi be suffered by this class of investors before
a readtustrnent Of prices to higher level takes
place. II is impossible TO make a satisfactory
prediction regarding the probable course Of
values in the next few weeks There are many
interests IN the Street who believe that values
are scraping bottom. but it is interesting to
note that the same people have expressed this
belief for the last few months, and yet each
week has ended with the level OF quotations
under the range of the preceding week.
While the market is going down it is we'll to
bear in mind that conditions underlying the in
dustriaI situation in this country exhibit no
change that warrants the expectation of de-
preston in business circles OF course, it is
possible that the influence of a protracted de-
cline in the stock market. which involves the
loss Of many millions of dollars may eventually
be reflected in the industrial situation, but at
the moment theT- is no indication in industrial
circles that the slow panic in the stock market
has affected the general business outlook In
number of cases new low record prices were
made in yesterdays market, especial weakness
developing in Amalgamated Copper. which lost
six points: in United States Realty preferred.
which lost FIVE points; in Tennessee Coal and
Iron and in Rock Island The United States
Steel shares We're comparatively firm, final
prices showing only small fractional losses,
Weakness in the copper stocks was helped by
heavy selling for Boston and Canadian account.
There were no developments in the copper sit
uation responsible for the extreme weakness
in the copper shares. Various failures in Bos-
ton and in Canada doubtless were factors in
the liquidation in the securities which are
heavily dealt in in the Boston and Canadian
markets; but even these failures were not of
sufficient Importance to warrant the heavy out
pouring Of investment securities. The weak
ness in the last hour was accompanied by many
absurd rumors regarding the general position
of Wall Street houses and of the business situa-
tion in various parts of the country So many
ridiculous reports were circulated that many
market Observers believed that the bear cam
paign was on its last legs. and that the sensa-
tional reports of trouble in financial circles re
fected the last efforts Of operators who real
ized that their war against values had about
run its course. There was no change in the
money market situation Of Importance. Call
money ruled at per cent, while time money
was literally offered at from Az TO per cent,
according 10 the period. Sterling exchange was
firm the greater part OF the day. Domestic eX
change continued TO rule in favor of New-York
and the banks reported active movement
Of currency from the West toward this centre
New low records were made by the United
States Realty shares, but the decline appar-
emily did not represent an adverse change in
the financial position of the company. The
company has large amount of money in the
bank it has no obligations outstanding in the
shane of notes or bonds and its assets are well
in excess of SD 100000. The failure of prom-
nent Boston building firm naturally has in
duced sales of the United States Realty shares
by tmid holders.