New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-04
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market operations yesterday were e0,
erned 10 some extent by outside influences esp
~fsrl,- the severe break in cotton ana 1he ue
,roral,zatior Of the local market LOT tha' S'ai
The violent declines In the September anu "
sober optious drew away much ATTENTION nun
ST. securities market. and uHquestionaoiS "au
: ,,.,r,,e,,al effect. The other piece Of news
which was used by the bear element ou'
=. -o,,oestle effect. was the advance in the
,5,scount rate OF the Bank Of England. ms "aS
,,r.xnec+e6. ana 50 when London prices came IN
- his market opened in sympathy with
&c. %, +be London Exchange. but first quota
-. st,,,,ad erlv fractional recessions from the
,l,.,,s ~ Wednesday. Trading in the general
=. ,-.. Anil and the movement OF values "fiie
s,,,- lou-e- was considered unin1portah''
:, SO much IS what business was done was Al
,,,ost wholly speculative There were Two o'
,brse exceptionally weak features. no'aols
nsetropolitan securities. which fell more IMAM siN
,,o,nts on comparatively small sales. Later IL
recovered ell but . pc cent Of the loss Inc
,,.alness was attributed to selling by traders
who bought the stock On Monday last on the re-
morris Of a general amaFatnation Of al he uao-
ZION counpsnies of the city. Metropolitan street
also suffered selling Of 27s per cent and closing
Ia r,oints lower than on Wednesday night Colo
--,5o Fuel and Iron was another couspicuously
feature. he decline ~ lhDliit0s VI '-'N'
,zas due 70 what was virtual passing Of the
dividend Oh the preferred stock and the state
,7erts Of officers OF the company that for the
present the question ~ dividends would not he
considered Atchison again was the principal
feature Of speculative activity. Early in the day
n showed strength. but closed at fractional
decline There was much evidence If nsnipuia-
sion IN this stock and It looked as II the traders
no bought n heavily on Wednesday were try
ing 10 secure quick profits by putting out shares
bought at lower figures Business i'm the last
hour came to a standstin nearly. and the close
was heavy. ~ about the lowest prices ~ the
day
Tho advance in the Bank IF England discount
rate from 2 10 per cent was surprise al
around The London market responded 10 il a.
once by falling N. The reduction TO 3 per cent
after the rate had ruled since last fan AZ per
cent was made only few months ago. While
81 rs customary for the bank to advance its
discount rate every autumn, the advance yes
1erdav was unusually early dast years was on
October p and indicates apprehension on The
part of the management of an urgent foreign
demand for gold next fan. The hank is ticking
every rrecaution 20 protect itself against loss
81 the precious metal IN the last few months
i' has advanced the price Of eagles and bar
gold and now comes the sharp rise in tho dis
count rate. This. I'm the first place. win post
Vone gold imports here. and thus win tend 10
Ftifen the loan market on this side well as
I'm England Lord RothschEd I'm an interview.
csrlaincd that tho early advance was on ac-
count ~ the heavy drain the banks stock
Of gold l,v German ny The action was taken
after that country had engaged between 5000
ooe and s. 100000 for export. While the advance
viii stop the export Of gold from England TO
Germany. il viii naturally AZ least put of en-
racou-cufs Tor fhfs side The stock market.
however. received the news with equanimity,
traders sensibly taking the view that n the call
money market did harden little il would he
~ no great consequence Then. Secretary
s,haw's assurances of standing ready 10 allevi-
az any stringencv that may arise later have
had the effect ~ making the Street feel easy on
the subject ~ tight money. Present indications
are that money win he comparatively easy and
that tight money. AZ any rate. win not stand in
the way 81 legitimate advance in stock val
ues next fall The advance in the banks dis
count rate had the effect Of depressing consols
80 - 1916. or lilo per cent lower than the pre-
Vious low record made i'm the latter part Of the
lsoer war. II represents the lowest quotation
yince 1870. when SSla was quoted and the lowest
ngure touched on the present 2is per cent basis.
As result % the advance. sterling rates de-
Clined here, in Berlin and in Paris
drrrTrsN crrrrpr-T-c AMMAN