New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-24
BONDS.
THE DAYS OPERATIONS IN STOCKS

Further weakness IN yesterdays stock mar
lost was not accompanied by adverse develop
rnents affecting the actual worth Of securities
Actual news was. rule. Of a character TO
encourage higher prices but there evil
demos OF buying power ana apparently no dis
position the part OF substantial market in
tsrests 70 support values Even investors were
not factors in the days transactions The
heaviest selling was for the account Of opera
tors for the decline. although there was a con-
siderable amount Of actual liquidation. con-
slant sagging Of values weakens strong &C
counts. and much Of the genuine selling OF the
last few weeks has represented sales for inter
ests whose holdings several months ago were
considered far beyond the danger level The
fact that the public VIII not engage in securi-
ties operations has upset the calculations OF
many people who had hoped to be able 20 avoid
losses their stocks by selling IN an expected
early fall rally. The rally falling 70 material
ize. forced liquidation has developed. and con-
tinued success by operators for the decline VIII
serve 20 accentuate the liquidation now under
way. Weakness IN yesterdays market was not
centred on any particular group OF stocks. the
conspicuous net declines being recorded by
kmslgamated Copper. Sugar Rehning. Balt-
more and Ohio. St Paul. Northwest. General
Electric. New-York Central. Louisville and
Nashville Rock Island preferred. Southern Rail
way shares Southern Pacific, Tennessee Coal
and Virginia Carolina Chemical which lost from
] 70 3 points.
United States Steel shares were heavv but
they did not touch their low levels made On
Monday. The bonds, however. declined 70 a new
low record al 721s. Current selling Of the Steel
bonds II apparently based on the expectation
thar number Of tho members OF the preferred
stock conversion syndicate VIII take up their
!
the syndicate managers in order % close their
commitments. These bonds VIII doubtless then
come on the market. While the local market
was declining the announcement Of Secretary
Shav's decision 20 resume refunding operations
20 the extent Of S2O.O000O0 and to auticipate tho
payment Of S19Oe0O0O Of 3 per cent bonds. due
in February. 1894 was made. but The effect ~,
prices was extremely disappointing In the
opinion Of many bankers the possibility of
money market disturbance this fan is now re-
moved. as refunding operations VIII increase the
amount Of low price bonds avaiia be for de-
posts against bank note circulation and for
security for government deposits. while q viii
release IN principal and interest SD $50 600 rom
The payment OF the % ~ 1904 The rrerniur,s
mat VII be paid IN refUnding viii aggregate
SLoooeO The banks that have had on a-e
with the Treasurer for thirty DAYS or more =
Der cent bonds as security for public denosits
VIII De permitted to substitute approved state
ana municipal bonds therefor. which VIII be ac-
oepted al 80 per cent Of their par value.
In The London market new low record for
The last thirty-seven years was made for Brit
ish consols at $50 the cheapest price since the
OVerenn-Gurney panic Of May. 1866. when 49,
was reached. At the outbreak Of the Frarco-
Frussian War consols sold down 10 ST. There
was no news abroad responsible for the do
c4ine' ano IN this particular the London market
resembled our own Wan Street was as ,esei-
I'hsuc as 1t was bullish a year ago il Gisro-
saroed the ease IN money and the oxcellert o,r--
look Tor favorable corn harvest p~eferrjrr ID,
helieVe that various indications OF a readfus--
ment q trade % a lighter volume Of ll,sirass
iofeshaoo"ed industrial insolvency. Sentiment
was also affected by the general oDinion tba+
the collapse Of the Consolidated Lake s,,ne-io-
company ana the shrinkage in the rIices Of ,r-
oostIiaI issues and railroad stocks had seriously
crippled many capitalists. whose losses ,vo,,l5
nave direct bearing on many industrial er,aY-
prises.