New-York tribune., 1904-09-21
BONDS.
STOCK MARKET OPERATIONS.

Selling pressure developed In the early deal
angs IN yesterdays stock market. while through
out the greater part Os the ive hours OF bust
ness transactions were conducted on declining
values. final quotations exhibiting net losses for
the majority OF issues, compared with the
preceding days closing figures. Weather re-
ports from the Northwest showing a severe
drop IN temperature and adverse estimates on
this years corn crop. together with the expecta-
tion OF higher rates for money, were effective
factors fn creating bear sentiment and induo-
ing operations for lower prices by the profes-
Edonal element and sales OF weakly margined
accounts. The volume Of liquidation was
heavy. ana on the decline there appeared 10 be
little market for stocks and no effort on the
part OF substantial interests TO support prices,
except in a few issues. notably Union Pacific.
which was a strong feature throughout the day;
also Canadian Pacific. which was firm, in sym
pathy with its higher price IN the London mar
ket- There was a large increase in the bear
party. and no attempt was made TO conceal the
change in speculative ideas regarding the abil-
fly Of the market to advance under money mar
ket and corn crop uncertainties. While the
weekly government crop report reflected no
damage OF Importance to corn. the fact that II
pointed out that from ten TO twenty days of
favorable weather would be necessary to insure
the harvest from danger created great uneasi-
ness in speculative circles. owing 10 the advices
received in the day regarding the development
OF unfavorable climatic conditions in the West
No resistance to the downward movement was
shown by the majority OF active stocks. maxi
mum losses Of from 11a to above per cent de-
veloping in many parts OF the list, the chief
weakness being supplied by Amalgamated Cop
per, Atchison. St. Paul. Missouri Pacific. Penn
sylvania, Colorado Fuel and Iron, Louisville and
Nashville. Erie Norfolk and Western. Tennessee
81
The last named stocks were allowed to go down
without apparent effort on the part OF the re-
cent bull manipulators TO bring about a rally;
but the absence Of support in these shares. and,
as matter of fact, throughout the list not
surprising, in view Of the fact that the large
speculative pools that were active on the bull
side in the last few weeks disposed of their
holdings before the current decline developed.
Doubtless minor pools were caught with stocks
on their hands and suffered losses in Mondays
ana yesterdays market. while IT is quite certain
that a large number Of commission house trad
ers who bought at last weeks high prices We're
either forced or frightened into selling their
holdings on the downward movement. Western
houses were heavy sellers of the Western rail-
road shares. Local and Philadelphia houses
put out large amounts Of Pennsylvania. Louis
vile and Nashville, and the steel stocks, while
Boston was reported heavy seller OF Amalga-
mated Copper The low priced stocks. in which
efforts were recently made to bring about
much higher level. Jared little better than the
higher priced issues. although the volume OF
selling was not particularly heavy Colorado
and Southern which was manipulated TO the
extent OF a two point advance in Mondays
speculation. lost good part OF the gain yester-
day, while weakness also developed in Mexican
Central and the Missouri, Kansas and Texas
issues. Sentiment was decidedly bearish at the
Close although many traders thought that the
market might rally to-day covering OF shorts.
In conservative circles. however the expecta-
fon that prices viii resume their upward
movement for more than a turn was not consid-
cred seriously.
In the fnal dealings rallies from the low point
of the afternoon were recorded, with especial
strength IN Union Pacific. which closed at a net
gain OF lH per cent. Other strong features were
Canadian Pacific international Pump, Metro
politan ana United States Leather. AS a rule.
ths active list closed at declines averaging a
point. Money on call remained at per cent
while sterling exchange was again lower There
has been marked increase IN the supply OF
bills In the foreign exchange market IN the last
week, and low level OF rates will II IS be-
heved, prevail throughout the fail with the
prospects favoring gold imports