New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-10-04
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was again dull and irregu-
lar, with many important declines at the close.
Commission houses were inactive. The so-called
public was not in the market, and outside of
traders operations there was practically no
business of Importance transacted. Opening
prices reflected the efforts of bear operators to
reduce values. but the absence of liquidation
prevented important losses. In various issues
professional selling was heavy, as In Peoples
Gas. American Car and Foundry and Brooklyn
Rapid Transit. Early declines in the issues
named were unimportant, and the heaviness in
prices was not accompanied by noteworthy
liquidation. Based on actual value. there is no
good reason TO sell Brooklyn Rapid Transit,
Peoples Gas American Car and Foundry.
These shares represent money making corpo-
rations. and eventually their market prices
should sell many points above the current level
The general railroad list without especial
movement At the close dulness on a heavy
movement of values was the only feature, the
industrial shares showing the largest losses.
The movement of money in the next few weeks
will be watched with intense interest in Wall
. Street. AS the bank reserve above legal require
ments is about S16,00o0oO, fear is felt Of any
trouble in the money market before the return
flow of currency begins, but it is thought, never
theless. that the demands from the West and
South and the excess Treasury receipts at this
now until November. The Treasury Department
has withdrawn its offer to purchase long term
bonds. and further help is expected from
Washington or from the foreign exchange mar
ket- The slowness of cotton in coming forward
has upset calculations regarding gold imports.
Transfers of currency through the Sub-Treas-
ury this year have been, up TO September 80.
S9.310,000. as compared with $685.. 600 for the
same time last year. and from this increase it
sr, hat he eoxyiac
part of the movement is over while in other
quarters 1t is contended that the gain fore
shadows a proportionate gain throughout the
season. The effect Of the cessation of bond pay
ments will not be felt much in this weeks bank
statement, as the banks have gained already
on Sub-Treasury operations nearly 100000
The decision of the United States Steel Cor
poration to make full and complete statements
of its operations and earnings should be
adopted by all industrial concerns that fail even
to give the public information that it has the
right to possess. And If industrial companies
fail to make regular public exhibits of their
financial and physical condition steps should
be taken by the Stock Exchange authorities to
compel the companies TO let their stockholders
know Just what their earnings amount to. The
pablo is invited to subscribe to Wall Streets
wares but it ought not to be forced to buy those
wares without some knowledge of their intrinsic
worth. lnere are many NdludDiS Sc
C lrities. Many of the securities Of the recently
organized combinations possess greater merit
than many railroad issues can boast of, while
the prospects of the well organized industrial
concerns are just bright are the prospects
of the railroad companies. In a number OF
cases public statements that tell something are
made, but few concerns follow the example Of
the railroads in making weekly or monthly
statements of earnings. 1t will add much to the
popular value of Industrial issues when regular
monthly statements OF earnings presented.
The fact that all Industrial companies have
so ne months when earnings are always lighter
than in other months is not good argument
against putting out reports of earnings. The
American Car and Foundry Company reports
its earnings frequently. and the fact that re-
suits in the early summer were under those
of the year before has not deferred the directors
from letting the public know what the COM
pany has been doing. Perhaps the chief Of
tenders the American Sugar Refining Com
pany and the Analgamated Copper Company
regarding the affairs of which the public is
absolutely in the dark, save when dividend re-
close of business yesterday that the Pressed
Steel Car Company would in the future make
quarterly statements of earnings.
Final prices showed severe declines In the
greater number of industrial stocks heavy sell
ing developing in the last hour.
THE DAYS OPERATIONS IN BONDS.
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