New-York tribune., 1901-10-09
sEx dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Although stock market values exhibited an ad-
vancing tendency. speculation retained its pro-
fessional characteristics throughout the day.
The volume Of trading small, with the
heaviest dealings in Atchison, ST. Paul Mis-
souri, Pacific Union Pacific Erie, United States
Steel shares and American Sugar Refining. The
extent of the short interest In ST. Paul stock
was reflected in a sharp advance In the price,
while throughout the list the upward movement
appeared to be due entirely to an overextended
short account, or. as ii is generally called, an
oversold market. Prices have declined steadily
for a number of days. and rally is. of course.
due Indeed In many quarters ii is contended
that something more than ordinary rally is
warranted by speculative and investment con-
ditions. Investment conditions are certainly
sound. The position Of affairs affecting the
actual value of securities encourages the hope
that stock market values will eventually sell
many point. beyond the current level At the
moment however. there is no public support in
the market, and apparently no disposition
among the larger interests to work for higher
quotations until the money market situation
can stand an active bull movement.
The advance of yesterday attracted outside
buying OF any Importance. Sharp upward moves
In a number Of issues failed to stimulate activity
in the general list, but they served the purpose,
however. Of impressing the Street with the fact
that the market was merely advancing at the
expense of the short Interest. Perhaps the re-
fusai of outsiders to enter the market may have
been based In part the rumor that the Stand
ard Oil Company would omit the extra dividend
at the next dividend meeting. This report fol-
lowed a sharp break In the price Of Standard
Oil shares. and in some quarters 1t was freely
said that the so-called Standard Oil interests
were determined to send the market to lower
figures. And to support their contention, the
old theory that the reduction the copper divi-
dends for market effect rather than for
trade reasons again brought forward. If
stocks sell lower the Standard Oil party WILL of
course take advantage Of the cheaper prices to
add to their holdings
The last hour dealings We're generally at ad-
vancing values. with marked strength In the
Junior Vanderbilt issues and St Paul. Transac-
tions in Atchison common Were heavier than In
any other stock on the list, but on the advance
a large amount of long holdings came out.
II was again reported that the dividend would
be raised to a 4 per cent basis at to-day's meet
ing of the directors.
The local money market not materially
changed from the preceding day, although a
slightly frrner tendency noted In sterling
exchange. noteworthy development of the
foreign markets sharp advance in money
rates In Paris and decline in exchange Lon
- to a point not far from the gold importing
level. British consols were lower selling in
6uced by the fear of possible trouble In the East
as a result Of the death of the Ameer Of Afghan
sstan. London was again seller of stocks on
the local exchange and as a consequence the
demand for remittance in the foreign exchange
market was heavy. The movement of money
from New-York to the interior heavy.
THE DAYS OPERATIONS IN BONDS.