New-York tribune., 1901-10-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

DA1 - IN SIOChS.
Bear sentiment controlled the stock market
yesterday. At times rallying tendency devel-
oped, but in the greater part Of the day values
sagged. with more net losses than gains at the
close There were no developments affecting ad-
versely the actual value of securities. but trad
ers sold stocks irrespective of conditions under
lying the intrinsic worth of investments. The
Street is in a bearish mood, and IL apparently
intends to remain bearish until some stimulat-
ing development arises to inspire bull activity.
According to the belief Of the best observers in
the Street, prices have reached level at which
excellent bargains may be picked up without
fear OF material losses from the current level.
Throughout this month, however, the chances
may not favor an upward movement. In No
vember money will begin to return to this city.
and il certainly will seek employment in the
stock market.
In yesterdays dealings renewed selling Of
Brooklyn Rapid Transit and the other traction
shares and further liquidation In Sugar Refn-
ing and other of the industrial issues made up
a good part of the days market. The railway
shares as a rule moved within narrow fluctua-
tions closing at only small changes from
Saturdays final prices. In the early transac-
tions efforts made to depress st. Paul and
Missouri Pacific. but no important liquidation
was reported The selling of Sugar Refining
stock was based the theory that the American
Sugar Refining Company has another trade war
on its hands. Its recent reduction in the price
Of refined sugar at Missouri River points is
naturally an effort TO secure trade now held by
the beet sugar industry. Beet sugar interests
announce that they undersell the Sugar
Trust and yet make money. 1t is generally ex-
pected in trade circles that a further reduction
in prices will be made at this centre, bringing
the quotation for refined sugar to five cents a
pound The copper shares moved about in an
erratic fashion throughout the day, closing with
out material change from last weeks final fig
nres
There change in money market rates,
but the sterling exchange market again exhibit
ed marked strength. The course of money
throughout the rest of the month will be
watched with particular interest but there is
no reason to suppose that banking circles will
feel any uneasness over the position of the mar
ket Bank reserves are large enough to handle
all current legitimate demands while early In
November the return flow of currency to this
centre should bring to this market an amount
Of money sufficient to reduce rates and 10 en-
courage active Wall Street operations in stocks.
The general situation presents much encourage
ment for the holders of securities. There is no
good reason for the sale of stocks at prevailing
figures. and the prediction is made from we'll in
formed quarters that securities being
accumulated by important market interests for
a big bull movement few weeks hence. Rail-
road earnings received yesterday heavy
and reports from ali trades were encouraging.
II is thought that the industrial shares of
merit will share in the next bull market, despite
the fact that they are being heavily sold at
present. Peoples Gas, American Car and Foun-
dry preferred, International Pump and Interna-
tional Paper preferred among the issues
conservative interests. American Car and Foun-
dry Company is doing a heavy business, with
every prospect Of showing most favorable results
at the end of the year. its present orders being
Just double as compared with October a year
ago. The company's policy is not to declare
dividends unless earned, and so far in Its ex-
3stence its surplus earnings have always been
well above dividend requirements Reports from
the paper trade encourage the belief that Inter
national Paper preferred stock will sell many
points higher IN the OF the next six
months. and the same may be said OF Peoples
Gas and International Pump. In the last hour
the whole market enjoyed a rally, and as a
consequence final prices were above the lowest
of the day. The Vanderbilt issues were leading
strong features good close Of buying
THE DAYS OPERATIONS IN BONDS