New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-10-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Although the stock market exhibited GER
tain degree OF strength in the opening dealings,
the general course of valves in the day was
toward lower quotation level Weakness in
stocks such a. Amagamated Copper, Peoples
Gas and Sugar Refining created the belief in
trading circles that the so-called Standard on
psrty had made a combined attack the mar
ket Traders of considera bic financial backing
are working for lover prices, and by attacking
the shares that associated with the Rookie
fellers and their business colleagues they foster
the report that he standard Oil interests are
working against values. 1t is doubtless true
that the interests named are doing nothing TO
support the market but there is little reason 10
suppose that they are actively engaged IN
''i1noc king prices. The reduction in Copper
dividends has of course bled insiders to &C
emulate cheap stock The assertion, however,
that these dividends were reduced for stock
market purposes is not well founded. The intel
licent public IS not criticisng the lower divi-
dends but IL makes no attempt to hide its dis
piea sure over the policy of the companies in not
having published regularly the results of opera
lions and earnings long before the dividends
were reduced.
The failure Of the stock market 10 advance on
current favorable developments reflects. il Is ar
sued in some quarters, that there are too many
uncertainties IL, the future admit of rising
=
future may reveal are worrying pessimistic pee-
pie They sre the possibility Of contracted rail-
road earnings as result OF The corn crop par
1iaI failure, possible legislation against indus
trial trusts and possible reduction in dividends
by companies that have added a large amount
OF stock to their capital Railroad managers of
wide experience expect 10 noteworthy reduction
in earnings: legislation against trusts will not
affect the greater number Of the present indus
trial combinations. for the simple reason that
they are not combinations in restraint OF trade,
and indications do not point 10 lower DIVIDEND
rates WALL Street is blue at he moment but it
win be more cheerful in a few weeks. when
money begins to return to town ana supstantial
r:lprket interests resume operations u, the mar
ket Meanwhile prices may work lower, present
ing however. attractive speculative and invest
ment bargains.
The known movement of money in the week
indicates that the local banks lave lost In cash
inward az S4fppmpn The cessation of bond pur-
thases came too late to affect materially the
holdings Of the banks. but the interior move
lnent of currency was sufficiently heavy TO on
set gold receipts from Paris and Treasury bond
disbursements THE Wall Street journal estl-
mated that the total gall from new gold imports
of gold coin and bond purchases was S3,Ush,oou.
The loss to the interior and to the Sub-Ireasury
was s9.44iOoo: the net loss was S5oi, 2oo
Stagnation in the stock market is helping Inc
money market and with a quiet speculation
This month there ought to be no especial change
in money rates from the prevailing level. There
was plentiful supply OF call money yesterday,
hut time funds were somewhat scarce al - per
cent.
The industrial shares suffered the heaviest
losses in Yesterday market. In the railroad list
there were not many important declines, and
few instances OF significant liquidation The
which were based on fancy. In the final deal
ings the selling power appeared TO be exhausted,
and as a consequence a rally was recorded