New-York tribune., 1902-10-09
BONDS
THE DAYS OPERATIONS ~ STOCKS

stock market values enjoyed traders ia''S
in yesterdays transactions In addition, now
ever. 10 covering OF shorts there was ialr oe-
mand from substantial market interests, espe-
ciailv in the Gould shares. Atchson inlon Pa
ciic Baltimore and Ohio and Canadian Paclh''
II is likely that large amount of stock mas
passed into strong hands in the last few days
while il rs also evident that the short Interest
IS heavy The so-csued weak holders have
been forced out margin accounts that have
,veathered the storms Of the last fortnight have
been strengthened by additional deposits and
brokerage houses IN general and individual op-
orators have arranged their affairs i'm line WITH
the change IN money market conditions Wise
brokers do not encourage the buying of stocks
on small margin al the present level hut they
have no adverse criticism 20 make 81 people
who are rich enough 70 buy stocks outright or
on big margins 10 hold for higher prices later In
the season The good stocks are not dear at
the current level. Indeed, most Of them are
chesp, and unless conditions governing their
actual worth change they ought to work mate
rally higher after the current period of hqulda-
tion and high money comes TO an end.
call money ruled al q per cent, while ster-
ling exchange was weak. The weakness IN ster-
ling and the prompt payment by the local Sub
Treasury 10 the banks Of S3oeeeHO for Austria
Han gold deposited az san Francisco were infiu-
enceS thar helped sentiment and prices The
volume OF business. however. was small and IN
the last hour hrmer tendency in call loans
caused a reactiol.ary movement in values Final
prices were generally al the lowest Of the day
hut at net advances as compared with Tues
Gays last quotations. Weakness IN the copper
shares characterized the afternoon dealings.
also short sales Of American Car and Foundry
common. which sold down on the decision of The
.ll
the dividend rate until the next dividend period.
The company's net earnings have increased ST.
uS6.000 m the four months ended August 81
over the same period year ago. The general
news OF the day affecting conditions underlying
intrinsic values was favorable. especially A. to
railroad earnings and the crops.
In the railroad list decline Of four points I'm
Delaware, Lackawanna and Western the
only noteworthy instance Of net loss for the
day. Selling in this issue apparently repre-
sented compulsory liquidation. Atchison Balti-
more and Ohio, Denver and Rio Grande Louis
VILE and Nashville. Missouri. kansas and Texas,
Missouri Pacific, NeW-York Central, -. Louis
Southwestern. Southern Railway. Southern Pa
cihc. Union Pacific and Wabash issues gained
from ] 10 L y points OF the industrials Pressed
Steel Car. United States Steel Colorado Fuel
and Iron, Sugar Refining and American Grass
TWine were strong features. American Grass
Irvine stock advanced Ia points on buying
that appeared 10 come from the inside Buying
of the good industrialS has been moderately ac-
tive in the last few weeks, and il is thought
that IN the next bun movement this class Of
securities viii be features
The late advance in cali money rates TO IL
per cent caused considerable adverse comment
among brokers. II is thought uy many Couser-
Vative brokers that the banks should take ad-
vantage Of their increased lending power, as
permitted by the Withdrawa' Of reserve against
government deposits To ease the rate for money.
II is pointed out that the technical position OF
the stock market and the actual position 81 the
hanks have improved 10 an extent that war
rants a lower rate for money. Time money and
commercial paper rates, well as cau mouey.
still rule al expensive figures, and tho mercan-
tile community finds IL extremely uuprodtable TO
borrow money Al Tlcsent