New-York tribune., 1902-10-08
BONDS
THE DAYS OPERATIONS IL STOCKS.

The short interest in the local stock market
s. large, and rally in values is expected by
competent observers. Whether OF not the period
of liquidation is over cannot easily be deter
nined but II is thought in well informed circles
that the heaviest selling from now on VIII be for
she short account and for operators who wish 10
Iske profits on the rallies. In Yesterdays mar
lSet liquidation and bear pressure carried values
lower. Declines in many issues were heavy.
There was. however no decentralization and no
,ueasness in banking circles. Money ruled a.
10 per cent with exceptions - l2 per cent, the
higher rate as compared with Monday doubt
less rejecting the firm determination Cf The
hanks to discourage stock market activity by
keeping money at stin level After spasln Of
strength AZ tho opening the market began To
sag and throughout the rest of the day values
slowly leceded. The only noteworthy strong
features were American Car and Foundry is-
sues and Pressed Steel Car common These
stocks have shown remarkable strength n the
current period Of declining values, ana & is
quite evident that purchases are being ma IL 10y
people who are well informed regarding the az
fairs of the companies. In the railroad list Inc
heaviest losses were made by ST Paul which
declined 3ls. Delaware aud Hudson >; Illinois
Central >: Louisville and Nashville. rs; Man
haitian Ia. Reading, /; ST, Louis Southwestern
preferred 2S. and Wabash, IL. The close was
al about the lowest prices.
Railroad earnings OF the various roads
throughout the country for the last week in Sep
tember and for the month show remarka ble
gains over the same period a year ago. When
Il is recalled that earnings year ago broke 81
preceding records the significance OF current re
turns can readily be appreciated. Earnings for
September were made up OF heavy volume
OF east and west bound business but without
Of he
fact that earnings are so heavy at time when
the grain tonnage is so light foroshadows some
thing phenomenal in the way Of railway re
ceipts when the years crops begin to move 10
market People who are pessmistic because Of
the present reactionary movement in stock
values ought 10 read and carefully digest the fol-
lowing results on some OF the railroads in Sep
tember; For instance Louisville and Nashville
increased in gross earnings in September $3.50
137; Missouri Pacific increased SIS9o0O. Wabash
increased Sl7g6i4, Norfolk and Western in
creased S279O43, Missouri Kansas and Texas
increased S200359, and Southern Railway in
creased SJ05.513.
The enormous movement Of freight over the
railroads Of the United States has compelled
the companies 10 place I'm service every avail
able car on the lines. and even with all the
rolling stock in operation reports are arriving
daily Of the inability of the companies 10 handle
without delay the traffic offered. There is prob
ably not d railroad In the United states that
has not Increased its equipment in The last wear
and according 20 the reports 0f the car and
locomotive building concerns, there is not q
company IN the country that Is NOT now con-
tracting for new cars and locomotives for de-
livery soon as they can Ice rnanufsctlIra5
The railroads see IN existing conditions salts
factory reasons for expecting an expansion I'M
vail ir-nE frrf1 ar z he
long the railroad business IN the United
states Is good there need be no unessiross
among tho holders NJ American investment 80
rurities