New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-10-10

TIE DAYS OPERATIONS IN STOCKS.


There was fair demand for stocks IN yes
serday's market at generally advancing values.
Various vague reports intimating that the coal
strike would he settled this week were doubtless
factors in the days course OF prices. especially
IN the anthracite coal shares. which were APP
parently taken by good class Of buyers.
Brokers who often operate for Morgan interests
were conspicuous buyers. particularly Of Read
ing common, in which heavy share lots were
traded throughout the FIVE hours of business.
This issue enjoyed a net gain Of Ia points. The
Gould shares were well bought; also Atchison.
ST Paul. Union Pacific Norfolk and Western.
Baltimore and Ohio and Southern Pacific. The
United Railways Investment shares Of san
Francisco. which were dealt in for the frst time.
were moderately active. the common selling az
from % 10 22ss. and the preferred from 81 70
62Z. although closing under these prices. In
lhe industrial Inst Colorado Fuel and Iron,
Amalgsmated Copper sugar Refining. Consoli-
dated Gas United states Leather, American car
and Foundry issues. AND Pressed Steel Car
shares were strong features. Although the local
hanks have gained upward 81 SS0t00n from
the Sub-Treasury this week. while The outlook
favors q good bank statement tomorrow, yes
terday's call money market was az high az II
per cent. ruling ~ 10 per cent
The high rates for money have served the pur-
pose al eliminating dangerous speculation from
the market. and tho banks evidently intend -
suppress. n possible activity on thu huh side
by msintaining lending rates AZ stiT level.
Many brokers complain Of the high price de-
FIR
nation on the part Of certain institutions against
certain firms. IL is asserted ny brokers thar the
present hish rate for money IL not warranted
by current conditions. ana they point 10 tho
fact that before the so-oslled money striugencv
developed no efforts Were made bv tho banks 20
check tho upward movement I'm securities
values. despite steady decline I'M reserves
For instance, IN August call money could b.
had for from 10 per cent notwithstanding
the fact that the bank reserve above legal re-
quirements was small and rapidly contracting
while stocks were strong with an advancing
tendency. The high money rate is causing tn,
postponement of many business operations and
II Is the chief reason for the postponement OF an
advance In the common stock dividend of the
American Car and Foundry Companv The
banks naturally are not in business for their
health. and, as consequence they are glad 10
lend money at the eNorbitant rates prevailing
The old story Of a money trust is heard again
but, OF course the banks laugh al such q sug-
gestion. Brokers' however are eIpmbinr
There doubtless is money market manipulation
Wall Street opinion il divided over the prob
able course OF values in the next few weeks bu-
there is great unanimity Of opinion regarding
the future. II il believed in most circles that as
soon as money returns 10 normal basis re-
newed operations FOR the rise VIII dcveIop
There doubtless are many operators who would
like 10 get into the market AZ once but the,
cannot AFFORD 10 carry stocks az the present
cost Of money. Some traders look for another
smash" before an upward wave begins Hold
srs OF stocks ought 10 provide big marCins in
view OF possible further declines While In case
az such declines they would better II financially
strong enough. add 20 their lines rather than
sch az q loss. The trader who buys on big mar 4
gins and averages the decline generally is
successful Railroad earnings received vesta,-
day showed no let up in the industrial activity
IN the country, and all trade reports. save from
the anthracite coal ields. are encouraging