New-York tribune., 1902-10-22

BONDS
THE DAYS OPERATIONS II STOCKS.

THE DAYS OPERATIONS ~ STOCKS.
In view Of the strength in last weeks secur-
ites market. the decline in values yesterday
was not sUrpriSiCe. The recovery a week aso
anS the succeeding advance were due 10 cover
ing by the short interests and buying by inter
ests who merely secured stocks 10 sell on an eN-
pected advance I'm yesterdays dealings oper-
ators who bought stocks early last week took
their profits. The advance in the closing days
Of last week eliminated the short interest and
as a consequence professional traders were ac-
tive In depressing prices in yesterdays trans
actions There was slight show Of strength
at the opening. but before noon the entire ist
declined. while in the rest of the day prices
gradually moved toward a lower level There
no demorslization and no indication Of an
important bear campaign.
Can money ruled n per cent. with high
rate az 6la and the closing at = per cent. While
money was comparatively easy, sterling eX-
change was again strong, and in certain circles
gold export talk was heard. Although the mar
ket for sterling exchange Is not far from the
gold exporting point the best Informed foreign
exchange bankers do mol believe that gold will
be sent abroad at present. Indeed, il is thought
that the present high rates for exchange are
only temporary, and that there viii soon be q
sufheicnt supply OF commercial bills 10 depress
the rate for sterling 10 a point not far above
the gold importing level The outward move
nent Of grain and cotton has been unusually
backward this year. but signs Of a large move
nent are now reflected In the course OF the grain
shipments in the West and the cotton shipments
in the South. The large corn crop Of the pres
ent year viii result in enormous shipments q
grain 10 Europe. which viii provide this coun-
Try with large amount Of exchange. probably
large enough 10 offset our present Indebtedness
abroad. IT, by any chance the exchange mar
ket should jump 10 the gold exporting point IN
The next week shipments Of the metal would
doubtless be unimportant and not run into
large outward movement
Ihe TACT that sold export talk was heard pro
vided the bear element with new argument
for lower prices in yesterdays trading There
was. however. no important liquidation and
there were no sales for Investment account
trlces may look high. bur most stocks are ex-
pectea 70 seI much higher Conditions are
souho' 700 SOUND Tor hear success
on the decline, a good class q buyers came
into The market. especially for the low priced
railway stocks and the attractive industrial
shares. In the last named group there We're no
important FeoesslonS while purchases were APP
parently made for the account oF certain ,veu
known speculative and investment interests II
was reported that one Of the most prominent
spectators in the Street had taken on q large
line Of industrial securities The iron and s1eel
stocks were particularly firm features. also the =
car building company shares and American .
Hide and Leather In the railway list accr-s-
sive selling was reported in the Gould stocks
notably in Missouri Pacific, which suffered de-
cline Of about two points. The selling 90 a..
last ramed issue was not based on an,- ad,.orsa
development affecting the property. bur on ,b.
silly disposition of The bear element 20 s+,.,. .
AL If the C,o,,l5 iss,,,s >st,,r, -,,,- . -, N
'''7 -i 'ilr N'ull .
hhaies Ioi quick terms may pay. but there =
absolutely no reason for legitimate holders 80 ,
these shares Ia sell Nfiesorri E5a,if-
- =. -. '-., 1'i IN .
~ 0 "a '''' mus "''l-'llNe A." per cent .
iallNay securities dealt in on the Stock Ex-
change AT it's current rrica il Yields IN tt,e a..
,,e.str,ent abo,,t Al. No. -. -, . '"
f -'' ""l'e l'S actual
N"iue ar an investment Is many points above
are attractive and eforts "a ,,,-,,-,-