New-York tribune., 1902-10-16
BONDS.
THE DAYS OPERATIONS IL STOCKS


Stocks were strong in the greater part Of the
day on moderately heavy volume of bust
ness Covering Of shorts and buying by sub
stantial market interests were the leading
forces responsible for the DAYS course of
values The belief that large amount Of gov
efnment bonds would he offered TO an accent
ed by the Secretary Of the Treasury natural
~ caused a more confident feeling regarding
The money market outlook while an easier
tendency in call money rates led 10 expectations
"i favorable bank statement Friday. Call
money ruled al per cent for the greater
number Of loans, With exceptions as high as .
per cent and as low as g per cent. The pos
sihility OF speedy settlement Of the coal strike
also had helpful effect on prices altbousb
me money market situation was the controlling
lnhuence in shaping sentiment A large plIr-
chase OF government bonds by the Secretary Of
me Treasury would have a most important
bearing on the money marker in the next few
weeks. and stock market enthusiasm over the
possibility Of such an operation is therefore not
surprising
There are still many bears in the Street hut
the small traders who took the bear side Of the
market when prices We're at the recent low
level are now no better off than they were
when, as innocent lambs. they made attempts
20 secure fortunes on the long side of specu
and the remainder has been effectually clipped
IN the last two days. The immediate outlook
Tor stocks is uncertain. The future however
seems sufhciently dear 10 warrant the holding
oi good stocks, whether bought at the current
level or ~ quotations We'll above present rri.es
various new factors have developed in the
last few DAYS which. Of course. have had
clearing effect on the Wall Street atmo.pbere
Inc strike is doubtless about st The end
the money market situation has improved and
the oountry's export trade is Increasing Tech
nioally the market in 4 better position than
II has enjoyed for many weeks
In the downward movement Of The last fort
night the industrial shares presented the great
est resistance 70 selling pressure Indeed in
me greater number Of issues losses were foo
ihslshinoant 70 cause alarm even among the
weakest margin holders
There has been little speculation in this ,,azs
oi shares IN th@ last year Pool operators have
confined their attention TO railway issues and
IN the industrials the chief buying has been for
investment account. The Industrial shares ys,-
resent the industrial activities ~ the oouptr,,
ana the greater number Of issues listed on the
0uooh EAohange are as sound as the first
class railroad stocks. while they are much
c"edlef ana more profitable purchases Stan
dard Oil and Pullman stocks are examnlas .,
many Of the current low priced industriaIs
VIII sell in the seasoned class" The car
and locomotive building shares. especially
American Car and Foundry preferred and
American Locomotive preferred. viii event
ually reach the gilt edged level
Sterling exchange broke sharplv vas,erds,,
but recovered part Of the decline before ,be
close There was good supply Of commercial
bills and foreign exchange bankers though,
that rates for exchange would go 10 the cola
importing point in few days. Gold has been
Imported with rates no lower than the c,,r-
rent level, hut the present hank disoo,,,s
IN Europe and the London price OF gold place
the gold import quotation under ruling 6puras
rhe chief advances in the active stocks we're
MADE by 81 Paul Consolidated Gas. Illinois |
central Louisville and Nashville. Metropoli,an /
Kansas and Texas preferred Missouri Pacisc /
Reading Texas and Pacific and Tennessee Coal
ana Iron Last prices were under the best ~ /
the day on profit taking reaction