New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-24
BONDS
TIFF DAYS OPERATIONS IN STOCKS.

Stuck market values declined in the greater
=. - +,a de,- y,nder the influence Of specu-
ls4ive liquidation and hear pressure do"eS
.,l,.- conditions were the controlling factors
=, III. DAVIS course of prices. Many loans were
called rates for funds ruled at = per cent WITH
2 high level of Is per cent and no solu illlp0i'
engagements developed. although sterhns eA
change was heavy. Liquidation caused oecliii7S
re and points in many issues ana even
greater losses in & few shares, but the ooNi-
u,ars movement was not accompanied oN ne
,,oralization in speculation While there was
o+ti1y - indicate that substantial interests
WERE throwing over their holdings lheIe was
however. selling by certain pools. NUMBER o1
- roao,,ra+ors probablv reduced their &C
commits stocks passing from their hands 10
stranger interests on a movement that strength
,a5 tho technical position Of the market ana
,-,,roved the condition Of the local nahhs- -
large amount of stock has been forced on 'he
market in the last two days through me caillis
Of loans and as a consequence a ols coi' a.
a, ,.,,, 1oa,s NAV be looked for in this week
Clearing House statement Of bank averages
The current declining tendency OF the seoul
ties market will insure better prices aller
+.-v conditions change at this centre. Mean
while there is no occasion for the sale OF gooo
stocks At a loss when comfortable margins are
c.r-ied and there is absolutely no reason Tot
.,.r,,, o1er the situation. The position OF 'he
o,,,+rz,,s business will not be affected by the
temporary monetary stringency in Ne"-1 OF n
The actual value Of securities is not decnflihs'
and good market judges believe mat purch09'
made on current recessions in market 4uo'0
,ions will prove profitable. As recently poHlteo
out in this column. people who carry STOCKS Oh
borrowed money ought to provide large margins
&C :, market Of this character wide fiuctua-
into
more pleased than otherwise over yesterday ;
dec,fne as IL was thought that the speculative
and monetary situation would be greatly
strengthened by the reimbursement of stock mar
,et holdings Whatever technical weakness eh-
lists in the current market is being rapidly elini
mated.
Heavy selling of stocks by brokers that have
acted for pools in the Gould shares ino"ceu
pool realizing in many active issues llquioa-
.ion was especially heavy in Missouri PacHc-
xzb,cb declined over i points without regaining
,,ucr, Of its loss Indeed. throughout the nst
last prices were generally the poorest Of the day
Missouri Pacific was not supported on the de-
cline. but the sales were taken by brokers who
generally represent wealthy investment inter
ests Tn Gould shares have recently enjoyed
great activity and advancing values and tenn
porary setback is due irrespective Of money
market conditions. These shares. however.
should eventually sell much higher than the
hest prices so far reached. inasmuch as the
various companies are assured Of heavy earn
,ngs On the next twelve months while II is like
" that there will be other developments that
will increase the actual worth of the securities,
The report Of the Wabash system, just pub
l,shed, reflects the heavy earning power and
the snlendid MANAGEMENT Of the Could roads.
The policy Of putting earnings in the property
was continued by the Wabash last year. and
as result expenses increased S1,G95,391 over
the preceding year Gross earnings increased
sl4eoo2s notwithstanding the light shipments
Of corn. Wabash earnings so far in the
rent fiscal year have increased at a rate that
indica,es that the grain in gross this year will
even exceed last years good record
The more important net losses in the active
list were made by Atchison which lost p.
Baltimore and Ohio. 31s Canadian Pacific. 25s
Chesapeake and Ohio, 3; Erie, IL; Illinois Cen
trial as: Louisville and Nashville. 2: Manhat-
tan 211: Missouri Pacific, As; PENNSYLVANIA.
Oh: Reading. 27s: Southern Pacific. 29s: Texas
and Pacific. 3; Union Pacific. %. and Wabash
preferred. Is. In the bond market the heaviest
dealings Were in Continental Tobacco As Union
Pacific convertible Is. which lost pa. and Wa
bash debenture Bs. "a. St Paul al the opening
sold per cent above Mondays close. but lost
the gain before the end. The banks made no
time loans. and the greater part Of the money
put out on call was for the account Of country
institutions The local banks Were forced 70
pay large sums to the Sub-Treasury on customs
and in addition the demand for currency from
the South and West took above $4,000 from
cash holdings Stock Exchange demand loans
called extensively. Further loan contrac-
ton is looked for. The course of the foreign
exchange market throughout the day encour-
aged the expectation of further gold imports
THE DAYS OPERATIONS IN BONDS