New-York tribune., 1902-10-28
BONDS
THE DAYS OPERATIONS IN STOCKS

lunar nrices were recorded in yesterday
-, on q small volume Of business. There
v,ere no important breaks in values ana no m
vestnaent liquidation, declines being oonhhea 10
small figures and sales generally represeh'"s
she operations Of professional traders. 0"hseiN-
ative interests discouraged speculation. Su'-
s,aptisl operators were not active in the mar
l,et there was no accumulation Of public buElnS
orders over Sunday and board room operators
mere not disposed 70 be cheerful The failure OF
she marker 10 respond TO Saturdays favorable
hark statement doubtless attracted selling
orders In the early trading losses Of per
rent or over were made by Atchison, NeV-h otA
Central Erie. Pennsylvania Railroad Baltimore
and Ohio. Reading. Chesapeake and Ohio, Nor
folk and Western. Louisville and NaShNlle'
Texas and Pacific. Missouri Pacihc. 81 LOUIS
Southwestern preferred. Wabash. Minneapolis.
ST Paul and Sault Ste. Marie. Toledo. ST LOUIS
and Western Canadian Pacific. Sugar Refining
amalgamated Copper and American Hide and
Leather preferred. The decline in st PAU
closely approximated . per cent Colorado Fuel
and Iron. after its early advance of 35s per cent
on the rumors Of fresh buying for control. re
acted about > points but developed some frm-
ness AT the decline Unmportant rallies were
made at times in the day. but. as a rule prices
closed near the lowest. Call money was COM
paratively easy while rates for commercial
paper declined. Sterling exchange, however. was
firm.
Current conditions in the financial and CON-
rnercial situation do not warrant pessimisim on
the part Of investors. despite the depressing liter
ature that is now being published in many
quarters regarding the outlook. II is a good
time for caution in speculative circles, hut
there is little IN the technical position OF the
market that suggests coming Generalization in
values. The approach of a Congress election
is naturally a restraining influence. and espe-
cially so this year when so much capital has
been made out Of the labor strikes by the Demo
cratic party. II Congress should fan into Demo
cratic hands Wall Street values would doubtless
be temporarily affected With realization of
the fact however. that a Democratic House Of
Representatives would have its hands tied, as
fer populistic legislation is concerned. the
market would soon recover and move more in
accordance with general trade conditions. But
Congress viii not be Democratic, unless all signs
are al fault Even the estimates made by
Democratic papers in New-York figure out a
Republican majority. Prices of many of the
railroad stocks are high and there may not
he much further profit in 'bulling" these issues.
hut with industrial prosperity continuing there
VIII be room for improvement among the low
priced railways and attractive industrial securf-
ties
that there no signs OF recession in the
current wave Of prosperity. The iron market
railroad earnings and hank clearings are accu-
rate barometers OF trade. and all foreshadow
bright skies in the industrial situation This
does not necessarily mean that there viii be
big boom in the securities market. but il does
mean that investors viii continue to receive
dividends. and that many stocks that not
now in the dividend list viii enter the dividend
column before many seasons pass by. When
the banks and larger financial interests are
ready to see higher prices in stocks the rate for
time money VIII doubtless be reduced to a nor
mai level. and every facility viii be granted
20 brokers in order TO encourage public specula-
tion. The banks do not wish 10 admit that they
ever encourage speculation. but if Il were not
for Wall Street speculation the annual profits
OF the local banks would he extremely small
In conservative circles il is believed that in the
next bull movement the industrial shares will be
features. and il Is thought that the United
States Steel shares viii come in for large
amount OF public attention In the railroad list
the new Rock Island preferred issues will doubt
less be features when admitted 10 dealings on
the Stock Exchange