New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-10-26
BONDS
THE DAYS OPERATIONS IL STOCKS

Stock market trading was dull Throughout 'ie
aav with price fluctuations confined 70 NARY"
limits Although realizing sales ana oeaI
pressure in the last half hour caused d hedNS
closing the greater number of issues showed
small net gains as compared with the preceding
DAYS last quotations In the rTsI hou' INV
entire list was strong with especial strength in
,he industrial issues. notably in Colorado Fuel
and Iron. New-York Air Brake. American Cot
ron Oil Pressed Steel Car. American Car ana
Foundry, and Consolidated Gas. In the railway
list good buying was reported in the Could
shares While the bank statement made
favorable exhibit, save in the loan account
which showed material gain, selling move
rnent followed the publication Of the ngures' Out
the resultant decline was unimportant' me
DAVIS course Of values reflected little beyond
professional operations and as an indication OF
the probable movement OF prices this week it
was without significance
The weekly statement Of the associated banks
showed. as expected. heavy gain in cash and
surplus reserve holdings. The gain was due, OF
course 10 the large amount OF money received
~, the hanks from the local Sub-TreasUry on
government bond purchase account. Reserves
are now az a point that will doubtless encour-
age renewed bull activity in securities, although
il is the intention of the banks 10 discourage
active operations in stocks for the present at
least With call money at its current Level, the
abuitv Of The hanks TO restrain speculation may
be aisputed 1t is certain. however, that some
OF the more important speculative interests are
not in favor OF big market until after the
election, and their efforts TO check trading may
be successful in keeping the more enthusiastic
small traders out of the market Wall Street
gossip states that Mr.. Keene and Mr.. Gates are
on opposite sides of the market, and that
vigorous efforts viii be made by each operator
10 shape trading in his particular line. Re-
garding this report it should be recalled that
both Of the operators named have expressed
bullish opinions in the last few days. The ordi-
nary Wall Street trader believes that a much
higher range OF prices viii develop in the near
future hut il may be well 10 have large mar
gins back OF operations made on this basis
General conditions affecting the actual worth
Of securities are not in favor OF a bear cam
paign. In certain sections OF the Street the
theory is entertained that prices will work
lower before important upward move
ment develops. II prices decline in the
course OF the next few weeks IL is more
than likely that the cheap railway shares
and the attractive industrials viii be bought by
excellent class of traders The industrial
securities have been comparatively inactive for
the last year and il is therefore natural 10 be-
ileVe that on the next upward wave these issues
viii he taken in hand and advanced 10 higher
quotation level Interest Will likely be centred
the iron and steel stocks and the railroad
equipment shares. Conditions in the iron and
steel trade indicate continuance Of heavy de-
mand throughout the next twelve months. while
officers OF the various concerns Predict uninter-
rupted prosperity in iron and steel for several
years 10 come. The United States Steel shares
are being accumulated by careful market opera