New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-10-04
BONDS
THE DAYS OPERATIONS IL STOCKS


with the exception Of a period Of weakness
I'm the late afternoon the stock market was
strong throughout the day. The advancing ten
doncy was checked in the last hour by report
from Washington that the Controller OF the Cur
rency had refused 10 permit banks TO Withdraw
reserve against government deposits. as pro-
posed bv the Secretary OF the Treasury, and for
a few minutes rapid declines were recorded IN
the inal dealings there were few partial recoN-
cries from the low prices, but in the greater
number of issues net losses were made Nhle
the Washington report regarding possible inter
ference with Secretary Shaw's RELIEF measures
was absurd its face, and, as IL subsequently
5e,eloped. utterly without foundation, the mere
suggestion Of such development threw many
traders into moncntary panic. 81. Paul for in
stance which had advanced from 1905 TO l""ss'
droppcd to 1905. rallying 1854 before the
close The general advance in the morning and
carly afternoon was helped by the Presidents
appeal 20 the miners and mine operators to enc
rbo strike. but the gains were lost when the
surprising announcement WAS made that Con
1roncr Ridglcy who happens Ia be under the
authority of Secretary Shaw, had oVerrued his
superior-s plan for monetary relief in New-Nork.
TbirnbleriCgers were evidently AT work in the
market.
-, Paul and Reading were the leading active
shares. Colorado Fuel and Iron, Pressed Steel
Car and American Car and Foundry were con-
spicuous among the industrials Pressed Steel
Car cuioved a maximum advance Of four points
and net gain 81 two points on a Sood class 81
l,uving Industrial shares % merit are hecoIn-
ing more popular. and IL viii doubtless pay To
hold these issues for higher prices. This Il par
ticularly advisable IN the case Of the preferred
stocks that are paying and earning Ing diNl-
dends and selling well under par. The repre-
sentative industrial companies are ably man
aged and earnings arc not all being put into
dividends In the Of the preferred stocks
there are few that have bonds ahead, and hence
they become an especially valuable lien for
security holders In the week closed last night
the local banks lost i'm cash upward Of 5000
000 hut the Nagaries 81 the average system
make n impossible predict with any degree OF
eNactness the probable change in cash holdings
IN to-day's bank statement. The statement viii
be complicated this week through the with
drawal of deposits held against public money.
hut from an known conditions there ought 10 he
a hig gain i'm reserve.
Railroad earnings for the month 81 September
show remarkable increases over the same period
year ago. Notwithstanding the light move
rnent 81 grain this season. a. compared with the
grain trafic in 1901. From reports So far re
ceved there an increase 81 about 10 per
cent an gross earnings in the last month roads
In all parts of the country with the exception
Of the anthracite companies. showing Improve
ment over the record breaking receipts Of a year
ago The fan trade throughout the various
States promises To exceed all past records. Gen
eral merchandise traffic viii, therefore Increase,
while the fact that good crops have been gath
cred insures a movement Of grain that should
swell earnings 10 enormous totals Already the
railroads in need 81 additional rolling stock
10 handle their traffic Notwithstanding the large
increase I'm equipment m the last year. A.
tivity ~ the shops Of the car building companies
reflects the growth Of industrial prosperity, and
IN this connection IL is interesting TO note that
IN the last week orders for new placed with
the Pressed Steel Car Company. the American
Car and Foundry Company and the Pullman
company amounted 10 2.}0S cars. In the same
time orders placed for new locomotives reached
a total Of 2s3