New-York tribune., 1902-10-25
BONDS.
re pAY,s oPERArIoNs IN sTocKs-

THE DAYS OPERATIONS IN STOCKS.
Total dealings in yesterdays stock market
were smaller than on any day in many weeks.
Prices however. were generally strong. with
small net gains in the greater number Of issues
at the close. Dealings were sgain professional
commission houses executing few orders, while
the more important market interests We're NOT
engaged in the dav's business The heaviest
dealings were supplied by Atchison. Baltimore
and Ohio Toledo st. Louis and Western. Colo
rado Fuel American Cotton oil and Missouri
Pacihc Transactions in American Cotton Oil
were unusually heavy al an advance Of over two
points Strength in this stock was accompanied
by increased dealings in the shares Of the Vir-
ginia-Carolina Chemical Company. and the
movement was thought TO foreshadow a possible
combination between the latter company and
the American Gotten oil Company. Outside Of
the benefits that might arise from consolida-
tion Of these TWO concerns the stocks are worth
their present prices on their present merits. For
long time past Virginia Carolina Chemical
stock has been accumulated by an excellent
class Of buyers
The advance in the day in the general list
was due almost entirely 10 traders operations
the covering movement doubtless being infiu-
enced by the easier tendency in the time money
rates Time loans We're made in large amounts
sion which has prevailed for so many weeks, and
which has been effective in preventing the rpak-
ing of time loans to any important extent. Ac-
cording TO the known movement Of money in the
week the local banks have gained upward Of
S20oooooo The gain due TO the heavy
payments by the Sub-Treasury on account of
bonds purchased for government account. The
interior movement Of currency is still slightly
against this city, but present indications point
fn alla
creased shipments from out Of town to this
N centre, Call money rates were comparatively
easy, and well informed bankers expressed the
opinion that the market would rule easy in the
rest of the year
IL is not the intention. however. Of bankers TO
encourage an active speculation in securities at
this period. il is believed that there are stil
too many uncertainties in the situation 10 war
rant big movement in the stock market. The
greater number OF Wall Street interests are
looking forward 10 higher prices later on in
the year. and they are willing TO increase their
holdings whenever the market exhibits a declin-
Ing tendency. These people are banking on con
tnued heavy railroad earnings, big exports from
This country and further expansion in all lines
OF industry. Wall Street is generally timid near
election time, and this year many operators are
moving slowly because they fear UNPLEASANT
surprises November = The better in
FORMED men, however, are quite confident that
Congress will remain in the hands Of the Re
publican party.
Among the favorable developments Of the
day were encouraging gains in railroad earn
ings for the third week in October and favor
able reports by the commercial agencies re-
garding general trade conditions. Railroads in
all parts Of the country show enormous in
creases over the corresponding time year ago.
ard trafhc managers report more business than
the companies supply Of cars can successfully
handle. Orders for new cars are being placed
with all the leading car building companies.
while the same may he said in regard 10 loco
motives and locomotive building concerns The
recent reports Of the American Car nd Fo1,r,
ory Company and the Pressed Steel Car Com
pany reflect in heavy gains in earnings the re-
markable activity among the railroads Of the
United States. OF the earnings received YES
terday especial prominence should be given -
those OF the Wabash system. The increase
amounted 10 over $4,000. making from Jul,-
an increase IN gross earnings OF nearly S7ugtsg1
MS company has shown gains in its earnings
IN almost every week in the last three years ana
lts prospects Tor earnings in the next few wears
are sOch as 20 encourage the hope Of returns 10
the stockholders on both the preferred and com
mon shares. Through its new connections ana
new lines the Wabash occupies one of the
strongest positions among railroads in the coun-
try.