New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-26
BONDS.
THE DAYS OPERATIONS IN STOCKS

Announcement by the Secretary Of the Treas
ur1 of new Mans for monetary relief at this
centre caused an advancing tendency IN stochs'
following early irregularity and weakness Inc
fact that efforts are being made 10 increase the
hank reserves at this centre naturally revive
enthusiasm in bull circles in Wall Street nu'
such enthusiasm ought TO be repressed until
temporary relief measures are succeeded oV an
increase in the money supply from normal
money market conditions Il is apparently the
intention Of the banks to discourage active Dull
sneculation for the present. No conservative
trader will object to this course, inasn1uch as d
Quiet speculation at this time will increase the
chances of a legitimate bull market later OF. IN
the wear L does not look as II condltlons were
ripe for resumption Of the upward movement
lust now. while it is believed n many quarters
that further liquidation in stocks must take
MAGE before the banks will be willing 10 finance
operations for advance
At this season of the year the banks are COM
,,e1es 10 assist the commercial community As
the success Of the country's industries viii add
.ctrsl value TO American securities, there
sbou1d be a ready disposition in speculative cir
cles TO postpone demands for money until bigger
reserves accumulate at this centre There Is
however, no reason why people with ample
means that is with enough unemployed money
10 buy securities outright should not purchase
stocks on the current receSsions- ana ihele -
nm reason why we'll protected holders should sell
their possessions at loss in the present mar
ket Unless radically adverse change occurs
in conditi ons underlying investment values
rrices will go higher after money market con-
d;,ions develop easier lending rates There Is
annarenflv no chance Of change for the worse
in business conditions. All lines of trade are
active. Bank clearings are enormous ram oau
earnings are breaking all past records, ana the
crop situation is all that could be desired
can money advanced TO % per cent yesterday.
with the greater part Of the days business at
- per cent The opening was at - per cent
and in the course of the advance TO - per cent
most of the early declines in stocks were re
corded. The sharpest declines which exceeded
per cent and in some instances ran as high as
90 per cent We're suffered by Illinois Central
Atchison. New-York Central. Pennsylvania, st
Paul. Reading Missouri Pacific, Texas and Pa
cihc Wabash common Manhattan Railway,
Tennessee Coal and Iron. Colorado Fuel ana
Iron and few other issues. The decline spent
its force before the noon hour. Money tended
10 a lower level in the afternoon. and this, with
further covering by shorts and buying by we'll
known houses. caused rally that left net gains
in most issues at the close. At the maximum OF
the rally gains were shown above lowest prices
of "a per cent for St. Paul over - in New-York
Central per cent in Pennsylvania. IL III
Baltimore and Ohio. nearly in Reading. rs
in Illinois Central. % Missouri Pacific nearly
IN Texas and Pacific, Ia in Wabash, > in
Louisville and Nashville. and 1Q112 in many
other issues There was large falling off in
she volume Of business compared with the
preceding DAYS of the week. In bonds there was
heavy trading in the Union Pacific convertible
As and Wabash debenture Bs. The general
market closed strong.