New-York tribune., 1902-10-17
BONDS.
THE DAYS OPERATIONS IN STOCKS


Stock market trading was active throughout
the day on an advancing level Of values The
assurance of a settlement Of the coal strike
naturally inspired bull enthusiasm while the
expectation Of a favorable hank statement to-
morrow. with the possibility Of gold imports
next week. assisted in shaping the course Of
prices and sentiment. II was bad day for the
shorts Bear enthusiasm is beginning 70 wane
at least among the bold spirits in commission
houses who sold at the recent low level on the
well nursed theory that a long and successful
bear campaign had begun. A noteworthy feat
ure in yesterdays dealings was the resumption
Of operations the bull side by the so-called
Western element and by houses that are gen.
orally supposed 20 represent Gould and Stand
ard Oil interests. The Gates crowd was an
active buyer of Norfolk and Western and Colo
rsdo and Southern. Gould brokers bought Mis-
souri Pacific and Wabash. while prominent in
terests buyers Of ST. Paul and Union
Pacific Despite the strike settlement plans.
the Reading stocks made comparatively little
improvement; but as the declaration and pro-
longed period OF the strike caused no important
downward movement in these issues. their fail
ure TO respond 20 the happy outcome of the
Washington conference was not surprising
Reading stock is now about points higher than
il was the day before the strike declared
throughout the list with the heaviest IN Sugar
Refining Chesapeake and Ohio. St. Paul. North
west. Consolidated Gas, Delaware and Hudson.
Detroit Southern preferred, Illinois Central.
Louisville and Nashville. Norfolk and Western,
Pennsylvania, ST. Louis Southwestern preferred.
Southern Pacific Union Pacific. Wabash pre-
ferred and American Car and Foundry preferred.
Total dealings exceeded one million shares
The money market situation is improving and
fr
there ought not 10 be further apprehension over
the course OF lending rates. Conditions in the
foreign exchange market suggest the possibility
OF gold imports, but even without the receipt OF
foreign gold the local market should be able 70
take care Of itself Money will soon be return
ing from the interior the Treasury absorptions
are decreasing. and government funds in ma
uonal banks are increasing. In many circles Il
is thousht that further liquidation In bank
ioahs ought TO take place, but the banking COM
munity as whole apparently is not alarmed
over this phase OF the situation. The loans OF
the NeW-fork banks are secured by high class
OF collateral. Loans for commercial account are
not heavy at present, owing TO the fact that
merchants have been prosperous and are able
10 hanole their business without the assistance
or much borrowed capital. A continuance Of
the coal strike doubtless would soon bepjn IN
affect general industries but happily a settle
ment has practically been reached and the only
adverse factor in the industrial situation is
'heretore' about 10 be removed. There is little
consolation IN the general situation for the ca
lamty hOW-lers and prophets OF disaster
Recent industrial progress has not been ar
companied by noteworthy operations in ,ndus-
trial securities. The railroad shares have
rnonopolized attention for the last year. and the
extent OF their advance suggests the wisdom, ne
buying the cheaper indUstrials the prtces OF
which are admittedly far under their intrinsic
worth Preferred industrial shares selling under
par are attractive. Preferred stocks that nav
per cent and sell In the eighties" ana .'ni,a-
ties" are certainly worth the attention of an
Vestors. There few poor industrial issues
hsteo on the Stock Exchange. The greater
number OF new industrial stocks represent old
securities in new form. The new companies q,
the last few years have been organized on an
established business. They do not represent ex-
periments There are. Of course some COM
panies that overcapitalized and not abl,
managed. And there are also railroads that ara
oVercspitalized and poorly managed Al the
moment the railroad equipment shares are lead
ing candidates for popular approval. owing TO
the enormous business being handled by ,he
companies. Orders for new cars and engines are
being placed by every road IN the country. an5
this condition is only a continuation OF condi-
0ns eaa' nave existed Tor the last three years
Pullman stock is selling at a high price and ,t
Is prime investment. What Pullman stock
has become should also be recorded OF Ameri
can Car and Foundry preferred and Pressed
Steel Car preferred. American Car and Foundry
preferred was strong feature in Yesterdays
market. and offers TO buy calls on the stock q,
l1s per cent for ninety DAYS at eaIb were made
AS an investment this stock is worth r,ora ,ho,,
par. Pressed Steel Car issues American CO.
Twine and International Steam Pump are a.
tractve industrials that are selling az a re
msrkably low level.