New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-23
BONDS
THE DAYS OPERATIONS IN STOCKS,

The co,rse of securities values in yesterdays
market was extremely disappointing to the ao-
1zocates of lower prices. A certain amount u
liouidation by weak speculative holders de'ei
eped, but the Decentralization in prices 'hd' "a9
-,redicted by the professional pessimls'S anu '''e
mamie who cannot appreciate the 'oii~4I
underlying current values failed to rnale-iaiiAe
The fact that the reserve. as shown 10y oa'U'
So. bonl, statement exhibited deficit Of over
s1.5oa0oo below the - per cent hrl' Ie9u, 81
nv law induced many observers OF market
movements to predict panicky conditions III Sc
cr-itjes values in yesterdays market but THESE
,-edictions did not take into account the SUD
s,antial basis upon which current market VaIueS
vest or the financial character Of present o"ieis
of securities II is absurd 10 talk aoouI 'ie
co,rse of the present market in relation 10 PliNe
movements of other periods when locdl p"-ih
,.seyz-es went below the legal limit ConoltioIlS
are so different now from those prevailing aU
corresnonding times in preceding years Inat 1t
IS impossible to judge the current market "S
,,recedent Wall Street is being bored by the
outpourings of minds that think only OF tile
troublesome times of days past and gone
coo,-,.,es ,,alues made no important recess
s,o,s Yesterday. because stocks are in the hands
IF r,eonle who are not interested in temporary
market fluctuations. There is no weak puphc
following in this market The lquldauon Iila'
took place in the early trading yesterday re-
Elected the opera tons of a few trno conlhllssIo"
house traders while the buying was Tor the ac-
count of substantial market interests Inc "ip
ing ont of the bank reserve required by Ia" Is
No serious matter in times OF sound credit and
sound business. The bank statement issued on
Saturday was specifically bad From now on
,r1, ,eser,-as ought TO increase. but. Of course,
active huIl specuIation in stocks will doubtless
he nostnonea for a time The larger interests
hold the greater number Of stocks. and they 90
not care to encourage crazy market speculation
I3,,t the people who are looking for STOCK mar
ket decentralization Will undoubtedly be srleN-
ousIv disappointed. There is nothing IN cohol-
4ions governing the value Of securities that war
rants a bear campaign. There is nothing IN the
money market situation that suggests the sale
of securities
MANY loans were called in yesterdays market,
and cali money advanced 10 20 per cent. ruling.
however. at 10 per cent Notwithstanding these
factors. commission house selling light and
final losses were generally fractions few
ISSUES even showed net gains for the day 81
Paul closed half a point up st. Louis and San
Francisco ST. Joseph and Grand Island first and
second preferred and most of the industrial
shares ended at small advances. On the de-
cline good buying reported in the Gould
shares: also in Atchison. Baltimore and Ohio,
Canadian Pacific. St Paul, LOUISVILLE and NASH
VILE Manhattan. Southern Pacific and Union
Pacific In the industrial list United States
Steel issues were well bought. United States
Leather stocks were in demand on reports that
The back dividends on the preferred stock would
soon be settled through issue Of bonds. Ma
.ional Lead. American Hide and Leather and
American Car and Foundry were also taken by
q good class Of buyers. The industrial shares
have been in better demand in the last fort
might than recorded in many weeks. and the i'm
,ression is general that these issues will enjoy
There are many sound industrial stocks that are
selling far below their intrinsic worth. as for
instance the car and locomotive building COM
pany stocks American Grass Irvine and the iron
and steel shares International Paper preferred
and International Pump. II is worth while in
resfigating the position Of the railroad equip
rnent company shares. American Car and Foun-
dry Pressed Steel Car and American Locomo-
five issues are well worth buying at the current
level II is only necessary TO refer to the annual
report of the Illinois Central Railroad for the
lest fiscal year TO realize what the and
locomotive building companies are doing. In
the wear ended June 30 the Illinois Central
bought 5134 new freight cars and &c locomo-
,ives Every railroad in the country is in the
market for cars and locomotives
The chief decline in yesterdays market took
MACE IN the last half hour. when call money
advanced 10 20 per cent. High rates for money
INT no stock market decentralization are expected
in the balance Of the week