New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Stock market trading was dull throughout the
dav on an irregular movement Of values. Early
prices showed moderate advances over the final
quotations Of the preceding day. the improve
rnent being due in great part 70 the covering Of
shorts and buying in some issues by substan-
tial interests After the initial dealings the
market developed an extremely quiet tone. with
out important fuctuation in either direction.
and al the close the greater number Of issues
showed small net losses as compared with
Wednesday, advances. when made. generally
amounting 10 insignificant fractions There
were no news developments affecting the course
OF values no demand for stocks from the So
called public. and activity among profes-
sional operators for higher prices. The Street,
as a whole IS bearish. owing 10 the attitude Of
certain substantial banking interests, and not
20 factors affecting the actual value Of securities
In some circles Of the Street il was said yes
terdav that the speculative banking clique would
not be inclined 70 work for a bull movement
until It had succeeded in forcing prices TO
materially lower level. For instance, II was
said that St Paul would be sold down 70 $50
that Missouri Pacific would fall 10 90, and that
corresponding losses would be sustained by
ot1er prominent shares before the market would
be permitted 10 enjoy bull activity. This is
pleasant plan for the operators for the de-
cline but there is considerable doubt over the
ability OF the bankers clique 10 carry out their
present intentions.
While efforts are being made 10 reduce val
ues. it is interesting TO note that railroad
earnings continue 10 make handsome increases
as compared with the record breaking totals
of this time year ago. For the month Of
October the greater number Of roads reporting
show enormous gains. the improvement being
confined 10 no one section Of the country The
gain made by the Pennsylvania Railroad for
the month is a trustworthy reflection Of general
business conditions in this country. This rail-
road taps a wide variety Of industries. and
handles the traffic of almost every important
manufacturing business in the country. An in
crease. therefore. Of Sls66O0O in gross earn
ings for one month should be effective in con-
vincing the most pessimistc individual that
there is no falling of in the countrys industrial
activities. The growth Of the South is shown
by the heavy traffic receipts Of the Southern
Railway, which for September were S24lS63
larger than in the same period in 1901 This
railroad is earning az a rate which should
result in placing the common stock upon divi-
dend basis
Louisville and Nashville presents a gain Of
S3l7.246 for September, while Nashville, Chat
tanooga and ST. Louis shows increase Of
Sl0O665. Norfolk and Western. 81. Louis and
san Francisco. Texas and Pacific Chicago and
Eastern Illinois, Missouri, Kansas and Texas.
Colorado Southern AMI Wabash make extremely
favorable exhibits for the last week in October
and for the month. In studying current rail
road earnings the fact should be borne in mind
that comparisons ara made with period
year ago. when earnings were heavier than
ever tefore on record. Earnings Of the Wabash
for the last week in October increased So. 600,
making the sixty-fourth consecutive week in
which the road has presented gain in
ings
There was no material change in money mar
ket rates. while the sterling exchange market
was without special feature Under present con
ditions there apparently is no prospect Of gold
exports this week. The European money mar
kets are as a rule, in sound condition, and there
is no urgent necessity Of increased gold sup
plies through gold exports from the United
States The Bank of England in its weekly
statement. published yesterday. showed a fall
ing of in holdings. but il made change in
its minimum rate of discount London houses
were moderate sellers of stocks in the local mar
ket, although their operations were not large
enough 10 exert important influence on
prices.