New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN SloChH-
Stock market trading was confined IN great
part to the operations Of professional traders
and substantial speculative interests. The So
called public was not a factor in the days
course of values. despite the Improvement IN
monetary conditions and the general eNpecta-
sion that prices Will develop an active upward
movement as soon as money market factors are
more in favor Of active bull operations Prices
were generally higher. but there were few con-
spicuous fluctuations. The absence of heavy
speculation this period is welcomed and en-
couraged by ali conservative interests. and it is
likely that any attempt TO create big bull
market at this time viii be Immediately checked
by the leading banking interests. The situation
is perfectly sound, and barring some radically
adverse change in underlying conditions, a
wave of bull activity will doubtless develop
when there is a larger supply of funds al this
centre New-York is having temporary pinch
in money. and talk that present money market
conditions have come TO stay is absurd.
1t is true that enormous absorptions of money
by the Sub-Treasury in this city have done more
it is not true, as stated in some quarters. that
this factor will prevent a restoration Of the
money markets equilibrium Money is already
beginning to this city in response TO
the nigh rates for loans. and as a consequence
there will soon be a fall in rates a normal
level 1t is unfortunate that Treasury with
draWals effective AT certain periods in
creating stringency this centre. and opinion
is unanimous in banking circles that some steps
accf1,l,
the locking up Of vast amounts of money in the
Treasury that needed in the channels OF
trade. 1t is pure business proposition and not
an opening for political controversy. 4 tenn
porary method of relieving the congested
Treasury vaults would he the acceptance by the
Secretary of the Treasury of sound State mu-
nicipal and railroad bonds instead Of govern
ment bonds security against deposits of gov
eminent money in depository banks According
a dispatch from Washington. however, the
Secretary has no present intention Of accepting
security other than government bonds.
Call money was easier yesterday than the
preceding days Of the week ruling at per cent
and not going above 10 per cent. Further gold
import engagements were announced. bringing
the total on the current movement to S1.25ooto
The decline in the price Of money was an infu-
entail factor in the days course of securities
values. Favorable crop reports and big railway
earnings also affected prices. notable instances
of the latter named influences being presented
by Wabash and St. Louis Southwestern shares.
Earnings OF the 81. Louis Southwestern for the
second week in September showed an increase
of So. C:'o the corresponding time a year
ago while Wabash for the same period shows
a gain of Sal .sU4. There has hardly been A week
In the last three years when the Wabash system
has not shown a noteworthy increase in its earn
ings other issues that enjoyed marked i'm
erovement in the day included St Paul New
FORK Central Pennsy lvana. Norfolk and West
ern Illinois Central Canadian Pacific. Kansas
City Southern issues and some Of the speciaties
Manhattan Railway advanced sharply and the
movement led to sympathetic advance OF the
other local traction stocks. Chicago Union Trac-
ton was more animated than in some time. and
rose about > per cent Missouri Pacific lost "a on
realizing In the industrial list strength was
shown by Sugar Refining Colorado Fuel and
Iron. Tennessee Coal and Iron National Lead
Rubber Goods the Steel shares. American Loco
motive Columbus and Hooking Coal and Iron
and American Car and Foundry. In the bond
market there was good demand for Union Pa
cific convertible Is Wabash debenture Be Bur
,inpton Joint Is and ST. Louis Southwestern As
THE DAYS OPERATIONS IN BONDS.