New-York tribune., 1902-10-21
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market yesterday opened strong
and closed weak. Opening prices were well
above Saturdays last figures. the heavy proht
taking apparently having come 10 end; and
with money market ease assured and the gray
est menace 10 industrial peace in many years
practically removed II was expected that the
markets response TO the improved conditions
would he a general advance. For the first hour
stocks did advance, and then the market be
came dul and apathetic. The sagging tendency
continued until the last hour when trading
once more became active, prices. however. going
bower. on liquidation OF Western pool holdings
and on general profit taking. the close being
weak and at about the low level OF the day. The
decline was proba bly,, usual due 10 more than
one cause. but the prevailing influence was the
rise IN sterling exchange rates, which was so
sharp as 10 create the fear that gold exports
might soon have 10 be made. London operated in
this market entirely on the selling side. 10 the
exent of 25.000 shares: the sales for London ac-
count during the last few days having heavily
exceeded the purchases. The demand for
rnittanoes in payment Of the stocks sold here
was in part the cause for the advance in the
sterling rates. and another the fact
that as a consequence Of the relief measures
taken by the Secretary of the Treasury. the
local money rates are slowly declining, circum-
stance which naturally makes for the with
drawsl Of European capital attracted TO this
centre by the high rates recently ruling. Then
soe the finance bills originally put out by
American bankers in such immense volume more
than year ago are TO a large extent still out
standing, fact which has been shown by the
pressure TO buy every time the exchange rate
has dipped down nearly TO the import level
during the last few months, and money market
conditions abroad make il probable that renewal
OF some large loans Of this character maturing
closed on Saturday al 1855. ruled during yes
terday at around 4S6l5. closing a trihe easier
AZ 4.S6lO 10 4s6l5-a rate only about one-half
cent below the level al which gold can be
prohtahly exported. Can money ranged yester-
day between 6l3 and per cent with most Of
the days loans placed at per cent Time
money continued easy. Within few weeks the
millions sent 10 the interior - facilitate the
harvesting OF the seasons enormous crops viii
begin 10 return to the city offsetting the drain
which might be caused by a gold expectation
movement of considerable volume General
business prosperity continues 10 prevail the
railroads are taxed 10 the extreme limit Of their
capacity 10 move offered traffic and are making
large earnings, and the likelihood of a tight
money market for some time 10 come Is slight
An indication that new period Of bun ac-
tivity is al hand is the Temperance in the pub-
lie prints OF articles concerning the alleged
plans OF great financial interests for the Trif-
cation Of various groups of railway properties
through the formation Of holding companies
The most circumstantial story deals with the
purpose Of the Goulds 10 organize vast corpo-
ration which shall take over the control OF the
Hines embraced in the Gould system. now ex
tending from the Atlantic seaboard TO Salt Lake
City, with the Western ocean in sight. and
that such project has been in evolution was
practically established months ago. although
there is Yet proof that il viii be defnital,,
carried into execution in the near future. ORR
reports concern the Pennsylvania and the Neu,
York Central. the parties 10 the original com,
munity Of interest" pact. According 10 current
report 8 company is 10 be formed 70 which win
he turned over the stock holdings Of the Penn
sylvania Railroad Company in the Baltimore
ana Ohio, the Norfolk and Western and The
other companies in which the Pennsylvania has
within the last three years acquired an in,nor
tant interest and similar corporation viii he
Tore long be formed 10 hold the securities Of the
Junior Nanderblts" None of these great on
erations could be undertaken except in 2 period
OF comparative ease in money. and. although
there Is no evidence that any OF them is speedily
10 be launched. the fact thar Wall Street is once
more discussing them is. as already noted. q
sign OF a generally improved sentiment and
more hopeful tone. The decision as "a the forr,a
ton OF other prospective holding connsnias
like that which may some day concentrate the
control OF The big railway systems Of the South
VIII rest upon the outcome Of the Norfberp
SECURITIES case. Such companies the oreaniza
tion OF which would involve The cor,ro, =,
parallel and competing roads" are lil,sl, - y.
bitterly opposed. as witness the move i,s, mad
by the Kentucky Railway Commission