New-York tribune., 1902-09-27
BONDS.
THE DAYS OPERATIONS IN STOCKS

There was a fair degree of activity in Yes'eI-
s.y.s market but no aggressive operations on
either side of the account As a rule prices
were firm with net gains in the greater huIiioe
of issues at the close. Call money ruled al l.
r,er cent At one time rate Of ]" per cent was
quoted. but the majority Of loans were mace al
~. easier figure According to the known
,,o,,an,ent of money in the week. the local
,a,,,s have LOST over 100000 in cash holdings
I'M, as 2 large part Of the money reserve IN me
week will not show in to-day's statement haV-
,ne been received too late TO figure for more
than one or two days in the average system uie
.,,,., nosi+,on of the banks is doubtless much
be-ter than that shown by surface lndloauons-
roa, 1io,,idation has been heavy this week ano
-be chances are that the movement has heeIl
large enough TO offset 10 great extent 'f'e l's9
In cash holdings as an influence on ies -
Whatever ro-day's bank statement may Sli'N'
however will not even If the oencll Is luI 'iie
increased supply reason for uneaslhess- heieL
,,easures t,y the Treasury. loan contraction ana
foreign gold imports will soon increase 'iie ie
serves of the city institutions
Inside buying reported in 'he Nouiu
shares and further accumulation of St Paul
nae noted The reported fall increase IN 81
paul stock is not believed in all quarters but
there appears to be a common hel1ei 1na' u
z,e;opments are pending that Will add Value 10
.his security St. Paul is great railway prop
e-+v II is controlled by capitalization OF woe
resources and its stock is a safe and solid III
1,estment Il would seem, however. mat itS
,rsse,t market price fully measures its intrinsic
value.
Announcement by the Secretary of the Treas
ra
cent honds in the open market helped prices IN
+he afternoon but there a steady decline
IN the volume Of trading as compared with the
preceding days of the week Strength IN lfeao-
ing and Erie was accompanied by rumors OF
strike settlement although it was SAID tha'
sbe r,rice Of Rea ding was being manipulated by
q nrominent operator. Efforts TO dislodge the
shorts were successful in many issues
The advance in Louisville and Nashville.
Manhattan and ST. Paul We're the conspicuous
features Of the railroad list, In the industrials
marked Improvement was enjoyed by American
Car and Foundry, Pressed Steel Car. American
Hide and Leather preferred. American Linseed
Oil. Colorado Fuel and Iron, National Lead is
sues and United States Cast Iron Pipe pre-
ferred. Buying of American Car and Foundry
common was based on the expectation of
increase in the dividend TO 3 per cent. The
car building companies are doing an enormous
business. ana there Is no prospect OF decline
in orders for cars, as every railroad IL
the country is in the market for additional
equipment
A reflection of the amount of money that is
now being put into equipment is presented
In the annual report Of the Atchison. which
shows expenditures Of nearly Slooo0.co0 in the
last year new and locomotives This
does not include contracts for now being
built calling for 2tl59 freight cars It is likely
that the Pressed Steel Car Company and the
American Car and Foundry Company VIII event
ually be consolidated. Industrial shares suf-
fered Insignificant declines in this weeks break
tn values. while according to brokers' reports
an excellent class Of buyers has been accunu-
lating the various attractive issues. AS the in
dustrials have not been active features Of re-
cent bull markets. il is expected that their
prices Will range much higher when the bull
movement is resumed. There are many solid
Investments among the industrial shares tha,
are selling far under their investment value