New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-25
sEx dividend
BONDS
TIE DAYS OPERATIONS IN STOCKS

Although there were few important net losses
IN yesterdays market. early declines were heaNH
enough 70 wipe out many long accounts ana I"
ca,,se acute alarm among certain traders and
houses that are not strong financially 4l'e'
the early liauida ton. in the course OF "hl'h
losses Of 164 per cent were recorded, an az
vsncing tendency developed under the influence
IF covering Of shorts and support from strong
financial interests. The appearance Of STANDARD
OH and Gould brokers as buyers and decline
an money rates from the high level Of "a per
cent TO l. per cent We're influential factors In
inducing buying by the professional element
Trading was extremely active throughout me
dsy In the early dealings stocks held on mar
gin accounts yvero in many cases thrown on the
market owing to he failure Of traders 10 re-
spond to calls for margins while pool selling
was again forced. the banks followed the
r,olicv adopted on Tuesday of refusing support
to the speculative syndicates- The decline IN
the market on Tuesday naturally attracted sell
ing by tirlid holders from all parts Of the couf-
fry Yesterday. but it also induced buying by in
+eresrs that have long been looking for a de-
cline and by people who only come into " all
Street in times of speculative sethacks- There
was heavy cash buying Much Of the stock sold
was bought outright. securities passing into in
vestors' boxes or into speculative sources, from
which they will not come forth until bun
wave carries values higher. The London mar
ket was weak and unsettled in the American
department. in sympathy with local quotations.
while arbitrage houses were sellers on balance
to the extent of twenty thousand shares
call money ruled at Is per cent. with high
rate at 25 per cent. Local banks We're practi-
cally out Of the market for time loans. and the
supply of demand money was extremely light
trust companies and out-of-town institutions
handling the greater part Of the call loan bust
ness The Sub-Treasury continued to absorb
money from the city banks. but it was reported
from Washington that the Secretary Of the
Treasury had decided to help the situation by
increasing the deposits of government money IN
depository banks Ia the market value of the
government bonds deposited. Government
bonds are now selling IT from IL To Is per cent
bove their face value. and if government de
posits are increased proportonately there will
be an addition Of from SIS fs1heo0 TO S1s6tot.Ft
of government money in national banks
The foreign exchange market was inclined
TO weakness at the close demand sterling
ending at 81 S59sGS "a S55s Sterling rates
still too high 20 make gold exports from
London profitable. but it is understood that
there is good supply Il gold in London
available for shipment wherever New-York is
willing 80 pay remunerative rates for it This
country cannot import gold from Europe
United States is already heavily in debt abroad
Europe. however. s willing TO lend us money
If want 1t
Missouri Pacific was again the leading &C
tive feature, with Atchison and Union Pacific
next in importance. Missouri Pacific sold down
to 1117s, but closed at 11512. net loss of less
than point AS = rule net losses among
the active stocks fractions The Gould
stocks were all well bought on the decline and
insiders were active in Missouri Pacific Wa
bash issues. Manhattan, Texas and Pacific and
Western Union. Wabash preferred. after de-
clining to 1875 advanced to j01s while Manhat-
tan enjoyed net gain of over points In the
industrial list strength shown by Anal
gamated Copper. American Car and Foundry
shares, American Hide and Leather Sugar Re
filming. National Lead, Peoples Gas and United
States Steel preferred all of which closed at net
gains. In the bond marke: enormous dealings
were transacted in Union Pacific convertible
As and Wabash dehenture Bs. The market
ended with prices generally ar the hest Of tho
day