New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market quotations opened at general
advances. and while failing TO maintain the
fine measure of the Improvement throughout
the first hour and a half. they closed strong
and active an advancing tendency. A
favorable bank statement helped prices in the
last half hour. while renewed covering Of short
contracts was an effective factor in many is
sues. notably the Industrial shares which were
recently hammered by the professional ele-
rnent. American Car and Foundry preferred
FOR instance, closed at 6Sls, against Fridays
final figure OF G5ik. Colorado Fuel & Iron
jumped to b. ending at so against 2S% in
The preceding day. II was estimated yester-
day that the short interest in the stock mar
l1et has been reduced by over 100000 shares
81 the last two DAYS Of the week. hut il was
thought however. that there still remained a
large outstanding short account. Brooklyn
Rapid Transit was a strong feature. while in
the general railroad list Atchison, Colorado
Southern preferred issues, Delaware and Eud-
son, Lackawanna- St Louis Southwestern,
Southern Railway preferred and Union Pa
cifc made marked advances. Dealings amount
ed 20 over 100000 shares. or at the rate Of
100000 shares for q full day.
The weekly statement of the Associated
Banks showed. as expected. a further addition
TO reserve holdings. but a loss in cash. against
an estimated increase of over 100000. Loans
Reserve above legal requirements now stands
at ST., 433. go. against S5,G0S.250 at this time
g year ago and ST., 400 715 in 1901. Call money
ruled in the week just closed at per cent
against an average Of about l. per cent in
the corresponding period q year ago. Time
loans are quoted at Az TO IA on the best
Stock Exchange collateral 10 carry over the
year. while on good Stock Exchange mixed
collateral money may be had for = per cent
~, i.sh
The collateral embraces 30 per cent Of indus
trial stocks are quoted at So TO 6 per cent
Commercial paper rates have not followed
time money quotations remaining stiff at from
C TO : per cent The demand for paper from
the banks IS light, and it is evident that recent
disclosures in industrial companies have in
creased the conservatism OF the leading in
etitutiors in the matter Of mercantile paper
on the theory that weakness may develop in
the general industrial situation. Merchants
however. appear TO be fairly well supplied with
funds.
Railroad earnings for the a~st week in Octo-
Der show an increase Of 5 FER cent over the
heavy records OF the same time a year ago.
and despite indications OF heath-ul trade re-
action in various lines the prospects favor
large volume q traffic in the rest Of the year.
The movement Of grain VIII Re heavy in the
next twelve months. and possible falling OFF
in tonnage viii come from iron and steel and
general merchandise. There Is. however. little
encouragement in the trade outlook for people
who have been predicting a general collapse
IN the couutry's industries. Conditions are
sound. Trade is on a legitimate, rather than
a speculative basis, and period Of less activ-
ity VIII not bring aioul important changes in
dividend payments. Wall Street chooses to
believe that serious contraction in business
is about 20 develop, but shrewd investors are
accommodating securities. In the decline Of the
last year stocks sold did not 90 out q exist
ence Every genuine sale found a buyer and
as a consequence stocks are probably more
strongly held at pre- ent than they have been
in many years. The J. arket is entitled to
further substantial rally, but the professional
element VIII doubtless contest the upward
movement