New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading active throughout
the day on a declining movement Of values. Sc
we're losses were recorded by many Of the indus
trial shares new low record quotations being
made by the United States Steel issues. Ameri-
can Car and Foundry preferred and several
other securities. The volume Of business in
United States Steel common and preferred was
heavier than in any other stock in the list total
transactions in the common and the preferred
amounting to over 100000 shares. opening at
1879. the common sold down to 12i2. while the
preferred made new low record price at 51i2
The common lost for the day IL points. The
preferred recovered a good part OF its loss be-
fore the close. its final quotation standing at
5ss. a net loss Of II point. Elsewhere in the
industrial list declines from TO II points
the latter figure being recorded by American
Car and Foundry preferred. which was forced
down by liquidation for the account Of people
who found 1t necessary to sacrifice their hold
ings in order to raise cash 10 protect their in
terests in other parts Of the market. This
gent liquidation encouraged the professional
element TO attack the stock, and a con-
sequence stop loss orders were reached and the
ouotation declined without any apparent sup
port TO its lowest figure record. There is
absolutely reason in the condition OF the
American Car and Foundry Company for in
vestment liquidation Of the preferred stock.
Earnings are AZ the rate Of 100000 net A
month. while orders the company's books
are large enough TO supply the concern with
work for the next twelve months Even in
times OF business depression the American
Car and Foundry Company should be able Ia
pay its dividend its preferred stock without
calling it's cash surplus. which runs far up
into the millions
The weakness in the industrial stocks nat
l1,-
declines i'm the latter class amounted as rule
10 less than l per cent. In the afternoon
trading good part OF the early weakness was
recovered. ana in number of issues final
prices were al small net gains as compar red
with Saturdays closing quotations. This
movement was especially pronounced in Atchi-
son, Baltimore and Ohio St Paul the Erie
issues. Illinois Central Metropolitan and New
YORK Central. Early weakness in the market
was doubtless encouraged by the decline. In
the London market. also 10y the appearance
OF heavy selling the local exchange for the
account Of foreign holders Of American securi-
ties, While much OF the selling for European
account represented purely speculative opera
tiors. there was, however. large amount If
genuine investment liquidation In the Lon
don market British consols suffered A sharp
Decline, and sentiment in foreign speculative
circles was extremely pessir1suc. being in
huenced ny the possibilities Of an armed con-
fic; in the Far Easr between Japan and
Russia In the local market the favo-a bic
government crop report and the excellent
showing made by the New-Yo.k banks in
their weekly statement had no effect on spec
ulatNe ideas concerning the immediate future
The Street was depressed and it made no
effort 10 conceal its uneasiness over the de-
Nelopments affecting tho industrial situation
IN this country. The reduction in the force Of
employees by The New-York Central and re-
por-e that other railroad companies were about
20 curtai their expenditures on emplovmcpt
account encouraged the belief that general in
oustries In this country were about to under
go severe contraction. This theory. however
vas not upheld by reports from trade centres
Throughout the country. Railroad earnings
resolved IN the DAY and reports from officers
Of railroads in various parts OF the land re-
1ected a large volume Of business in all s.c-
tions, while confidential advices received by
bankers in NeN-York from their corresnond-
ents in the interior supplied much reason for
encouragement over the position % business
in this countr,
II is generally admitted in well informed
circles that trade in the United States is
Undergoing p normal reaction from the fever
ish activity Of the last few wears but IL is not
ADMITTED that this country il about 10 be
plunged into business insolvency The course
OF stocks may induce many people to believe
n 4 the Industrial activities in the United
States are about to collapse but q careful IN
Nestlgsiion Of the factors underlying the bust
ness situation viii convince people az sound
minds that the period Of business progress is
not Yet over There vas no material change
in the money market yesterday. bu, foreig,
exchange rates declined IL points for demand
sterling. The decline IN exchange was due
20 the higher rates for money in London