New-York tribune., 1901-08-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Transactions in securities were light, but prices
were generally firm and higher. While there
were no particular outside demand Tor STOCKS
and no aggressive operations for hlsher PTlces'
values advanced easily, and, as rule IL was
easier 10 sell than il was TO buy The course
OF quotations again reflected the scarcity o. IN
vestment shares available for speculative pur-
noses and the high regard in which securities
are held by investors If stocks were now in
weak hands money market uncertainties might
be used effectively in bringing on a lower level
of values. At the moment, however 1t appears
that the chief influence OF the money market
,,pon the share market is its power TO produce
aulness : In addition 10 this the approach OF a
three dav holiday tends to restrict securities
trading. Advantage may be taken to-day OF
the coming suspension of business to advance
call money rates but it is not likely that any
real disturbance will develop.
The banks continue TO lose money on interior
account, and despite reports from the West re-
garding the big supplies at inland cities II is
more than probable that the usual amount of
currency wills leave the city banks on the cur
rent movement This demand for money is
seasonable It is an indication of business ac-
tfvity outside Of New-York. and il is not bear
factor on securities. although at times IL may
encourage the sale OF weakly held margin ac-
counts Although the West is well supplied
with money. better than ever before IN Its his
tory its needs are larger than in preceding
seasons owing TO the extension Of industrial
activities and the general growth OF its agri-
cultural and business opportunities. Moreover,
II should he borne in mind that large amounts
of money owned outside New-York on de-
posit at this centre These balances will natu-
rally he reduced The bank statement to-mor-
row should from the known movement of money
In the week show material decrease I'm cash
holdings but as the Stock Exchange will be
closed its effect upon securities values will not
be known until Tuesday. Money market factors
are intrinsicaIly sound, and there should be no
uneasness over passing fluctuations in call
loans and sales of stocks by unimportant
operators.
Strength in stocks was helped by the note
worthy statements OF several railroad COM
panies for July. Heavy gains in gross and net
earnings were reported by ST. Paul Union Pa
cifc Southern Railway and st. Louis and San
Francisco There was good demand for the
common stock of the last named company; also
for Union Pacific and Southern Pacific. The
Erie stocks were again active features. In the
industrial list International Paper preferred
was a strong feature at net gain Of one point
This stock is one OF the first class industrial
investments. and as per cent issue with
assured future IL ought TO sell 20 points above
fts current level. The management Of the
pany is conservative. and It apparently has no
intention at present Of placing the common
stock a dividend basis. despite the heavy
earnings Unless there is a radical change in
general conditions prices of attractive indus
trial stocks Will be many points above going
prices six months from now. Arbitrage houses
bought about 10000 shares yesterday and it
was reported that they had buying orders for
1000 shares.