New-York tribune., 1901-08-21
sEN dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

on a small volume OF business stock market
values made further progress toward a higher
level. Transactions were confined in great part
10 the leading speculative issues, with the
heaviest dealings in the granger and Pacihc
shares Southern Railway the Erie issues, Nor
fStk and Western. Atchison. the United states
Steel stocks and Amalgamated Copper. There
was an increased demand for attractive in
dustrial issues and there We're indications that
a good class of buyers had decided 10 accumu-
late this class of securities, International Pump
common for instance. was more active than re-
Gently reported with an advance Of over one
point Peoples Gas was in demand from sub
stantial interests. The general character of
speculation. however. was not significant OF a
broad outside inquiry for securities. AS rule
traders operations made up the bulk of the
business Moderate buying for the account of
recently formed pools noted in a number of
shares including Southern Railway common
and Southern Pacific. The latter named stock
made net gain of over one point.
The least demand for stocks causes quick ad-
vances. and it is apparently easier 10 put prices
UP than TO put them down. This means that
stocks are in strong hands and that the present
owners see in current conditions no adequate
reason for selling. The general impression in
the Street favors a gradually advancing market.
although in some quarters IL is thought that
lower prices will be made before an extended
bull movement develops The general news yes
terday affecting the value Of stocks not i'm
portant but it was all in favor of higher values.
Steel strike developments were favorable TO the
big steel corporation, money market rates de-
veloped an easier tendency, and railroad earn
ings received showed heavy gains over the same
period a year ago. Noteworthy Improvement
was made by Southern Railway. which gained
-, nd
Chesapeake and Ohio. which gained over 500
600. The buying of Southern Railway stocks in
the last few days has been induced by the ex-
cellent earnings of the road and by the report
that a readjustment OF the companys capitali-
Zation is contemplated.
Despite the easier tendency in money rates
sterling exchange continued 10 move toward a
lower level The foreign demand for American
wheat was enormous, and this. with the heavy
purchases in the last few days OF American
securities for European account, created the
belief in financial circles that gold imports
would soon be made at New-York. The foreign
banks now appear to be well supplied with funds.
while foreign investors and spectators are
beginning to take an active interest in the local
stock market. With foreign buying of securi-
ties and continued heavy exports Of food prod
ucts and general merchandise, there will be
little chance of high exchange rates again this
season. The demand for money from the in
terror is beginning to show a slight increase.
but in well informed financial circles II is not
thought that the out of town movement will
cause any disturbance in the local money mar
ket. Indeed. money lenders in NewYork were
practically forced yesterday to extend accom-
mediation on time contracts under per cent.
as they were unable TO secure the rates that
they have recently been demanding
The stock market closed with prices near the
best points of the day. The more important
dealings were made by Atchson. Chicago and
Alton. st. Paul, Rock Island, which advanced
two points transactions Of less than two
thousand shares: Delaware and Hudson, Inter
national Pump. Manhattan, Pennsylvania.
Union Pacific and Southern Pacific The steel
shares moved within fractional fluctuations the
common closing Il under Mondays final price
and the preferred Il above. The strength in the
hard coal shares not explained by any
known development. Practically the entire list
closed with net gains.