New-York tribune., 1901-08-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading showed a further fair
demand from a good class OF buyers, but the
greater part OF the dealings in the so-called ac-
tive issues represented nothing more than pro-
fessional operations The days news develop
lnents were not important factors in specula-
tion, although the steel shares were affected
10 small extent by the accession to the strikers
ranks OF the employees at the Joliet mills. Both
The United States Steel common and preferred
suffered small losses in the course Of the day,
but their final prices were only fractional points
under opening figures. The steel shares are
held by substantial interests: and for that mat
ter the entire market is in the hands or people
who see in current conditions much encourage
ment for holding their securities. From pres
ent appearances stock market values have dis
counted labor troubles and crop damage, but.
Of course, il may not be well to count upon
steady appreciation in values or the belief that
quotations viii not so lower before they go
higher. Investments however, may be held
with confidence, as current uncertainties ana
passing adverse developments will not bankrupt
the business world. AS far the effect of
corn crop damage upon railroad earnings is con-
cerned. it is only necessary TO recall the fact
that despite the spring wheat failure last year
the chief wheat carrying roads showed larger
earnings than ever before in their history.
Money market factors may upset stock mar
ket plans but the chances DO not appear to IA
vor such a development The interior will
doubtless take a large amount OF money from
this centre for crop movement purposes, while
the ordinary business demand will probably be
heavy Even If there are no offsets in the way
OF gold imports the supply Of funds at this
centre should be adequate to meet the interior
demand and to furnish stock market accom-
mediation at reasonable rates. The big banks
Of New-York have such powerful control Of
the money market that rates will doubtless
not advance TO high figures unless il suits the
plans Of big interests TO have stringent mar
ket At various times in the last two years the
money market has been highly manipulated. and
n is possible for the same thing to happen this
fan. despite the law of supply and demand,
In the week ended last night the local banks
gained over 100000 in cash, against gain
last week Of Sl154OO0.
Good buying of Peoples Gas and the soft and
hard coal stocks was a feature Of yesterday 3
dun market, while a tendency to take the at
tractive cheap priced industrials was noted.
There are many sound reasons for buying the
industrials, and the prospects are that in the
course Of the next few months such stocks as
international steam Pump. International Paper
preferred and American Car and Foundry pre-
ferred viii sell many points above the current
level Offers arc made 10 pay IL per cent to
call within sixty days American Car and Foun-
dry preferred at S152, International Paper pre-
ferred at SO, and International Steam Pump at
- The latter named stock enjoyed striking
advance Yesterday, but the merits OF TINS Sc
curitv entitle il 10 a still better price. Orol-
narilv the movement OF values yesterday was
within narrow limits, with hnal prices SHOWING :
more net losses than gains. Money marker
conditions were not changed. except IN the tor-
eign exchange department when sterIlIls Idles ~
LIN declined The decline in exchange is eX-
plained by the enormous exports OF wheat now
being made the weeks total being the heaVles'
on record