New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-08-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Although early prices in yesterdays stock
market exhibited great irregularity there was
no decided weakness until the afternoon, when
sharp declines developed in many issues, with
last prices at net losses in the greater nuInoeT
OF shares Net gains when made were small
representing the remains of exceptional strength
sn few stocks in the forenoon dealings, notably
in St Louis Southwestern preferred. Col
orado and Southern securities, Norfolk and
Western. Chesapeake and Ohio, ST Louis
and San Francisco Evansville and Terre
Haute and Colorado Fuel and Iron Specu-
lation was disturbed in the afternoon by an
advance in call money rates TO i per cent
and in the decline that followed sharp setoacks
were suffered by Rock Island, Hooking Valley,
Consolidated Gas. New-York Air Brake, 81
Paul Louisville and Nashville, Atchison HI
nois Central Canadian Pacific. Manhattan and
Sugar Refining. In the last hour recoveries
from the lowest prices were recorded. the SHARES
Of the Gould Southwestern roads being leaders
The close. however was weak and unsettled.
The loss in hank reserves last week doubtless
snfuenced precautionary selling in yesterday 5
market Reserve above legal requirements Is
now trife above S9OO0000, and with heavy
demand coming for funds to move the crops
the advisa bility of reducing speculative holdings
Of stocks probably appeals to many careIul
dealers in securities. Few people believe thit
there will be acute disturbance in the money
market. while the majority of people in the
Street believe that stocks viii eventually sell
well above the current level, but the necessity
of caution at the moment is evident to every in
telligent operator. Not few market interests
would Ike to see lower quotations in order to
accumulate stocks at cheaper prices The fact
however that securities are in strong hands
while conditions governing the actual value OF
Investments are growing stronger every day
does not encourage the expectation OF material
declines in values OF course if the big specu-
lative interests should suddenly decide to sell
There would be important losses in quotations.
but beyond the possible easing of their loads
there is little proba bility OF liquidation from
this ouarter Later on the banks may find it
necessary to call in some Of their funds now en-
ployed in the stock market The pools and syn
dicates. however are working with time money
and low reserves here will check for time
further speculative operations rather than
bring to an end the plans and prospects Of the
bull interests in the stock market
Reports received yesterday from the West in
dictate a remarkable traffic situation on the
granger roads year ago the Western rail-
roads were handling record breaking volume or
business. but current operations are as heavy
rates are in better shape and the prospects favor
the largest freight traffic in the fall and winter
eyer recorded The general merchandise traffic
is already ahead of last years. While crop con-
dftions foreshadow an enormous movement or
grain. Corn is practically out Of danger from
climatic changes The wheat crop is beginning
10 move and farmers are no longer anxious TO
hold back last years corn for fear Of light
Weld this year The effect Of big crops on the
exnort trade may not be great enough TO OFFSET
the present heavy belance due by this country
TO Europe but il will go far toward accom-
plishing this purpose, while with foreigners VIII
ing to renew our loans the expected heavy eX-
,,or+e ~ grain and cotton may result in gold
s-,,,orts this fall. There is no occasion for I'M
easress over the financial situation in this coun-
fry hut for time the stock market may not
he safe for dealers on small margins. on de-
clines the attractive industrials and low priced
railvvays are recommended as profitable pur-
chases.
RnNnS