New-York tribune., 1902-08-07
BONDS
THE DAYS OPERATIONS IL STOCKS,

Stock market trading presented fair degree
of activity as compared with the dealings o.
the preceding days Of the week, while prices
~yere generally strong. with net gains IN most
3ssues at the close. The upward movement was
cnot accompanied by important news develop
u,lents. and it was not interrupted by the hrrner
-,,a-l,e+ for call loans The so-called Gould
stocks. notably Texas and Pacific. were among
the active features. dealings in the stock just
named being heavier than in any other stock
On the list Earnings Of the Texas and Paclac
,y;1 he largely increased this year through the
xnfuence Of q big cotton crop and the eN-
mansion in general industrial activity n the
cou1pany's territory. The Goulds have been
snending a large amount Of money on Texas
srd Pacific IN the last TWO years. PhyslcalN
the road is IN better condition to-day than ever
before in its history while its financial position
Is steadily improving. And the same may ne
said Of Missouri Pacific, which is now one oI
4be in7portant systems Of this country. George
T. Could has been actively engaged in the last
zen years in building up Missouri Pacific, and ne
has now succeeded in placing the company in
q position that insures. even in lean crop wears,
substantial returns TO holders Of the stock
Hooking Valley issues were especially strong
features: also Atchison, Canadian Pacific ana
Illinois Central
4 noteworthy feature Of the days trading was
en increase in the demand for industrial securi-
ties. As q result Of this demand many indus
trials made sharp advances on volume o1
business heavier than recorded in several weeks.
Noteworthy instance Of the upward movement
were Sugar Refining. Consolidated Gas. Ma
fforal Lead. the express company shares ATllerl-
can Grass Tr7ine and American Car and Foun-
dry issues Car and Foundry preferred made
q net gain Of i point 10 9212, and it was said
4bz+ the buving was for the account Of people
who are well informed regarding the affairs OF
the company In the fall the common stock will
" he placed on a 3 per cent basis. and in view OF
N this coming development the current price OF
tbe security is far below its intrinsic worth
There are many sound industrial issues that are
selling we'll under their actual value, and 1t
may pay the patient operator TO exchange some
Of his fancy priced railway stocks for the
obear=r indus+liaIs of undoubted merit. The
industrial shares represent the business actVi-
Ties Of the nation and in these days Of business
expansion solid industrial issues, paying from
r 10 s per cent ought not TO rule at figures
welding from S 10 10 per cent on the invest
ment.
The outlook for successful bear campaign is
black There is nothing in the general situa-
.ion on which TO base operations for lower
prices, and even passing unfavorable develop
1nents will hardly be effective in causing i'm
portant temporary reactions, as stocks. as a
rule. are in the hands of people who are holding
for higher values. Weak holders will doubtless
be forced out at times. but the bear element
can hardly hope for more than passing declines
aIntil some evidence is presented of crumbllng
financial and commercial foundations. A small
engagement of gold for export was made yes
fer9ay. the transaction representing a speclai
operation rather than foreign exchange market
conditions While there is uncertainty over the
future of the money market IL should be borne
kn mind that commission houses are well sup
nIied with time funds and that Europe IS IN a
position 10 send gold 10 this country If the local
situation should require assistance.