New-York tribune., 1902-09-11
BONDS.
TIE DAYS OPERATIONS IN STOCKS.

TIE DAYS OPERATIONS IN STOCKS. .
There was an active demand for stocks in yes
terday's market, with slight increase in pub
lie dealings. The advance Of the last few days
in the face of stiff money market has evident
ly impressed the so-called public trader with
the significance Of the current buying Of securi-
ties. 1t is quite evident that the heaviest buy
OF stocks are interests that are connected
with large financial undertakings and investors
who are taking stocks permanently out of the
market For instance, the Goulds, the Rookie
felers. the Morgan interests and the Wander
bilts not buying stock for quick speculative
turns. Their operations represent something
more than speculation. 1t is the absolute control
Of big railway corporations that these interests
are after, and their activity in the market in
the last few weeks reflects their desire to make
good their control before outsiders step in and
secure valuable properties for purely speculative
purposes
The advance Of the last few days has natural
ly attracted realizing speculative holdings
evidence Of which was presented in the course
OF values yesterday. Irregularity feature
throughout the day. and at the close the greater
number Of issues showed small net losses as
compared with Tuesdays last quotations. On
all recessions there was a good demand. De-
lions only the active list presenting no instance
OF important weakness. While call money ruled
at the advanced level esta blished on Monday,
there was apparently nc difficulty in securing
accommodation, and absolutely no sign Of un-
easiness in banking circles over the monetary
situation Sterling exchange weak, further
gold imports from Australia were announced,
and all local indications pointed toward ship
nlents Of gold from France to New-York in the
course Of few weeks. The fact that bank
loans have decreased over S21. 100000 in the
last three weeks, despite enormous dealings in
securities. proves that stocks have not been
accumulated by financially weak speculative
public, while the character of trading reflects
that the big financial interests are confident
that their operations will not be upset by money
market conditions.
Buying Of the Gould stocks was again a feat
ure, Missouri Pacific, Wabash preferred and
wabash debenture B bonds exhibiting further
remarkable activity. The heavy realizing from
purely speculative sources prevented noteworthy
price changes, but this liquidation. neverthe-
less. failed TO bring about a materially lower
level OF values. The Wabash debenture bonds
were dealt in TO the extent of S1.S19,oe0 par
value, while the preferred stock transactions
amounted to over 320poo shares For many
reasons Wabash preferred is the most attractive
OF the cheap railroad stocks the list. The
wonderfully good crop conditions in the Gould
territory naturally create bull enthusiasm on
the Gould stocks. At this time year ago the
condition OF in Missouri was only 50 as
against a percentage of over 100 at present
In addition the effect of big crops and general
business prosperity, the Gould roads have been
strengthened by the splendid management of
George J. Gould Union Pacific was We'll bought.
also Baltimore and Ohio. Atchison ST. Paul.
md NeIt
Missouri, Kansas and Texas Pennsylvania
Southern Pacific and the hard coal shares
Reading opened at 3514, against 741k Tuesdays
closing and subsequently advanced to above 76
In the industrial list heavy buying was re-
ported in the United States Steel shares and
Tennessee Coal and Iron. The United States
Steel shares have been inactive for many
months, but the company has continued to pile
UP heavy earnings. and there is now no reason
why the stocks should advance especially
as orders taken for 1903 warrant the expectation
that no change will be made in the company's
dividend policy. The car building company
shares, particularly American Car and Foundry
common were in fair demand. American Grass
Twine strong on quiet investment buying
The decline that took place in the late trading
exerted little influence on the stocks just named
while throughout the list the losses the profit
taking movement were extremely small in view
of the extensive gains that have recently been
recorded. Baltimore and Ohio declined from
1lS5z to III at the close. but showed as COM
pared with Tuesday net gain Of Us points
Missouri Pacific lost points after advancing to
125Is its best price on record. Late selling of
this stock represented realizing, although exag-
eerated reports of Russell Sage's Illness doubt
less induced some speculative liquidation The
greater part of the buying Of Baltimore and
Ohio was for Philadelphia account,