New-York tribune., 1902-07-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was active in spots On an
irregular movement of values. In the early deal
ings prices were generally firm. but in the after
noon selling pressure, directed chiefly against
the Gould and copper shares, caused reaction
throughout the list. Bear traders attacked
Western Union and succeeded in cutting off sew
eral points from its price, while similar tactics
were effective in lowering the quotations Of Mis-
souri, Pacific and Wabash. The bear element is
endeavoring to create impression that the
far reaching plans Of the Goulds will be inter-
fered with by other railway interests; also that
Western Union in losing the Pennsylvania tele-
graph business viii suffer a severe decline in in
come account The Gould party is made up of
some Of the strongest capitalists and railroad
interests in the country. and while objections to
fits plans may come from certain railroad COM
panies there is little chance OF such objections
becoming effective checks to the extension Of the
Gould lines As for Western Union. insiders
taking all the stock offered. If Western Union
only paid per cent il would be cheap at
rent figures.
Missouri Pacific and the Wabash shares have
been heavily bought by we'll informed people
who have excellent reasons for confidently ex-
pecting ultimately much higher prices. Mis-
souri, Pacific made its stockholders wait a long
time for dividends. but meanwhile the property
sure permanent dividends when once started.
The stock is now on a . per cent basis. rate
which can be maintained despite lean crop
years. Developments Of the last few days show,
however, that a somewhat powerful bear party
IS at work in the market Operations in Sugar
Refining and the copper shares indicate that
efforts are making for lower prices. and al
though the general business situation encourages
the holding Of investments, it may be prudent
to move cautiously until a few factors in the
market situation have been removed from the
position that prompts bear enthusiasm. The
sudden heavy demand for money in the West,
fear that the manipulators Of the corn mar
ket may overeach themselves. and uncertainty
over this years wheat and corn yield, will doubt
less be utilized by bear campaIgners TO frighten
some people out Of securities II prices should
sell off now they would doubtless not remain
long depressed. while it is generally expected
that, barring a corn crop failure the August
market will favor the bulls.
The crop report which will be issued to-day
may not show as favorable a situation ac-
tually exists owing to the fact that since the
first Of the month conditions in the crop ter
ritory have made marked improvement. In the
government report conditions will be shown as
Of July L Information received yesterday from
Western railroad officers was extremely en-
couraging for farmers and owners of railroad
securities. The recent rains followed by warm
weather, have done much for corn and grain,
and If climatic conditions continue at pres
ent bountifuI harvests will be gathered West
srn roads are making preparations for big
grain traffic this year, but, despite their plans
and their increased equipment, q famine
is likely to develop. General mercha ndise traf-
fc is now enormous all the railroads Of the
country and as a consequence the light move
ment OF grain does not prevent railroads from
showing big gains in earnings. It is well to
bear in mind that, Notwithstanding passing ad-
verse troubles investments will hardly suffer
For the last week in June roads reporting gross
earnings showed total gain over the heavy
traffic period year ago OF over per cent.
No gold will be shipped to Europe to-day.
Foreign exchange rates were heavy again yes
terday under the influence of increased offer
ings Of bills and lighter demand for remit
tances The chief developments In the money
market were the demand for money in the West
and an advance in rates at Western points. The
local Sub-Treasury was authorized yesterday to
transfer 100000 to Chicago on deposits made
in New-York, and reports from the first named
centre stated that heavy inquiry for funds
had arisen for the Central and Far Western
points. The fact that the demand for money is
so far ahead of the usual time indicates the
substantial character of business throughout
the country and It's rapidly expanding tendency.
The shipments from New-York TO Chicago. how
ever, are doubtless connected in part with the
corn deal on the Chicago Board Of Trade.
THE DAYS OPERATIONS IN BONDS