New-York tribune., 1902-06-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.


great change came over the stock market
Yesterday A buying movement of large proper
tions set in and prices advanced rapidly for
stocks on the active list. There seemed TO have
been a speculative reawakening. which brought
with il a veritable boom. Operations on a
heavy scale were instituted in Illinois Central
and in Wabash common at the opening, and be
fore long were extended 10 other leading stocks.
including Missouri Pacific Union Pacific. South
ern Pacific Atchison. st. Paul, Reading com
mon Pennsylvania and New-Nork Central l he
enlarged demand for these stocks continued al
most without abatement TO the close. The i'm
pro1enent in values also continued without
much interruption. the final quotations being
not far from the best of the day. The coal
strike seemed 10 be disresarded.
Illinois Central was bought in anticipation or
the new issue Of stock by the company under
the terms OF which announced late in the
dav the stockholders receive valuable rights
They are privileged to subscribe for the STOCK
at par TO the extent of pa per cent of their pres
ent holdings. The rights. were reckoned as he
ing worth about 10 per cent on the basis OF the
closing price of the stock on Tuesday. which
MAS 153L Yesterdays closing price being
7as1L tho supposed value of the rights was not
entirely discounted The high price attained
for the stock was 1904 The buying OF "aoash
was Of an excellent character. and was paseu
on the remarkable increase in earnings ny the
road and on the highly favorable outlook Tor the
future.
The large financial interests are hopeful 1oT'
and. in fact, are counting on further enhance
rnent in securities. Likewise. the more lnpor-
tant speculative element is in favor OF. ana
when circumstances are propitious undoubtedly
will work for higher prices The coterle OF
Western operators who earlier in the year maoe
in1portant movements in several stocks to their
great profit probably may be counted on to en-
gage in extensive ventures as opportunities oIIer
They are reported being strong believers IN
the continuance of industrial activity and gen
eral business prosperity The rank and HE OF
traders in Wall Street have found out that
money is more readily made on the long than
the short side of stocks, and presumably may
be relied On to join in any effort TO advance
prices.
Preparations for the July / interest and other
disbursements are proceeding, and thus FAR
have exerted no adverse influence on the money
market. These payments will be heavy. but by
! the time they are due the arrangements for
N them will doubtless have been so perfectly made
that rates for money will not have been ma
teriany affected. The tendency of money is to
flow from the interior to New-York- The abb
sorption Of currency by the Treasury has been
reduced to small proportions. and in a fort
night the government will release immense
sums much of which Will at once become avail
able at this centre. There does not appear to be
anything in the outlook fer money TO cause ap-
I,rehension
A stiffening in the rates Of foreign exchange
is not taken 10 presage gold exports. 1t Is true
that the present supply Of exchange is light, but
that fact so far as now be determined, will
not entail the shipment of gold TO Europe. 1t
viii not be long before grain bills will be offer
ing in liberal amount. and likewise cotton bills
in the not distant future viii be numerous. In
be met with bankers bills which later can be
covered with the grain and cotton bills. The
balance Of international trade probably is con
siderably against this country at present. but
the difference will be adjusted in due course
Favorable reports of conditions in the corn
corn will be raised this year. While there is as
yet no official information the subject, il is
known that the planted to is very
large. With entirely propitious weather, yield
of 2,500000oO6 bushels Of is said not to be
improbable. Il is not difficult TO calculate the
value of such a crop Should farm price of 10
tents a bushe he obtained. the value of the crop
would be 81 250. .O00 Gee. Since the stock Of old
corn is exhausted, it is unlikely that corn
may bring 20 cents the farm. no matter what
proportions the production may reach Corn is
an especially advantageous crop for the rail-
roads o.i account of the immense tonnage it
creates