New-York tribune., 1902-07-04
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was dull throughout the
day. Prices were generally strong but as a
rule, final quotations showed only insignificant
changes as compared with the preceding days
closing figures Money rates firm. For
eign exchange conditions foreshadowed gold ex-
ports and crop reports as received by bear trad
indicated a complete failure of cotton, corn
wheat and oats. Notwithstanding dismal fore
bodings as to the crops and the general busi-
ness outlook, holders of securities refused TO sell
their stocks and bonds. and, consequence.
professional operators were unsuccessful in their
efforts to reduce values. Prices showed OBJ
stinate disposition to advance with Louisville
and Nashville. Missouri Pacific and Illinois
Central leading active features. Buying of Illi-
nois Central evidently by people who are
well informed regarding the property. while
purchase of Louisville and Nashville and Mis-
souri, Pacific undoubtedly for the account
of inside interests. In dull markets a few
stocks do not show extraordinary movements
unless something important affecting the af-
fairs of the companies is about to develop
According to information received yesterday
Illinois Central will sell as high Chicago
and Eastern Illinois. The latter named stock
closed at 200. Dealings in the last hour showed
decided increase as compared with the early
trading. Prices strong throughout the
list with last prices generally the best of
the day.
The advance in sterling exchange in New
York and the declining tendency in Paris ex-
change on London have made gold exports pos
sible at a small profit There IS, however no
urgent demand for the metal abroad, and it
does appear probable that large shipments
will be made unless exchange market condi-
tions reach a point that will enable bankers
to export the gold AT big profits on the trans
actions. The position of the foreign excnanSe
market stands in accordance with legitimate
conditions. Gold shipments to Europe are no
more to be feared than currency shipments
from New-York to the interior. While the cash
and surplus reserve holdings Of the local banks
are not large. there is enough money on hand
and on the way TO this centre TO remove all
fear of stringency in money rates a result of
outward movement OF gold. Gold is begin
ming to arrive al Pacific Coast points from the
Klondike mines, and the greater part OF the
amounts received will find its way into local
banks through Sub-Treasury transfers II the
crops turn out well gold imports may he made
next fall
The monthly statement Of the amount of
money in circulation In the United States shows
an increase of S69. 563. 132 as compared with
this time year ago. There is little danger of
a scarcity Of money in this country but the
other hand the constant additions to the sup
ply fail to cause plethora of idle funds. The
expansion in industrial activity is keeping pace
with the increased output from gold mines and
receipts Of gold from the Far North Indus
trial growth requires money, and it is there
fore unfortunate that much Of our currency
must be locked UP in federal treasury vaults
when it might be put to such excellent
in the channels of trade and commerce. Fort
unately Government receipts will be
duced owing to the repeal OF the revenue
taxes, a factor which should be especially
noticeable in the local money market. Call
money ruled at D per cent yesterday with
ceptions at per cent. A year ago call money
reached % per cent.