New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-09
BONDS.
TEE DAYS OPERATIONS IN STOCKS.

DAY OPERAlloNS IN f>hoOANN'
Although call money advanced to 10 per cent
with an average of a per cent for the oas
business the stock market was strong III 'iie
greater part of the five hours traoihs' hh''
prices showing net gains in most issues tio-
nounced strength shown by many sloohS'
esnecially the Gould groups Chicago ana Fast
ern Illinois, Rock Island, PACING coast ISSUES
Needing and q number of the industrials- Buy
ing was apparently for the account OF suOS'hi
tial market interests. Brokers who act for lne
s.,,zo,,5 oil oeonle for the Goulds and the van
derhilts were active purchasers Of securities
,,bila the ordinary commission houses reporter
a good demand from their best class OF CUSTOM
ers Expectation of gold imports ana a sel'ie
,,ent of the coal strike were factors allec'iiis
the course of values, but the main consiueia-
tions influencing prices were based on the cum
trys business prosperity and on the peHel 'ii"'
business growth will continue The people VINO
are now buying stocks evidently are convinced
that current market values have not YET ois-
counted present and prospective industrial eA-
,o,,rion Missouri Pacific the leading acuNe
fea+,re AT a net gain of Us points. The enufe
Southwestern group was in good demand: also
the hard coal shares. Wabash stocks ana bonus
were strong and higher. dealings IN 'he pre-
ferred amounting 10 over 23.eeo shares' anu III
the debenture r bonds in par value to over
S230OooO at an advance Of 29s points Inc
preferred rose from 49S4 to ol12-
The advance in the Wabash issues is luliS
justified by the increase in the intrinsic value
of tbe securities and 81 the roads remarkably
1,rieh4 prosnects The fact that the wabash
svstern forms an important link in what is prac-
tically a transcontinental system insures Tor tne
company further heavy gains in earnings "a
large increase in traffic will come from the
coronanv's new roads in the East. as these lines
tap a country rich in coal, iron and manufact-
,,-es Tn the last three years the Wabash com
many has made wonderful progress in earnings
heavy gains having been recorded in almost
every week, with especially large increases in
the last year Buying Of the company's securi-
Ties has been for so-called inside account, and
for interests identified with the commercial
growth of the country through which the COM
pany and its new lines run Accumulation OF tfe
debenture 3 bonds has been going on TOT
long time and is generally believed that these
issues will be retired and regular per cent
mortgage bond take their place Wabash pre-
ferred is considered by good judges the most
attractive cheap railway stock on the list
The West will doubtless soon send in the
usual speculative frost scare, but railroad
officers say that it will require killing frost"
even to injure the crop. which is now
practically beyond the stage where serious
damage can be inflicted The current grain ton
mage which represents in great part last years
crops is small receipts Chicago last week
amounting TO only 1864 bushels. against
. sos $50 bushels in the time a year ago.
Backward weather in some quarters has re-
tarded threshng of crops that have been har-
vested this year, but the railroads getting
ready to handle the heaviest grain tonnage on
record The westbound business continues
NOUS the demand for merchandise being
heavier than the supply. while the outlook
gives no indication of a let up in the move
roent. With the prospects OF a big corn crop
and of a steady addition TO the revenues of the
railroads il is not surprising that the temporary
adverse condition of the local money market
fails to induce liquidation Of securities The
sterling market was extremely weak yesterday
and il was generally expected that gold would
soon be imported from Europe
Buying Of the industrial shares was feature
,n the market that attracted considerable at
tention The industrial shares have not ad-
vanced in proportion to their merit. and in the
greater number Of issues much higher prices
are warranted by intrinsic worth The car and
locomotive building shares are candidates for
better market values: also American Grass
t,onal Pump the United States Steel shares
and Feople's Gas The United States Steel
shares are selling at low level based on their
dividend return