New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-01

STOCK VALUES ADVANCING.
MONEY AND EXCHANGE-HEAVY RAIL
ROAD EARNINGS.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
The stock market strong in the greater
part of the week a heavy volume Of bust
Commission houses were active, inPor-
tant market interests were actively engaged IN
speculative operations and traders in general
were buiIish. Declines where made were due to
realizing sales. but offerings were 50 well ao-
sorbed that reactions amounted 10 only insignln-
cant figures The money market situation MAI
urally was the chief topic of interest in the
week and when il became known that the
Treasury Department was actively interested III
local money affairs sentiment in the stock
market developed increased bullishness- Can
money ruled at a relatively low figure through
out the week and time funds were in good sup
ply at : per cent The banks have. il is under
stood made arrangements to take out a large
amount of new circulation. for use chiefly Tor
local purposes meeting interior requirements
with legal tenders.
The so-caled big apparently Wen
supplied with time funds. and conse-
quence, they not worrying over the course o.
the call money market in the next two months
Prices of stocks moved last week in line with
the operations OF powerful capitalists and there
is reason to suppose that a downward course
will develop. when the market becomes
overbought and general technical conditions
q
shares. however. do not look especially attrao-
tive at current prices Investors who buy these
issues at the prevailing level secure only small
return on their money, while, far as buying
the high priced issues for speculation Is con-
cerned, il should be borne in mind that the cost
of carrying these shares is heavy. and that their
prices are likely to suffer quick downward move
nents that only large margins support
The low and medium priced railroad shares and
the attractive industrials are certainly in line
for popular attention in the current market
Good industrial stocks. paying from = TO per
cent may be bought az prices yielding from .
to 10 per cent. Eventually these shares VIII
sell higher: So also will the medium and low
priced railroad issues. such Southern Pa
cihc the Erie shares. Chicago Great Western
and Colorado and Southern. Colorado and
Southern runs through a growing country and
its securities cheap at present prices. The
common will. it is said. touch 20 this year.
Colorado Fuel and Iron sold as low as 15S4 in
the week, but closed at substantial recovery
1t is thought that the Gould Hartman nj aw-
ley interests have bought large amounts of
Colorado Fuel and Iron stock, and if it proves
TO be true that the majority stock ownership is
now in their hands so much the better for the
property The Colorado Fuel and Iron Com
pany is valuable property, but its future will
are more interested in stock speculation than
they are in producing coal and iron The
Oseood faction is convinced that the Gates
crowd merely wants the company in order to
turn 1t over TO the United States Steel Corpo-
ration Mr.. Hawiey and his associates would
doubtless like to control the Colorado Fuel and
Iron Company in order TO benefit the Colorado
and Southern Railroad. which they con-
troll. The United States Steel stocks were not
active in the last week. although quiet buying
for investment account reported. Sloss-
Sheffield Steel and Iron strong feature
that attracted considerable attention. There
was news affecting the property, but divi-
dend reports were circulated.
The Reading directors have reduced the divi-
dend on the first preferred stock in order to
keep alive the voting trust, while the Southern
Railway voting trust desires handle the prop
erty fer five years more. In the case Of the
Reading ii is believed that the majority Of the
stock is owned by interests other than
the present management, while the Southern
Railway directors evidently believe that dis
solution Of the voting trust Will be taken ad-
vantage OF by outside interests to secure enough
stock give them control The reasons for
continuing the voting trust are so sound that
all stockholders should not hesitate for a min
ute TO act in accordance with the present trus-
tees request. The Southern Railway has been
ably handled and its future will be much safer
in the hands of the voting trust than in the
hands of spectators. who, without a voting
trust. would be able to buy control of the prop
erty in the open market. 1t is also important to
the future welfare of all the Southern roads
that control Of the Southern Railway shall re-
main. for the present al least. with Mr. Morgan
and his associates. who engaged in inpor-
tant negotiations affecting the whole railway
situation in the South.
The coal strike is apparently nearing its end
General business conditions remain in favor Of
q high securities market Trade is good through
out the country, while the crops viii be enor-
NOUS Railroad earnings for the second week
of August of fifty railroads amounted to 50
S02 013 against 81, l3I $40 in the corresponding
period last year. increase Of SI6i 123 or q l6
per cent For the third week of August the
gross earnings Of thirty-five railroads amounted
TO 81 99S 692. against S1.i3l,3li in the CORE
spending period last year. an increase of S54T.-
SIS or 7.35 per cent. From July 10 August
81 the gross earnings OF thrty-hve railroads
amounted to So 402 131 against S52.22o,567 in
the corresponding period last year. an increase
of So 1S1. 563, or 6.92 per cent
GOVERNMENT BONDS