New-York tribune., 1902-07-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Under the influence OF favorable news from
the Western grain regions, the stock market
yesterday continued its upward course, with the
grangers in the lead. The trading was in large
volume for a midsummer day, although outside
buying was still inconspicuous; but on the other
hand. there was no evidence OF liquidation by
the public. and the great majority Of the issues
closed with net advances. The buying of the
day, while ascribed chiefly to the pools, prob
ably represented also in some measure invest
ment by important interests of their July L
dividend money. OF this nature. IL was be-
lieved, the movement in st. Paul which
advanced 21@ points. Atchison made gain of
25s points. closing at the top. st. Louis South
western, Denver and Rio Grande and Union Pa
cific also were noticeably strong. Missouri Pa
rifc, after declining in the first hour from ia to
ll274 under profit taking pressure. rallied easily
and closed at 1131s.
The advance Of Union Pacific was accom-
tauied by the rumors Of advance In the
dividend rate and of rights to the stockholders
through an issue of Oregon Short Line bonds
for funding the Union Pacific's floating debt
AS for the former report, at least, ii may be
said that no change in the dividend rate is at
present in contemplation. In sympathy with
the advance of Union Pacific stock. the con-
pertible fours were the feature of the bond mar
5zet advancing a point or more. The "coalers'
nvere strong but not very active rejecting the
growing belief that at the indianapolis conven-
fion on Thursday, decision Will be reached ad-
verse to the suggestion of a national strike OF
sroal miners and that very thereafter the
end Of the anthracite strike will come. with
the resumption of work in the anthracite helds
will come an added volume of traffic for the
railroads of the East as stocks everywhere have
been necessarily almost exhausted From all
the roads running east from Chicago are re-
,,or+s that a. normal amount Of business is being
moved at present and with the coal traffic
soon 20 be- resumed and the crop requirements
which must be met within few weeks the
5utlool is for" a continuance of heavy gross and
net earnings.
There were fractional net changes in United
States Steel the common declining 16 and the
preferred advancing p per cent The corpora
tion reports no cessation of the demand for It's
products. many of which are contracted for far
into the coming year. and its announced desire
IN secure At the earliest possible moment an
adjudication in legitimate suits brought against
st and 10 fight without compromise actions
which it regards as in the nature of strike
litigation will doubtless in due season result In
enhanced values for its shares in the stock mar
ket Amalgamated Copper sold down 10 " yes
4erday and closed unchanged from Saturday at
G3 The dividend meeting takes place this week,
md in view of the lack of demand for copper
lxets and the recently published statements of
decreased earnings of the Amagamated's con-
stituent companies, it is the opinion Of the
Street that a higher dividend than that de-
clared for the last quarter. p per cent is i'm
possible at present.
The decrease Of exports. as shown in the
Treasury Departments statement for June and
for the twelve months, might be a serious con-
sideration were it not for the prospect OF large
wheat crop and great corn harvest, which
will uroba bly, more than make good this short
ape The report that the taxes on call loans
mad been remitted in act passed just before
the adjournment of Congress was welcome news
TO Wall Street, where it has been unpleasantly
realized that enforcement of the collection OF
these taxes would mean disaster for not few
commission houses and heavy loss for ALL not
20 speak Of the possible losses Of their customers
through failure Of the brokers'