New-York tribune., 1902-07-09
BONDS.
THE DAYS OPERATIONS IN STOCKS,

Evidence OF increased speculative activity was
reflected in yesterdays stock market operations.
This was especially pronounced in 81 faui'
Atchison, Missouri Pacific. Union Pacihc'
Southern Pacific and the soft coal shares st.
Paul stock is evidently being accumulated by
interests that are well informed regarding the
property and its prospects, and II is believed
that the buying foreshadows developments that
will have an important bearing the future
welfare Of the road. Various rumors are heard
respecting the cause of the movement in St
Paul stock. For instance, it was reported yes
terday that closer relations would be estao-
Iished between the company and the Union Pa
cific and heavy buying of Union Paclhc ana
Southern Pacific lent color to the rumor Ihere
was, however, no actual news from ST fanl
headquarters. The Western element vas an
active factor in the days trading, baslng It's
operations on the known favorable progress OF
the crops. The fact that excellent showing
is expected in the government crop report
which will be issued tomorrow. was doubtess
an effective influence in shaping the movement
of values, especially in the Western railway
shares. Buying of the standard investment
issues was the leading feature of the dealings.
There was good investment demand for New
York Central, Pennsylvania. Illinois Central,
Missouri Pacific Union Pacific and Union Pa
cifc convertible As Rock Island small trans
actions rose nearly points. while Missouri
Pacific touched the highest price Of the current
movement. In the industrial list ceiling press
ure was noticed in Sugar Refining and Colo
rado Fuel and Iron, the latter closing 3le points
under the preceding days final figures The
Steel shares were fractionaly down at the end
The leading strong feature in the industrial list
was American Car and Foundry preferred,
which advanced 1 point. to 92$s. In the after
noon the whole market sold off on realizing
and bear pressure, bat final prices generally
showed net gains.
The course Of stocks in the current market re-
fleets no disposition on the part Of the chief
owners of securities TO part with their holdings.
Few people entertain the theory that prices
will work materially lower for q long time to
come despite the relatively high level at which
many stocks are selling. Believing that
quotations viii maintain Their present strength.
and that if the crops turn out well values will
go higher. holders of good stocks and bonds
are naturally unwilling sell at ruling figures
In view Of conditions underlying investment
values the attitude Of prominent market inter
ests IS reasonable. Indeed. it appears practi-
caIly safe predict better prices for the August
market providing the harvests are mp TO pres
ent estimates The uncertainty the prob
able yield Of corn and wheat is an adequate
argument for keeping the public out Of the mar
ket, but II is a fact however. that in certain
etocks quiet accumulation for investment and
speculative account is going on. Brokers report
little speculative business for the general public,
although they continue TO handle fair sized
operations for prominent market interests
Bonds are moderately active, with tendency
toward expansion in the volume Of business.
Money market conditions do not foreshadow
extreme ease in rates. There is however, no
possibility Of stringency, and little chance Of an
important advance before the early fall. Money
Is IN good demand throughout the country.
Trade requirements urgent enough to pre-
vent a plethora of idle funds at any centre
but such factor in no possible way be
distorted into a bear argument on securities
Sterling exchange. after opening firm in yester-
days market, exhibited sagging tendency
owing to a good supply Of bankers bills and
q reduced demand for remittance. In the Paris
market exchange on London advanced, ana
this with the easier tendency here, considerably
weakened the chances Of gold exports to-mor-
row In the Chicago market July corn touched
90 cents, but closed at 81 cents.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-Market slightly lower.