New-York tribune., 1902-07-01
Sex dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

An advance in call money rates to per cent
had no appreciable influence on yesterdays dull
securities market. Prices generally showed i'm
provement at the opening, and after consider
able irregularity in the subsequent dealings the
general list closed heavy. with few more net
gains than losses. The rise in call money rates
was due entirely TO prepara tions for the July
interest and dividend disbursements. High
money rates are not likely to last beyond Thurs
day, there is ample amount Of money in
this city to meet all requirements while after
to-day bank holdings will longer be subjected
TO Sub-Treasury drain on war tax account
Efforts made by bear traders to depress
stocks the advance in money and the
cessve rains in the crop territory, but prices
failed to make noteworthy retrOgrade move
ment. Corn and wheat both advanced specu-
iative operations. Talk about too much rain in
the Southwest is not based a sound under
standing of the requirements of the soil in that
part of the country. The Southwestern stocks
were well bought. Pennsylvania was strong;
also Reading, Wabash, Sugar Refining, Cana
dian Pacific, Colorado Fuel, Texas and Pacific
and number of other issues in which dealings
were light. St Paul heavy realizing
sales, also Union Pacific. Covering Of shorts
was responsible for the sharp advance in Colo
radO Fuel and Iron. Standard Rope and Twine,
American Locomotive and Distiling of America
preferred We're strong features in she industrial
list Western Union lost point
Buying of Reading stock is apparently for
the account of interests who are anxious to
secure absolute control of the property. Con-
troI of Reading Will involve the ownership of
over 100000 shares, and it is estimated that
the present dominating interests in the COM
pany do not hold much more than half of the
amount named. It is thought in many quar-
ters that control Of the Reading will eventually
rest with the Baltimore and Ohio. There are,
however, persistent reports of buying for the
account of the Hartman and Gould interests.
despite the positive statement by Mr. Gould
several weeks ago that he not interested
in Reading speculation. Competitive buying Of
Reading may, of course, place the ownership
of the road in the hands of people who may
be inclined to offer it TO the Wabash. Wabash
stock is also being accumulated, and in well
informed quarters much higher prices are pre-
dicted for the security. Earnings of the Wabash
company have shown an almost unbroken week
~ record of gains for the last two years, while
the prospects of heavy traffic throughout the
current year particularly promising.
The freight traffic and the freight rate stu
alton in the West are eminently satisfactory.
Business is heavy and steadily increasing. Crop
reports from the territory along the various
roads promise bountiful harvests, even the
SOUTHWESTERN country, Wnlcn recently Suf1ered
from lack of moisture, reporting conditions that
mean good sized yields Of cotton, and rice.
The drouth has been broken in Texas and other
Southwestern States, and a consequence
great relief is felt among the farmers and the
holders of Southwestern railroad securities. If
the Southwest is favored with big crops this
year, Texas and Pacific and st. Louis South
western will doubtless become more popular.
The physical condition of both roads has been
wonderfully improved in the last few years.
The Gould properties in general have been
physically reorganzed in recent years, and they
are steadily increasing their facilities for
handling business and adding value TO their
securities. George J. Gould has built up his
roads without the assistance of financial re-
organization, and he is slowly acquiring conlrol
of the biggest line of railroads in the country.
Mr. Gould's intelligent and careful railroad work
deserves unstinted praise from every one who
is interested in American railroad and indus
trial progress.
THE DAYS OPERATIONS IN BONDS.