New-York tribune., 1902-07-11
BONDS
THE DAYS OPERATIONS IN STOCKS

p The movement of values in yesterdays mar
ket was extremely irregular with more net
losses than gains at the close. Opening prices
showed no trace of the liquidation of the pre-
ceolng day, but in the subsequent forenoon
dealings there were several reactions from the
early advances. New-York Central however
maintained its strength throughout the morn
ing, moving from 1855 at the start to lGO5s be-
fore il O'Clock, and closing at 100, a net gain of
: points. Pennsylvania also strong feat
ure. and throughout the list the more active
issues ended as a rule at net gains, despite the
fact that in all stocks there were fewer gains
than losses The copper shares were up on
covering Of shorts. In the so-called Gould
dssues recoveries from Wednesdays decline were
made, inside buying in the late trading helping
the advance, which in Missouri Pacific amount
ed to points. St. Paul was fractionally under
Wednesdays last quotation, also Colorado Fuel
and Iron, Rock Island, Louisville and Nashville
and number of inactive shares. In the indus
trial list Sugar Refining rose points on heavy
dealings. The steel shares We're moderately ac-
tive. closing at fractional advances. In the
last hour the market strong and active
The operations Of the millionaire spectators
i'm the corn market causing alarm in some
circles on the theory that these spectators viii
overreach themselves and cause a disturbance
in stocks as well as in grain. If the present
corner in corn is 10 be judged by precedent ii
will be 4 failure. 1t is only necessary to recall
the deals Of Mr.. White. Mr. Letter and Mr.
Phillips in corn 10 appreciate the dangers that
beset the present manipulators in the Chicago
grain market OF course. Mr.. Gates and his fol-
lowers are powerful financially, but the fact that
they have sent TO an artificial price sug-
gests element of danger that should not be
passed by lightly If the corn corner is sue
cessful certain number of people will be finan-
'cially injured. while if failure follows in the
wake of the present bull operations there may
he some uncomfortable moments in stocks OF
course, no one believes that the banks will be-
come frightened and call loans on the Gates
crowd, but the mere idea Of such a thing natu-
rally creates uneasiness in money circles.
Factors against the pulls in the stock market
are technical in character, and they are not
worth the consideration of actual investors
Moreover, if prices go lower as result of the
operations Of hear traders good opportunities
Nill be presented for the acquisition Of securi-
ties at cheap quotations Money market condi-
tions evidently worrying the banking
community. but it may be well to bear in mind
that in view OF the extended loans of the local
banks overextended speculative operations may
AT any time be checked by a calling Of loans by
abe leading lending institutions 1t is estimated
by well known banker that there out
standing least Sl00,00O.000 in sterling loans
but no danger is apprehended from this source,
as European borrowers show a disposition to ac-
cept renewals when asked for If the crops
yield large harvest this year there will he
enough corn and wheat for export to bring
about an important change in international
money market conditions
No further transfers OF currency to the West
were made yesterday through the Sub-Treas-
Dry. but advices from the interior indicated no
let up in the demand for money at Western
points. Country banks in the Middle and Far
West are making unusual demands on the Chi
cago institutions, and the latter are compelled
10 draw on their balances in this city. Consd-
era be money has been shipped by express to
q 'hicago this week by the city banks and the
loss on this account. with SSub-Treasury trans
fers will doubtless be reflected in lower bank
cash holdings in tomorrow : statement Of aver
ages Weekly reports Of the foreign banks pub
Isbed yesterday were favorable Strong bank
reserves abroad VIII De effective influences in
helping ont the local situation.