New-York tribune., 1902-07-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading active in the TWO
hours Of business, and, despite realizing sales'
prices generally closed at net gains Inc pahh
statement showing a further increase IN cash
and reserve holdings, created a favorable I'M
preston on sentiment, but the general course or
the market was controlled by the considerations
that have guided operations throughout the
week. IN some stocks reactions were recoroeu'
although the buying was broad enough 10 pre-
vent important declines. Pennsylvania was
again a leading feature while Southern Rail-
vVsv and the stocks of the Pennsylvania aflli-
ated properties received a large share Of specu-
lative attention. In the early dealings Chesa-
peake and Ohio lost IL points, but recovered
most of the loss before the close. Nickel Plate
and Hooking Valley issues were strong features
Buying Of Colorado Fuel and Iron was based
on the belief that the Gates element is IN con-
troll of the property II is thought that any de-
cided upward movement in this stock VIII De
followed by a rise in Colorado Southern The
statement Of bank averages was Unexpectedly
favorable as in place Of an estimated increase
sn loans there was contraction Of nearly So
100000. while reserve above legal requirements
was larger by S3.4S2.315. Total reserve now
stands at SIS. .709 30 against S2l-029315 al this
time last year. and S24 OS1 800 in the year be
fore The fact that the activity il stocks in
the week caused no increase in the loan item
indicates that much OF the buying in the week
was for investment account or for spectators
who could afford 10 pay for their shares Brok-
erage houses report no weak accounts, operators
on margins being strong financially The mar
ket closed strong and active
In the week just closed stock market trading
reflected an active demand for securities, with
noteworthy increase in outside buying II Is
now quite generally admitted that the bear ele-
rnent that attempted week or more ago 70 es-
tablish lower level OF values has abandoned is
campaign for the present, doubtless bas-ng this
decision on the disposition OF millionaire opera
tors to work for higher prices stock market
history shows that July and August have gen
orally been bull months for securities; indeed.
the record Of the last seventeen years proves
that bull markets have prevailed 4 midsummer
In every year but one. Conditions this year are
most favorable 10 active operations for higher
prices and, Irrespective OF the relative high
level OF many issues al present. the chances
certainly favor further appreciation II market
quotations. The low priced railway Shares and
the sound industrial issues are promising candi-
dates for popular approval Il Is thought that
Southern Railway, Colorado and Southern. Chi
cago Great Western Kansas City Southern and
Detroit Southern will be strong features IN the
rest Of the summer.
Trade reports received yesterday showed
healthful expansion in the country's industries
The anthracite coal strike has had apprscia-
bic effect on business, while the decision of the
bitunlinous miners not 10 Join the hard coal
men removes all danger Of serious trouble IS
result OF a scarcity of coal. Since the local
Health Board began its crusade against the
users Of soft coal, there has been enough
thracite available to meet all demands. a fact
that bears out the statement made IN this col
urnn In the early days Of the strike that the
anthracite companies had on hand enough coal
70 meet regular demands throughout the sum-
rner. The coal strike has cost the Reading and
other hard coal companies many dollars. and
the report that the Reading VIII pass its divi-
dend on the first preferred stock finds for this
reason many believers. In some circles the idea
Is entertained that the dividend may be passed
IN order keep alive the voting trust. and IN
cidentally retain the management OF the prop
erty in present hands Such action would seem
totally unnecessary II the Pennsylvania has
cured control Of the property, inasmuch as the
Morgan interests. who control Reading, are
working in harmony with the Pennsylvania. 1t
Is quite probable that If the voting trust should
be dissolved this year new interests will be
found TO own Reading It is quite likely also
that before the year is there VIII be i'm
portant changes in the control of several rail-
roads.