New-York tribune., 1902-08-06
BONDS.
THE DAYS OPERATIONS IN SToCA0


Securities values were generahy ilrlii anu 70
ar on a small volume of business opeii4iis
nrices were at fractional advances over MN
davis closing, while in the first hour soilie n.y.
.~a+o,,, taaI,v blocks of stocks changed HANDS
notably in Louisville and Nashville, MahIla''
New-York Central. Southern Railway Missouri
,,.a o,5 Taxas and Pacific. The days ac-
.,-t+,, however was confined to the hrst carry
dealings as in the greater part Of the h'e houi'
of business extreme dulness prevailed Ni4
haitian and New-York Central were IN ueH
on the belief that the Central Will seouie Gun
of or form a traffic alliance with inc
A rising tendency in st. Louis ana oah
co and Southern Railway was accoiiip"
further reports of a three-corhereu uea -,
. .be two roads named and Central Oh 1eolsl"'
,+ ae on the preceding day, no ofilclal ooil
Arrnation of such a plan coulo pe
Reading shares were not aHecteu OS - -,
80 aisna+cb which asserted that the voting
+r,,s+ would not be dissolved, ana lha' Ho U
dord would be declared on the first prefer e0
=. ~ ,ax+ dividend meeting Of the dlrec-
tors At the time of the reorganization Vi tne
I,..z,., oil classes of stock were deposited with
..,,o trustees for five years, and thereaA'ei
r+i1 d ner cent annual dividends shoulu DC
roid for two consecutive years on the hrs' pi'-
ferred stock although power was give" ~ "
trustees in their discretion TO surIe"Nei
stock at an earlier date. The company p"
,,i.,ar of Q ner cent in 1900. : per cent III
700, ard . ner cent in March, 1902. Earnings
ho,,a of course. been adversely affected by the
coal strike and IT is possible that the ol'eC'''
may consider II wise not TO pay tne iuI' PC
n. +b,s vear and incidentally keep control OF
the property, which evidently Is oeliis 0o
sought bv other interests. This theory. now
la sTprOrt in wall street L ne
Industrial stocks were inactive at small price
changes the only exceptions being the express
connany shares which enjoyed sharp up"HIu
moves The market closed with prices near 'He
best Of the day.
E7acatnts of Iklondike gold and excess Treasury
navn7ents are not likely to equal the interior
demand on this centre for frunds this year ouO
they will do much toward easing the strain on
local hank reserves. If the interiors require
ments reach important figures. the oahks VIII
he forced to contract their loans in order to keep
their reserve above the legal limit contrac-
ton in credits can be effected without injury to
genuine holders OF stocks, while operators with
ample margins will be adequately protected II.
through the forced calling Of loans. important
declines are registered in the securities market.
II is more than likely that if money rates run
IN this fall gold will be sent to this country
from Europe. The foreign financial centres are
now in a position that will enable foreign panK-
ers to send gold TO the United States and II
NAV therefore come to pass that New-York bank
reserves will be sustained by European ship
rnents of the precious metal. While the country
has Just been sending gold TO Paris. it may ap-
pear improbable to some people that the move
mont will soon be reversed but it should be
borne in mind that our heavy merchandise eX-
port season is approaching. that corn and cot
To he IN the fall, and
that money rates here likely to rule well
above foreign rates throughout the season.
Considering all the various factors that gov
ern the money market. there is no cause for un-
easiness Indeed. higher rates will merely re-
fleet expanding industrial prosperity. Loans or
the local banks at enormous figures,
amounting to nearly $920000000 but they are
well secured, and. in view of the increased re-
ouirements of business in the last few years,
the expansion since 1900 is not at all abnormal
Compared with this time in 1900 there has been
an increase in loans of $116000OOO. but cash at
present is only 81 600 600 greater. while reserve
above legal requirements is about S15,5000O0
smaller 1t will therefore be that while
legitimate causes have increased bank loans.
the institutions may be forced to call in credits
to stock market operators before the crop NOV
ing season is over. Notwithstanding money
market uncertainties, the leading men in Wall
Street are bullish. believing that there will be
no actual stringency in money. and that bumper
corn and cotton crops will provide enough bull
ammunition to carry securities values to better
figures than those now current Exchange on
London in Paris advanced again yesterday, and
as consequence 1t was thought that gold
ports from here over for the season
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BONDS.-Market steady. Final