New-York tribune., 1902-07-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.

On g. large volume of business the stock mar
let made further progress toward higher level.
Prices were strong throughout the day, with
new high record marks in a number OF Issues
Commission houses active buyers. and de-
spite the parrotlike repetitions OF certain pes
sinisticaIly inclined individuals that the market
was nothing more than circus or manlpula-
ton" there an excellent investment de-
rnand with & large public following in all the
more active issues Mr.. Gates and his frienos
are doubtless leading factors in the market
The assertion however that the Western ele-
snent Is alone responsible for current activity is
utterly absurd and not worthy Of serious dis
russion. Powerful pools start bull markets, but
1t requires public buying to make bull move
snents successful. Total dealings yesterday ag-
sregated 916 1S9 shares. The announcement or
further gold shipments had no effect on values
while there was no sign in the money market
of uneasiness over the outward flow of the
metal. In the granger group further important
gains were made by Rock Island and st. Paul
Atchison enjoyed a maximum gain Of 19s points
and Great Northern preferred rose points.
Union Pacific was the most active stock on the
list at net gain Of over 1 point, the advance
being helped by the strength in Northern Secu-
rites stock on the curb. The Southwestern
shares were well bought: also Colorado South
ern issues. In the industrial list the Fuller
stocks made further noteworthy improvement.
Sugar Refining was up over 2 points on covering
OF shorts. while Amagamated and the Steel
shares showed little change.
The current gold export movement is natural
development of the international monetary situ-
alton Conditions in the local market do not
courage the belief that the outward movement
viii reach important proportions. but even il
exports should be made in excess of present
estimates the financial markets will be able
easily TO supply the foreign demand without
causing a disturbance in New-York. If specu-
Iation in stocks becomes rampant at time
when gold is going 10 Europe. advance in
money rates will check the securities market.
while influencing the sterling market to an ex-
tent that will make shipments Of the precious
metal improbable. Gold is coming to the
United States from the Klondike, and as most
OF the amount received on the Pacific Coast
will find its way into the New-York banks the
foreign inquiry for the metal should not arouse
feelings of fear in banking circles. Indeed. there
IS no disposition consider the movement with
alarm. There are awaiting payment many mill
ions of maturing foreign obligations. but bounti-
ful crops in this country will be an influential
factor in the settlement of any foreign debts.
The demand for currency from the interior will
doubtless be heavv this year especially if the
crops turn out as well present conditions
promise.
There is enough money in the country to meet
all the legitimate demands of trade despite
the irresponsible talk OF some spectators that
there should be a large increase in the supply
of the circulating medium. Mr.. Gates was re-
Gently quoted as saying that there ought to be
q bill passed by Congress TO increase the cur
rency in the country, that business could be
more largely conducted a cash basis 1t is
doubtless true that the supply of money is not
Increasing at a rate that satisfies certain specu-
1ators who know more about speculation than
they do of economic questions. but il is a fact,
however that the gain in money in circulation is
increasing in fair proportion 20 the needs of
legitimate business. There will be plenty Of
rooney under present conditions as long as credit
&c not strained Perhaps the enormous opera
rjons of the spectators who wish for enough
money in the country TO conduct business on
cash basis have Influenced some banks TO curtail
.he credits of these spectators. with the implied
suggestion that their transactions have reached
q noint where cash settlements are desirable.
There has been an increase of about 30 per cent
sn circulation in the last six years. and this
tendency is still going on there is little reason
-or complaint regarding the amount OF money
3n the country The only unfavorable feature or
the situation lies in the system that locks SO
much money in the Treasury vaults. III II is ao-
,,rstted that overspeculation and strained credit
conditions exist then the demand Tor money
,uould If granted, only increase the danger by
an Imitation of the currency. lnnatlon or the
currency would prove a great stimulus to an
oyerextension of credit
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-Market steady Final