New-York tribune., 1902-07-27
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Transactions in stocks were moderately heavy
while prices were generally firm. with net gains
in most issues at the close. End of the week
evening of contracts caused some irregularity
at times but in the greater number of shares
continued public and pool buying was the dom
mating influence. After the publication of the
bank statement there was selling in some issues
based the loss in reserve, but declines when
made amounted to only small fractions. AL
though cash holdings increased in the week
81, 200 reserve above legal requirements de-
creased S2O6,S75. owing to expansion in La
bilities loans increasing SO 967, 200 and deposits
S11.404.3O0. Total reserve now stands at S15,
502, 400, against $23 12S57S a year ago and ST.
535,9T5 in 1900. Rock Island stock made
high record at 200A, and predictions that It
would reach 210 in the present week freely
INDUCED I'm. Sharp advances were recorded by
St. Louis and San Francisco issues on reports
that the road would be absorbed by the Rock
Island, and the activity, in these shares stimu-
lated demand for all the Southwestern issues.
st. Louis and San Francisco has plans of its
own and it is not at all probable that Rock
Island will secure the property, especially at
rent prices of the Frisco shares. 1t may be re-
called that several years the prediction fire.
quently made in this column that the Frisco
issues were attractive securities 10 hold. The
common was then selling at 9. while to-day il
IS quoted above -. In the general railroad list
Improvement was generally confined to frac-
tions OF the industrials Sugar Refining and the
Fuller stocks were fairly active and strong. On
small dealings Brooklyn Union Gas rose 212 per
cent. The market was irregular at the close.
Stock market trading IN the week was broad
and active with a further appreciation in
values. In many issues high record prices
We're made, but the character of the buying did
not reflect pure manipulation or indicate that
the top level had been reached. While Rock
Island was advancing the tiresome cry of man
ipuation constantly heard, but at the close
OF the week substantial reason for the advance
was presented by the announcement of plan
for a reconstruction of the company's capitali-
cation. Manipulation is a powerful aid TO bull
market. but it cannot make a healthful bull
market or maintain prices at high level for
any length of time without the assistance Of
strong factors affecting the actual worth Of
securities Manipulation did not carry Rock
Island to 200 The purchase of Rock Island at
present prices doubtless does not appeal to con-
servative buyers but there apparently are some
believers in the theory that after a reactionary
tendency the stock will go well above 200. There
are cheaper stocks than Rock Island, notably
St Paul If the present bull market continues
St Paul will undoubtedly sell well above it's cur
rent quotations. Some of the cheap industrials
ought to prove profitable purchases especially
as there has been no movement of Importance
in these issues in the present market. The
country's industries a sound basis, and
Industrial shares of merit entitled to better
market values.
There are many attractive industrial issues
that have proved their worth by their dividend
records in the last three years Preferred stocks
that pay from to per cent. and that repre-
sent companies that not overcapitalzed or
poorly managed are cheap below par. Yet there
are many issues of this class that selling
from 10 to II points under par. 1t may be
worth while to pay attention to stocks
such as American Car and Foundry preferred.
international Paper preferred, International
Pump and American Grass Twine. Reports from
trade centres in the week were uniformly favor
able. Crop conditions, especially as to corn and
cotton have made further favorable progress.
while the possibility of serious injury is grow
ing less every day. Merchants are looking for
ward to an active fall business. and the good
results Of year ago likely to be surpassed.
The strong position of the crops has created
great confidence in all lines of trade Current
prospects for a large export business this fall
are promising as cotton and corn shipments
will doubtless be unusually large. Europe needs
our cotton and grain and exports OF these
products will go far toward offsetting our in
debtedness abroad.