New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-08-27
BONDS
THE DAYS OPERATIONS IN STOCKS,

Stock market values We're strong until the
last hour when realizing sales and bear pres
sure caused sharp reaction throughout the list.
In some cases early advances were entirely
lost, while at the close there were more net
losses than gains. The decline was not due to
outside Developments but had its origin in
purely speculative conditions. The medium and
low priced issues We're bought by prominent
market interests. stocks such as Erie. Texas and
Pacific Southern Pacific. Missouri. Kansas and
Texas and Wabash shares passing into the
hands Of people who are ''bulling' the market
and who are confident that conditions govern
ing the real value of securities warrant still
higher market quotations. Pool buying was
again active IN Pennsylvania. Southern Pacific
and Baltimore and Ohio. Atchison common, on
heavy bidding. made a new high record price
at 25s4. Atchison will doubtless sell above par
and 90 as high as Union Pacific. as the stock
Is being accumulated by interests that are able
10 shane the course of the market in the dlrec-
ton Of higher prices. Atchison is a growing
property The company's lines run through SIX
States and TWO Territories. all of which are
rapidly growing in population and profitable
Industries Atchson preferred stock is one OF
the cheapest of the sound railway investments
on the list. paying per cent, and yielding
nearly that amount at its current market price
Run1ors that strong pressure was being
brought 10 bear to settle the coal strike helped
the anthracite shares and the entire list in the
forenoon dealings Reading shares maintained
most Of the Improvement until the close. the
common and first preferred ending the day at
net gains Of y point, and the second preferred
at a full point. Mr.. Baer. of the Reading. was
In conference with Mr. Morgan yesterday. and
the Street naturally assumed that the coal
strike situation the reason for the meeting
\, .z0Trn
shares and a settlement viii probably not be
an important factor in the market. other bull
forces are already actively at work. Total deal
jngs ran above L. 100000 shares. with the heav
fest operations in AtChson. Baltimore and Ohio.
Chesapeake and Ohio St Paul Colorado Fuel
and Iron. Erie. Kansas and Texas. Texas and
Pacific Missouri Pacific. Pennsylvania, Reading,
Southern Pacific Southern Railway, Union Pa
ciic and Western Union Union Pacific con-
vertible Is were again heavily dealt in. In the
industrial list further quiet absorption of Amer
scan Grass Irvine and American Car and
Foundry for inside account was reported Both
companies are doing a big business with earn
;nge far beyond dividend requirements
The so-caIIed Western element does not stand
alone on the bull side of the market Other in
-erests as powerful financially Mir. Gates and
his followers are supporting stocks. and despite
the talk OF high money and dear prices many
conservative people are buying securities at the
current level. The possibility of a per cent call
money market is certainly no bar 10 a bull
market when conditions governing the actual
worth Of stocks are sound. Low bank reserves
in New-York reflect the expansion that is going
on in the country's industries, and It is absurd
IN worry because the fall demand for funds from
ont Of town may cause further decrease IN
surplus reserve. There would he more occasion
70 worry if there happened 10 he 4 plethora OF
money al this centre. Large bank reserves are
fndications of dull times in trade The larger
snec1,Iative interests have evidently supplled
themselves with long time loans ana as d coIlSe-
uuence they are conducting their operations III
.,octs irrespective of present monetary condi-
,,ons Call money. however continues 10 rule
. relatively low level and accommodation
( :. easily secured for stock market purposes.