New-York tribune., 1902-09-06
BONDS
THE DAYS OPERATIONS IN STOCKS

Stock market trading was active throughout
the day on an irregular movement q Vslues-
Expectation Of higher rates for call money vas
doubtless responsible for liquidation in mum
ber Of issues il The early dealings, while aItef
noon estimates OF to-day's bank statement
served for tine TO check bull enthusiasm II
commission house circles. Despite these factors
decided strength was shown in many issues ana
declines when made were, as a rule. insignih-
rer+ Poo1 b,1vins was reported in Peoples
Gas Missouri Pacific ST. Paul and q number q
other shares St Paul sold up over three points
N runners Of an increased dividend Pennsyl-
wanna Norfolk and Western Missouri Pac-hc'
wabash shares ard Rock Island were strong
features. Considerable strength was eXhlolteo
sv the industrial list, substantial advances belns
made by the Cast Iron Pipe issues RepubIlc
Iron and Steel issues, Pressed Steel Car ana
ssloss-sbeffeld People's Gas rose nearly three
points on reports Of favorable earnings ana pool
buying. Virginia Carolina Chemical advanced
oxzar . rer cent on rurnors that i had secured
ro-7-,ol Of the American Cotton Oil Company
A 1ere sharp advance took place in American
Malt preferred, and Colorado Fuel and Iron
moved up suddenly II the afternoon dealings
Chicago Union Traction rose over q point on n
creased dealings. Pacific Mail was a decidedly
strong feature, and United States Leather pre-
ferred rose 11z per cent decline IN money
afternoon
large percentage cf net advances at the close
The medium and low priced shares are becom-
sng more active under the influence Of buying
by a good class Of operators. In the last few
DAYS medium priced issues, such as Missouri
Pacific Afchison, Norfolk and western and
Southern Pacific. have been in demand. while
among the cheaper stocks Wabash common and
preferred Texas and Pacific. Colorado and
Southern. Southern Railway and Detroit South
srn have been features. Stocks Of this class are
worth buying al the current level. as their
actual value is increasing, while the cost OF
carrying them is comparatively light. Colorado
and Southern viii doubtless work 10 90, while
Wabash common. Chicago Great Western and
Erie are likely 70 do as well. While stocks OF
the high priced class will doubtless reach
higher level it may prove wise for the greater
number Of operators 10 confne their attention TO
the medium ard low priced railway and in
571s+rial issues In the industrial class there is
no good argument against the purchase of
high class per cent issue like Peoples Gas or
high class issues such as American Car and
Foundry preferred, which yields nearly per
cent; the common, which sells at 80 and pays >
per cent, with the certainty Of ; per cent this
fall: American Grass Twine, which sells al
81 and pays > per cent; International Pump.
per cent stock, and International Paper pre-
ferred a per cent issue, which returns about s
per cent
St Paul stocks viii, II is said, sell at 200 and
better. The course Of this issue in the last few
weeks has been in the direction Of the price
named. and if the bull market continues 200 will
doubtless be reached. Intrtnsically st. Paul is
not worth 200 to the investor who buys al the
current level and on its merits the stock is not
worth a cent more than Atchson preferred, q
solio < per cent issue of one OF the largest and
most prosperous roads in the country The low
priced stocks may move slowly, but they ought
gradually TO reach higher level and prove on
purchases made al present more profitable than
the fancy priced shares Call money touched
per cent yesterday, ruling at per cent. Ac-
cording TO the known movement Of money in The
week the Clearing House banks lost over $4,000
600 in cash The change II surplus reserve VIII
doubtless be unfavorable unless Ihers has been
q heavy contraction in loans