New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-10
BONDS
THE DAYS OPERATIONS N STOCKS,

THE DAYS OPERATIONS N SIOChS.
Further strength and activity marked me
course of the stock market yesterday. Ne"
,,et record r,rices were made by many issues,
while throughout the list price Improvement IS
general The bull market maintained de-
snite advanced rates for call money. and at the
close predictions were made that values would
continue their upward tendency for several
weeks to come. Talk Of gold imports Helped
speculation. but the dominating factors al
fecting quotations were the buying by important
market interests and the increasing enthusiasm
over the expected results Of this years har-
vests. Missouri Pacific again the leading
feature advancing on heavy dealings 10 a new
high record price Of 125k. and closing at 124iz.
a net gain Of IL points. It is generally believed
that this stock Will sell at $50 better before
the end of the year. Missouri Pacific will enjoy
an enormous increase in traffic in the next
twelve months. owing the success Of the
corn crop while in addition It will he helped
bv better traffic arrangement with the ST.
Paul company and by the growth in the general
merchandise movement. which is now such
marked factor in affecting earnings of all the
Southwestern lines.
Evidence of closer relations between the Gould
and Rockefeller interests reflected in the
buying of Missouri Pacific and St. Paul The
rest of the Gould group all bought, par
.ticularly the Wabash issues, which also made
new high record prices Wabash preferred and
debenture B bonds taken by investors,
long time spectators and insiders, buying Of
the last named being especially heavy. Wabash
preferred has great possibilities and the charac
ter of the current buying in the issue suggests
that it is one Of the cheapest and best Of the
low priced railway shares to accumulate for a
higher figure, Colorado and Southern. another
inactive cheap stock was feature in yester-
days market Louisville and Nashville and
Southern Railway advanced on the same class
of buying Brooklyn Rapid Transit taken
l5y Flower brokers, Southern Pacific and Union
Pacific were both in demand; also Missouri
Kansas and Texas. Detroit Southern and Balti-
more and Ohio. The hard coal shares exhibited
4 heavy tendency. but suffered important re-
action. Reading, for instance, closing only half
a point under Mondays final price. In the in
dustria1 list there was further buying Of Pressed
Steel Car. American Car and Foundry. United
States Steel common. Sloss Sheffield and Ameri-
can Linseed oil at advancing prices. Total
dealings amounted to over l1o0oe1 shares,
with the heaviest operations in Atchson, Balti-
more and Ohio, ST. Paul Chicago Terminal pre-
ferred. Louisville and Nashville Missouri, Kan
sas and Texas, Missouri Pacific, Southern Pa
cihc, Southern Railway. Texas and Pacific
Union Pacific. Wabash preferred Western
IniOn ana ANA lS2rHGIe0 copper missouri Pa
cihc. Wabash preferred. Southern Railway
Southern Pacific and Western Union were the
leaders Rock Island small dealings ad-
~snced TO 200. Transactions in bonds amounted
in par value TO over s. 100000 Of which tha
Wabash debenture issues supplied over one
half, total figures being S3.479.0o0. These bonds
closed at sssz. an advance Of Az points from the
opening. The preferred stock gained points.
Despite the activity in speculation there is no
widespread public demand for securities. Thar
IS, the sc-called speculative public has not been
heavy buyer in the current market The
public is waiting. Many outsiders are waiting
fer lower prices, but the chances are they will
be active buyers at the top. The immediate
prospects for bear campaign are dismal and
passing speculative reactions apparently present
the only opportunities just TO secure stocks
at cheaper quotations. Wealthy banking and
railroad syndicates substantial individual cant
tslists and investors have been the princinal
buyers Of stocks in the last six months Their
purchases have not been made with a view IN
quick liquidation, and in many cases the stocks
bought by these interests have been for pur-
poses OF control and for actual investment As
consequence, these issues have been with
drawn from the market. The floating s,Ipolv
Of securities is not enormous, arG the tendency
of The time is 10 reduce the amount of stock
available for speculative purposes. 1t is true
that millions Of dollars worth of new securities
have been created IN the last year. but the fact
is generally lost sight OF that millions of dollars
worth Of old securities have been retired. ana
locked up. while millions Of dollars worth of
the new securities merely represent old values
81 new form
The so-called Gates element sold nlany stocks
last week and the market was not affected as
offerings were quickly absorbed by powerful
Eastern interests. The plans and purposes If
the big railway and banking interests in the
East involve the holding of enormous amounts
Of securities, and until these plans have been
successfully carried no efforts will be made
TO distribute holdings that are now in safe de-
post vaults. To hold property control controllinx
interests forced 10 be the actual rnajorltv
stock owners. instead of depending on proxies
The ease with which control can be purchased
in the open market, as instanced in the casa
of Louisville and Nashville, has induced heavy
buying of securities by the Morgan, Rockefeller
Gould and Vanderbilt interests OF the properties
strengthen their hold on the control which they
have so long exercised. This kind of buying
takes stocks from weak hands TO strong hands.
and il creates further safeguard against mar
ket Generalization as result OF high none,
or other passing unfavora bic developments. Gail
money yesterday did not go above s per cent
The first gold exports from Australia TO San
Francisco were arranged for Monday, total en-
gaSenents amounting to S1,750oo0