New-York tribune., 1902-08-14
BONDS.
THE DAYS OPERATIONS IN STOCKS

Although transactions in stocks olo mo-
snount to an enormous total, an eNcelieI' o.'eS
nf huying developed, while prices auNaIceN III
she greater mart of the five hours Of trading.
The medium and low priced railroad shsres anu
many Of the valua bic industries were IN Ceiil'ii'
l,v brokers who represent substantial MAJ NJ
sn+ares+s The Gould stocks. Atchison, Nor1oIk
- z1es+arn Baltimore and Ohio. Toledo. St
v,ouis and Western preferred, Des Moines ana
r,or+ dodge United States Steel. National Lead
.,d International Paper were among the lead
srg market features. OF the Gould stocks MIS-
.ouri Pacific. Texas and Pacific and NapasH
securities were taken for inside account ouy-
,rp of Wabash debenture bonds reachlhS Il
total in par value Of S1,5S30o0. Despite oppo-
.ition the Gould system is making raPl0 prog
ress TO the coast. terminals. 1t IS sald' alIeauS
having been secured in Baltimore Inc NaoaSii
-o.d has with only few exceptions. shown
striking gains in earnings every week 1oT Iil7
last three wears and the day is not far instant
,rban tho stockholders will receive some return
nm their investments. The only important loss
an the dav was made by Rock Island. which
closed a. a net decline of 28s points to ISIS
anaIgamated Copper reacted near the close
but the general market was firm. with many
large net gains. especially in Missouri Facihe,
.he express company stocks. Colorado Fuel ana
Iron Des Mones and Fort Dodge preferred
International Paper. Keokuk and Des Molnes
issues Wabash preferred. Toledo. St Louis and
western and Manhattan. Buying Of Manhat-
ian was due in part 10 the settlement of the
dispute between the company and its employees
BUYERS of stocks at the ruling level will
5oubtless hnd that the low priced railways and
industrials viii eventually prove profitable in
xes+ments From the speculative point OF view
the high priced railroad shares are not at
tractive as IT costs large amount OF money
70 carry them while they are already selling at
a level that measures past and prospective I'M
movement in their actual worth a tendency
10 b,rv the low and medium priced issues has
developed this week. instances OF which were
recorded in Yesterdays dealings in American
Car and Foundry. International Paper, Erie
Wabash. Toledo St. Louis and Western pre-
ferra5 National Lead. Texas and Pacific. Des
Moines and Fort Dodge, Colorado and Southern
,ss1,es and United States Steel. Increased buy
ing of dividend paying industrials ought 10 de-
velop American Grass Twine pays substantial
dividends and sells under so. American Car
and Foundry common will be advanced TO a =
ner cent basis in the fall yet the stock is
,nder RI The business of the American Grass
Irvine Company is expanding rapidly, and as a
result earnings are far beyond dividend re
ouirements As the business represents an in
5us+rv that will he permanent there is every
ranv's stock. which amounts to S15000,00O, Of
which only S13. .OS3. 900 is outstanding Here is
an industrial concern that is not overcapital-
szed There are many industrial companies
that in rroDort:on to their business are not
carving anything like the load of capital that
the railroads are carrying And in many in
stances the preferred stocks Of solid industrial
conapanies are just as safe the first mort
gage bonds Of railroads
A market conducted on a sensible basis at
the time when the inquiry for money is active
viii doubtless be followed by higher prices and
neonle who are able 10 buy stocks outright or
on big margins at the present level or on reac-
rions will undoubtedly find the operation ex-
4rernelv profitable before the end of the year.
The money market position presents nothing on
which TO base a bear campaign, and the chances
of important declines are, therefore, extremely
remote Interests that expect high rates for
cali money should take in a supply OF time
money which be had for AZ to . per cent
for from TWO to six months. II is absurd, how
ever. 10 suppose that the great financial powers,
Including the Secretary Of the Treasury viii
permit acute disturbance in the monetary stu
alton. There is now more money in circula-
lion and in the Treasury than ever before
recorded while the position Of financial affairs
abroad is such as TO encourage the theory that
gold will be sent TO the United States as soon
as money rates at this centre reach an attrac-
tive level. Money goes to the point where 1t
can be most profitably employed, and high
rates here VIII, therefore, attract outside funds
Sterling exchange heavier yesterday 1t
is expected that within few weeks large offer
ings of grain and cotton bills viii be made.
According TO the report of national banks made
30 the Controller Of the Currency. the Western
financial centres have more money on hand
.nd are better able to handle this years crop
movement than ever before.
THE DAYS OPERATIONS IN BONDS.