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

The stock market was strong on an eXpend-
| ing volume of business. Sharp advances were
| made in many issues under the influence VI
| noo1 buving and an increased outside demand
| The so-called Western element was ac'NeS
| identified with the days upward movement ana
+,a h,,,1 ran,arks of Mr. Gates were effective in
| creating n most chee full and expectant senu-
| mont in speculative circles. Wall street, at
| Ieast the speculative element is beginning u
| consider Mr.. Gates an oracle ana Wheh he
states that the crops will be large ana ''i
| ,rices will 90 higher spectators believe that
results must be as predicted 1t mas pesh d
ha bit of the great" men in Wall Street OFTEN 10
| talk higher prices and at the same une 10 us
trihute their stocks among their public ao-
mirers In the present case, however 'ie
chances are that the big men are operating IN
line with their talk as they doubtless believe
that much better prices may be obtained tor
their holdings later on in the season
Hooking Valley issues were active suohs
features. The advance was accompanies ~
reports that movement is under way TO fe
tire the preferred stock against an issue OF COM
rnon with rights, while the upward move III
Norfolk and Western was said to be conhec'eu
with the buying of Hooking Valley wen III
formed people placed little confidence in the
last report. as it thought that the NortoiK
and Western would be the subject of important
deyelopments only in connection with the Penn
svIvania. which holds control Of the property
Manhattan was sold strike rumors. but the
stock was well supported and rallied easily
Hooking Valley common gained ot2 polh's SCI
ING at fu4la against 9624 for the preferred.
Other striking gains were made by Illinois Zen
trail 4la points. Iowa Central preferred -1s
points: Kanawha and Michigan. ~ points
Louisville and Nashville, 39s points NashNH'e'
Chattanooga and ST. Louis. 104 points New
|
9Il points: Norfolk and Western. ~ points
| and Burlington Cedar Rapids and Northern
| IL points The gain In the last named was on
| dealings of only 200 shares In the ihdustrlai
| list Peoples Gas feature on a Eo"d CLASS
of buying Peoples Gas is one Of the INDUS
trial stocks that is selling many points under
its active worth. 1t is solid per cent lssue'
and intrnsicauy il is worth as much as many
gas stocks that are selling many points higher,
International PTper preferred is an"ther IN
dustrial that is quoted too low
| When the raiIraa4s begin to handle this year
big crops a car famine is likely to develop Al
| though the railroads OF the country have added
heavily 10 their equipment in the last year the
supply of cars is stlll inadequate TO handie
satisfa ctorily the current heavy volume or heF-
chandise traffic. Car building companies are
therefore pressed with work. and earnings are,
| as a consequence remarkably heavy. Expan-
sion in the ra abroad mileage Of the United states
is likely To run Tor long time to come
practically indefinitely far as this generation
| is concerned and with the resultant demand
for cars and locomotives added to the replace
rnent of new equipment for old on existing
roads the car and locomotive building COM
NAMES have a future that ought to encourage
great optimism among the holders Of the com
panies' securities The Pullman stock sells far
UP the investment scale. Its merits are widely
known and there is little of 1t for sale al
present prices A position similar TO that occu-
pied by the Pullman stock should some day
be accorded to the shares Of the American Loco
motive Company and the American Car ana
Foundry Company.
A reflection OF the enormous business now be
ing handled by the American railroads is TO be
found in the heavy increase in the number or
cars used a dav as compared with year ago.
New York Central, for instance. is moving
about 1900 a day than last year.
and it is expected that the gain will not only
be maintained, but increased in the next few
months Earnings of the Central in July In
creased 500 $50. The Southern and Southwest
era roads continue to show decided improve
inert in earnings and there is every reason to
believe that the gain over last years big
turns will continue. The South and Southwest
will have bountiful harvests this year while.
in addition as an important influence rail-
| road earnings, general industrial activity will
| undoubtedly make record breaking progress. For
| the last week in August gross earnings of the
Louisville and Nashville increased $123,265.
Nashville Chattanooga and St Louis increased
Sill o42 Norfolk and Western increased $50,
| 24O Missouri Pacific increased $1,000 and
| Southern Railway increased $40, 1876. If the
Southern Railway maintains its present rate of
gain its common stock will soon be in line for
| dividends.
| THE DAYS OPERATIONS IN BONDS
| GOVERNMENT BONDs.-Market steady. Final
| quotations follow: