New-York tribune., 1902-07-19
Eek dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS


Stock market trading was active throughout
the day, and notwithstanding heavy profit TAX
ing sales prices were firm, with many more net
gains than losses. The considerations that have
been effective influences in shaping sentiment in
the week promise to remain in force for long
time to come. Railroad officers whose oppor-
tunities for getting accurate information on the
crops are of the best are confident that the pres
ent condition of the growing grain assures an
enormous yield of corn and an average yield of
wheat even if climatic conditions should in the
rest Of the season be poorer than they have
been so far this year Western railroad men do
not consider the current prices of securities
high in view of the probability Of big crops and
the certainty of further industrial expansion
throughout the West. The opinion of these men
is worth a good DEAL their chances for OBJ
serving Western Industrial growth are much
better than those of some Wall Street traders
who believe that values have discounted every
thing promising in the situation. trip through
the West makes il clear why there are so many
bulls OF Western stocks. The West advanced
wonderfully last year. despite the partial
crop failure, and with big crops this year fur
ther industrial expansion viii be recorded.
That certain people would welcome lower
prices is reflected in the remarkable efforts
which constantly being made to depress
values. Only yesterday a story came from
Philadelphia that the directors of the Reading
company had decided to suspend dividends on
the first preferred stock. Needless to say, the
report was without foundation, while it
without important effect on the market quota
ton of Reading issues. Unfortunately for the
bears all developments are against them. This
unhappy element doubtless prayed for a disas-
trous ending OF the Chicago corn deal. for heavy
gold exports and for a bituminous coal strike,
but hopes based on such possibilities were utter
ly blasted by the course Of events in the last
few days The bears will have an inning some
day, but there no indications that that time
IS at hand Indeed the leading market
interests are arrayed the long side of specu-
lation, and they take no means to conceal the
fact that they have stocks for sale only at
higher prices.
Trunk line shares were in good demand, espe-
cially heavy dealings being recorded in Penn
sylvania. The Street is positive that con-
troll Of the Reading rests with the Pennsylvania.
The stocks of the Pennsylvania affiliated prop
critics were also in excellent demand at advanc-
ing prices. Baltimore and Ohio, Chesapeake and
Ohio and Norfolk and Western are enjoying ac-
tive speculative attention Realizing in Chesa-
peake and Ohio prevented substantial price i'm
provement. Louisville and Nashville was strong
also Southern Railway, the active buying in the
two issues reviving rumors Of a deal involving
was heavier than in any other stock on the
list, aggregating 20S,0OO shares. Among the in
dustrials active dealings were reported in United
States Steel, Sugar Refining, Amalgamated Cop
per and Fuller stocks. On a smaller scale of
business American Car and Foundry issues were
strong and higher. Quiet accumulation of the
last named issues has been in progress for sew
eral days. buying apparently being based on
heavy earnings and the prospect Of an increased
Fuller stocks advanced on the report Of a COM
bination Of the company with several other
prominent building and realty concerns.
According to the known movement Of money
in the week the local banks have gained over
S4,0oO.0OO in cash holdings. The estimated loss
in cash week ago was much larger than the
bank statement showed owing to the average
system, but this may be corrected in to-day's
statement with the effect of offsetting some OF
this weeks gain The increased operations in
the stock market may be reflected in an increase
In the loan item.