New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-07-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Strength and activity marked the course of
trading In yesterdays securities market Prices
were strong throughout the day, with many
substantial net gains at the close. chiefly in the
stocks of railroads traversing the grain belt
and in a number Of shares of prominent dividend
paying companies in other parts of the coun-
stry. The end of the Chicago bull revel in corn
sdoubtless was important factor in the days
upward movement, while the relative ease in
money and the promising crop reports from the
West also served to induce an active commission
house demand for securities. The Western men
who managed the deal in July corn were heavy
operators in the railway shares So-called Nor
gan brokers took round amounts of so-called
Morgan issues. and London was large buyer
on balance. Transactions not well dis
tributed, however, the leading Western
shares, Chesapeake and Ohio, the local traction
tissues, New-York Central. Reading, Norfolk
and Western, Amalgamated Copper and the steel
securities supplied large proportion of the
dealings.
Aggressive buying was reported in Chesapeake
end Ohio and Chicago and Alton both of which
enjoyed sharp advances. Buying of the first
named was credited TO the Gates element al
stock on the theory that there will be general
soft coal strike declared at to-day's Indian
apolis convention. Atchison continued its up
ward movement. and talk Of per cent divi-
dend was heard. Notwithstanding its advance
OF the last week, Atchison common is not con-
sidered dear at current prices per cent
stock while in well informed quarters il is con-
fdently believed that the stock Will eventually
sell at par. Atchison preferred. per cent
stock. sold at 1O15s yesterday. a quotation that
is remarkably cheap from the point of view of
the companys earnings. physical condition and
prospects, and also in comparison with some
other 5 per cent issues that selling many
points above this level The high grade issues.
such as New-York Central and Pennsylvania,
were strong features: also many of the cheaper
stocks, as Colorado Southern, Chicago Great
Western. Erie and Wabash.
In the Industrial list the shorts were vigorously
attacked, and in the case of Colorado Fuel and
Iron marked improvement was made. The steel
shares were in good demand Irrespective Of the
merits Of the various suits pending against the
United States Steel Corporation, it cannot be
denied that, based on the condition Of the steel
and iron industry. its prospects for the next two
years and the enormous earnings of the big
steel combine" the present prices Of the United
States Steel securities are ridiculously out of
proportion to the actual worth of the issues.
Buying of American Car and Foundry issues
was based the company's heavy earnings
and the understanding that the common stock
dividend will be advanced to 8 per cent in the
fall. The enormous volume of traffic on the
railroads has returned a rich harvest for the
equipment companies. and no better evidence of
the country's prosperity can be presented than
the enormous orders that are now being placed
for new cars and locomotives. Although the
various railroads have added heavily to their
equipment in the last year. they looking
forward to a car famine when the time comes
70 handle the movement Of grain. Such factors
naturally increase the value Of the securities
of the sound car and locomotive building
Germs.
The money market showed important
change, and despite shipments Of currency to
New-Orleans and Chicago and the possibility
Of gold exports bankers considered the situation
highly satisfactory. The conclusion Of the Chi
cago corn deal has removed the fear of heavy
call for money from that centre for speculative
purposes In the movement Of money between
the banks and the Sub-TreasUry so far this week
the banks have gained over 100000, while
the interior shipments from here have been
much smaller than the receipts. Gold exports
ere not expected this week.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-Market steady. Final