New-York tribune., 1902-08-09
BONDS.
THE DAYS OPERATIONS IN STOCKS,

Stocks were strong and active throughout the
day, with net gains in the greater number OF
Issues at the close. on the advance heavy
profit sales were recorded. but in only few is
sues important price recessions followed. Hook
ing Valleys advance on Wednesday attracted
realizing yesterday. and for time. while sup
port was not offered. the stock sold from lO6
to 9784, with partial recovery before the close
Illinois Central and Louisville and Nashville
were also heavily sold. but sales were so well
taken that the quotations were not affected
save to the extent Of checking the furious pace
set in Wednesdays market. There was good
buying in the shares named, and in Southern
Railway. Rurnors Of deal involving a number
of Southern roads. including Louisville and
Nashville and Illinois Central were again heard
In the Street. but nothing of definite nature
regarding the future Of the properties could be
learned If securities holding company is pro-
posed il is not likely that active steps 10 put
through such plan Will be taken until de-
cision has been rendered in the Northern Secu-
rites case. Erie common and Colorado and
Southern. two attractive cheap stocks were in
demand and higher prices were predicted for
both securities. Reading rose nearly one point
on reports that the dividend the first pre-
ferred would not be passed Strength in Anal
lgamated Copper was helped by rurnor that
copper interests. although well informed people
placed little faith in the report. Fractional i'm
provement occurred in Southern Pacific. Atchi-
son and St Paul. but in common with other
issues, they suffered to extent from subse-
quent profit taking. The general market was
helped by reports Of heavy export engagements
of grain, which counterbalanced a frmer mar
ket for sterling exchange The condition Of ster-
ling at Paris makes gold exports from this coun-
try in1practica bic on a strictly exchange basis.
The principal drain on banks to supply funds
TO move the crops viii affect the NewYork in
stitutions as according to dispatches received
from the West the banks outside of Chicago
have little money available to lend for the crop
movement. AS the crops promise 10 be large this
year the demand for money will doubtless be
heavy and local bankers are, therefore looking
forward to higher rates before the end Of the
month The inquiry from the interior will prob
ably develop in about two weeks. Call money
will Of course, be more affected than time
funds, and for this reason il may prove wise
move for brokers to take supply Of time funds
at prevailing quotations The money market
later on in the year will be in a position to
finance a big bull speculation in stocks, but be-
fore that time brokers with time funds on their
hands may be able TO employ their money on
call at profitable figures. Many people are wait
ing to get into the market They believe that
prices will work higher this year, but they hope
to buy at a lower level than that current.
Perhaps their opportunity may come some day
when passing fluctuations in call money cause
liquidation in securities.
According to the known movement of money
in the week the local banks have lost only about
S650000 in cash holdings. Unless. therefore,
loans have been heavily expanded reserve above
legal requirements Will not be materially
changed from a week ago Trade reports re-
ceived last night showed 10 weak spots in the
industrial situation, and no factors Of more
than z passing adverse character Labor
troubles have not checked trade, save in special
localities. The coal strike is injuring the miners
more than the countTy's business. the ability
of the producers secure soft coal keeps the fac
tories going, while the misguided miner is losing
his wages and public sympathy The loss in
earnings of the anthracite coal roads as g result
Of the strike is the gain of the soft coal COM
panies and it is ewing in great part to this fact
that the soft coal railroad shares have been in
such good demand Buying Of Norfolk and
Western has been encouraged by the increased
earnings and by the belief that the dividend will
be advanced to 8 per cent