New-York tribune., 1902-09-05
BONDS.
THE DAYS OPERATIONS IN STOCKS


THE DAYS OPERATIONS IN STOCKS.
Stock market trading was heavy throughout
the day on an irregular course of values. Early
dealings developed an uncertain tendency IN the
movement Of prices. while around,uoon declines
were general throughout the list Partial re-
coyeries from the low level were made before
the close. although final figures showed net
losses in The greater number Of issues D-stlhe'
Improvement. however. vas enjoyed hl a Z"
issues notably the Wabash shares, whi-h were
heavily bought by prominenf market inter es's'
Reading shares were heavy under realizing
sales The movements Of Reading common aP-
narently indicated rhe completion Of the
competitive buying for The control # the
Troperty: indeed. II vas said OF excellent au-
thority that for purposes Of control enough of
The stock had passed to Pennsylvania and Van
7erpilt hands. Much Of the selling in the morn
ing was for Western account. while the Last
vvas heavy buyer on the decline According
70 Street gossip upward Of 100000 shares were
sold for the so-called Gates element, While i
was thought thaI considerable outside lquld2-
lion was due 70 the departure of Mr- Gates for
Europe The facr that prices did not decline
70 any material extent reflected the best kind Of
support from interests as poWer1ui -lf2ai-C-a--S
as the Western element.
Total dealings amounted 20 more than one
million shares. with the heaviest TRANSACTIONS
in Reading, Atchison, Baltimore and ono
Chesapeake and Ohio. Erie. Manhattan, MIS-
souri, Pacific, Nev-York Central, Norfolk ana
Western Pennsylvania. Peoples Gas, southern
Pacific. Southern Railway. Union Pacific. the
United States Steel shares and wabash issues
The reaction in Reading extended 70 about
3 per cent. Pennsylvania Railroad, after ad-
vancing i. per cent, declined , points Balti-
more and Ohio after gaining per cent, was put
under pressure and closed fractionally lower
than on Wednesday. There were some sharp
setbacks in the Southern railroads affiliated
with the Pennsylvania system. New-York Cen
tral lost over = per cent St. Paul showed con
sidera bic strength through the day, but finally
yielded to the general downward tendency, al
though its net decline was small Missouri Pa
cifc several times sold above Wednesdays
close but suffered small net loss for the day.
Union Pacific declined more than ] per cent,
and there were more or less important reactions
in Detroit Southern issues, Toledo, ST Louis
and Western and some Of the specia ties In
the Industrial list strength was shown by Peo-
pies Gas. the United States Steel issues Amer
ican Cotton Oil and American Car and Foundry
common. The advance in the steel shares was
due TO buying by banking interests. These is
sues were also features in the London market.
Peoples Gas was again bought by Flower in
1erests, and A higher price was predicted Call
money rose to 5 per cent in the afternoon. but
the greater part OF the days business was done
6 per cent
The amount Of money in circulation in the
United States increased in the last twelve
months So. .143. 121. despite the fact that
large fund was Withdrawn from the channel OF
trade by federal Treasury absorptons. Gold
certificates showed the heaviest gain. and all
items increased. saye Treasury notes Of 1890
and national bank notes the amount of the
latter declining S1215.936. On an estimated
population Of 79.344.ooa, the per capita crcula-
tion is soS -. against S2S Is on September
= wear ago. and SO - on September L. 1900.
1t will be seen from these figures that the
money supply in this country is in danger
of depletion through gold exports and Treasury
Withdrawals, and that there is no real cause for
nneasiness over the current monetary situation
The interior demand for funds is growing This
INQUIRY. however, can be safely handled by the
local banks notwithstanding the fact that
the reserve above the legal limit stands al only
9743.45a. The Clearing House banks hold III
actual cash S246. so S1o. and a temporary alb
sence of a reserve above the - per cent limit
would not be sound reason for disturbance 1t
is not probable. however, that the surplus re-
serve will be wiped out. increased banknote
circulation and reduction Of loans should serve
10 offset in great part the flow of currency to
The interior.
Southern and Southwestern railroad officers
are not upset over the poor government report
cotton. as any loss on cotton tafhc Wii.
they believe. be made up by an increase in the
general movement OF freight. And as far as the
South itself is concerned. smaller cotton crop
than expected will be compensated for by hiSher
prices. The South needs ter-Cent cotton, and
il may even have a better price this year Out
SIDE of cotton crop conditions continue excel
lent with the promise Of heavy yields, espe-
cially for corn. Harvesting is We'll under way.
The railroads in the West and Southwest
already oVerburdened with traffic. and there is
no reason 10 suppose that in the coming twelve
months earnings viii not break the records of
the last three record breaking years The Sc
curities Of railroads growing in actual
value and many issues are still quoted un-
der their actual worth. further price improve
rnent may be expected In the Southwestern
group Missouri. Kansas and Texas, Texas and
Pacffic Atchison and Missouri Pacific promise
10 Increase in popular regard as candidates for
better quotations.