New-York tribune., 1902-08-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS
Although the trading element exhibited con-
siderable bearish sentiment there were few i'm
nor+ant declines in stocks. and no concerted
efforts TO bring about lower level OF values
In the greater part Of the day prices were IT.
regular with sharp advances in a number OF
issues and only a few more net losses tnan
gains at the close Transactions were light
however and in great part for the account OF
professional operators. Louisville and Nash
willie made a new high record price at lo4's
while striking gains were also recorded by Du-
Iuth. South Shore and Atlantic preferred. Min
neapolis ST. Paul and Sault Ste Marie. faclhc
Mail. Toledo ST. Louis and Western. lnterna-
tional Silver and American Grass TWlne IN
siders were again buyers of the last named
stock and il was reported that further ma
terial enhan ancement in its price was expected
This issue closed a. 6ll4, net gain OF IA points
As the stock pays dividends at the rate Of .
per cent a year, the upward movement IN us
market value is more than justified Paclnc
Mail was up nearly 3 points, but there was no
news affecting the property, the advance being
a++ributed wholly 10 a traders turn. Nhlle de-
cInes at the end of the day outnumhereo au-
vances. there were no important losses IN the
active list and little selling pressure from com
mission houses. There We're moderately hedNE
sales of Missouri Pacific and Southern IA
cific but offerings appeared 10 be well taken
Detroit Southern issues were in demand IN Ihe
last hour. In the bond department selling Of
Central of Georgia incomes was due 10 reuuc-
tion in the annual dividend on the first incomes
froro < +o 3 per cent As the road has more
than earned the full > per cent, it is assumed
frat the directors have decided to increase the
appropriations from earnings for improvements
II is suggested in some quarters that the inter
ests in control of the property desire to concen-
frate the income issues in their own hands be
fore permitting a further advance in prices
The ffrsts declined from 81 TO S1l2 and the sec
onds from 4112 to 10
Calamity preachers are endeavoring to i'm
press the public with a theory that the money
market will soon knock the props from Stock
Exchange quotations and create demoraliza-
tion ard great bear victories. Call money once
advanced TO 1S6 per cent. but the intrinsic
value of investments was not affected, general
business affairs continued TO move in favor
able direction. and only foolish spectators were
hurt in the stock market High money markets
are capable Of causing disturbance in weak
speculative accounts. If money rules at high
level this fall, sudden setbacks in stock prices
will Doubtless follow. but such declines will not
worry genuine holders Of securities. The pub
lie is not in the present market to any extent
there is little likelihood of Generalization on
the Stock Exchange So much is being said and
written about the dangers in the money mar
ket situation that commission houses have
nut their affairs in good order and the specu-
lative markets have made preparations TO meet
some kind of d shock. in preparing for dis
turbance Wall Street is taking the very best
means to prevent il.
A London authority says that American bank
ing houses Will have difficulty in securing
gold in the London market this fall The supply
OF gold abroad IS large. and the Banks Of Eng
land. France and Germany are in a position 10
satisfy the needs of the local situation if neces-
sity should compel appeal for foreign assist
ance Substantial speculative forces are not un-
loading their securities because of money market
uncertainties Indeed. they are adding to their
holdings on all attractive opportunities There
is good reason, however. for men of slender
resources not to carry large amounts of stock on
small margins at current prices, as passing
fluctuations may he wide enough TO wipe out
weak accounts while not disturbing the big
pocls and Western millionaire operators. Care
full operators who buy in the present market
take the low priced railway and industrial
issues In this class sound dividend paying
shares and prospective dividend paying shares
are quoted many points under their actual
worth and as their real value is steadily in
creasing patient traders who buy at present or
on reactions should be rewarded with handsome
profits. There are many good things in this
stock market for people who are satisfied to
exercise patience.