New-York tribune., 1902-07-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

There was an active outside demand for stocks
tn Yesterdays market Trading was heavy
throughout the list, with dealings better dis
fributed than on any other day in many weeks,
especially in the low priced shares and issues
that have recently been neglected. 1t is prob
able that on the advance many weak commits
sion house accounts were accumulated and
technical market conditions weakened thereby.
Factors affecting the real value of securities
however, were all in favor of higher prices
Money remained at comparatively low level
reports from the crop section of the country
were favorable, railroad earnings were heavy
and the chances of a soft coal strike appeared
dim Buying of the coal shares was apparently
lnased on the belief that decision by the BIZ
luminous miners not to strike would be fol-
lowed by a resumption OF work in the anthra-
cite territory. The rise in Colorado Fuel and
Iron 10 80 followed alleged interview with
Nr Gates stating that he now had absolute
control of the property. Prices in most shares
maintained their strength until the close, with
last quotations near the best of the day. St
Paul was an exception ending at a small net
loss.
Heavy buvfne OF the Southwestern railroad
shares especially Texas and Pacific, was again
a feature The demand for Texas and Pacific
is based on the companys present favorable
position and its excellent prospects for heavy
earnings in the next twelve months. Texas and
Pacific is a Gould property. All the Gould stocks
are popular just now, and important market in
1erests have recently increased their holdings in
Missouri Pacific at 113. Crop conditions in the
territory of the Southwestern roads are par
,ic1,lariy promising and If the harvest yields
on the basis OF current estimates the railroads
viii in addition 10 heavy general merchandise
traffic have an enormous grain tonnage to
handle In the last few years the Gould roads
have enioved the benefit of large expenditures
on roadbed and equipment, and as a conse-
ouence they are now in a position TO move
heavy trainloads without a corresponding in
crease in the cost of operation.
Missouri Kansas and Texas shares, which
have long been dormant were active features
az advancing prices. The company is earning
enough to nav ; per cent on its preferred stock.
and IT is likely that barring poor harvest a
dividend will be declared this year. Chicago
end Alton Chesapeake and Ohio. Colorado
Southern and Kansas City Southern were again
heavily bought the Western element being the
chief factor in the dealings. This Western crowd
9, literally rolling wealth. and it is not averse
10 letting the world know that its operations are
IN the bull side of stocks and that ii intends
IN remain on this side just long as the condl-
,ions underlying values remain so strong and
prosperous Success has marked the move
rnents Of the Western millionaires on the bull
side of securities and il naturally requires un-
,,susI courage and deep convictions to sell stocks
short in the face Of the triumphant Westerners-
Yet there are some men who believe that money
can now be made in staying short Of stocks
Total dealings yesterday were above l'0oo'ooo
shares.