New-York tribune., 1902-08-15
BONDS.
THE DAYS OPERATIONS IN STOCKS,


Stock market trading not heavy, hut
prices were generally strong and higher. with
pronounced advances in number of issues
While the idea that money market disturbance
msv develop has doubtless frightened many
commission house traders from the market, II
apparently has had such effect on substan-
tial market interests who are backed by large
financial resources. Buying in the last few days
has been for the account of people who can al
ford to hold their securities through passing
declines This buying reflects conviction on
the part Of careful traders that stock values will
sell higher because Of the remarkably favora BE
position OF factors underlying the actual worth
of investment issues There is no reason to sup
pose that stocks bought will not sell much
higher later on in the year. despite the facJ
that many Of the standard issues are selling
we'll 1np the speculative level. Bear campaign
ers cannot hope for more than temporary sue
. long as the country's crops and BUSINESS
are so good as at present.
The tendency TO buy the medium and low
rriced stocks which was noted in Wednesday s
market was again a feature yesterday OF the
high priced shares Louisville and Nashville was
q leading favorite. Although Louisville is sell
ing at a price that measures its investment
value, the chances are that speculation viii
carry it much higher. 200 being predicted by
well informed people It is also thought that
St Paul viii reach 200 A large amount Of
money is required 10 carry stocks OF this class
and it therefore appears reasonable TO believe
that speculation will run into the cheaper is
sues with increasing force, Missouri Pacific,
which was well bought yesterday. is still a
medium priced stock All the Gould shares are
attractive at ruling figures. especially Texas
and Pacific and Wabash issues. Texas and Pa
cifc is earning over per cent on its stock
Western Union in demand in the afternoon
at advancing prices; also Southern Pacihc, To-
ledo St Louis and Western, ST. Louis South
western and Chicago Great Western. Southern
Pacific was the most active stock the list
at net gain of over points. Rock Island
closed at a net gain of 3 points. and Louis
VILE and Nashville at points. In the indus
trial list conspicuous strength was shown by the
express company shares. United States Steel
shares Colorado Fuel and Iron and American
Grass Twine The last named stock advanced
l1a points to 59l2. Money on call ruled at i
per cent Sterling exchange was weak under
the influence Of freer offering OF loan and
commercial bills.
Preparations for disturbance in the money
market will prove the best preventive OF
trouble. The fact that higher rates are proba-
ble has induced caution in circles where the
need of conservatism is greatest. and as a con-
sequence there will doubtless be no stringency
and 10 upheaval in financial quarters. Indeed
there now appears little chance Of more than
brief period Of stiff rates for call money. as the
situation in the West indicates that the demand
for money this centre will not be heavy
Reports received yesterday from Chicago,
Kansas City, Minneapolis and Omaha show
remarkably strong bank position in the Western
cities while they suggest that, despite heavy
crops this year, the home banks will not be
forced to make heavy calls on New-York for as
sistance There is vast amount Of money in
this country, and it is absurd to suppose for
minute that with a Treasury overloaded with
funds the greatest financial centre in the
United States will suffer money famine The
Secretary of the Treasury viii certainly in
crease deposits in national banks if the situa-
ton requires assistance of this character.