New-York tribune., 1902-09-04
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
There was a good demand for stocks in yes
terday's market, and, despite heavy realizing
sales prices were strong in the greater part OF
the day, with net gains in most issues al the
close. Efforts were made TO depress values
when exaggerated reports Of the mishap TO the
Presidential party were received. but outside or
the selling by a few tinid holders no liquida-
finn Of importance was recorded. The sudden
6enartllre Of a well known Western operator for
Europe and the unfavorable government cotton
report were also brought forth as reasonable
arguments for lower securities prices lhese
factors, however. failed to attract speculative
or investment liquidation. Traders reported a
broad market for all the active issues Sub
stantial market interests bought stocks. and a
good public following developed Standard Vi!
brokers were active buyers. while the friends Of
Rock Island Atchison. Baltimore and Ohio. Mis-
souri, Pacific Pennsylvania. New-York Central.
Southern Pacific Union Pacific and Reading
vere purchasers Of large amounts Of securities.
Reading common was again the leading &C
tive feature at an advancing price level AT
one time the advance was checked by heaVy
realizing sales and II was thought that sales
of this character came from people who had
suddenly realized that the competitive buying
OF Reading stock had reached its limit 1t may
be said on excellent authority that the inter
ests who have recently been buying Reading
for purposes of control have secured all the
stock necessary for their purpose, and that any
further advance will represent pure manipula-
ton. The idea that the Pennsylvania
pany is now the ma joritv owner of the Reading
induced buying of Norfolk and Western and
Chesapeake and Ohio. both OF which are con-
trolled by the Pennsylvania Irrespective of
their Pennsylvania affiliations, the Norfolk and
Western and Chesa peake and Ohio roads
valuable properties and especially at pres
ent. their receipts have been largely in
creased by the enormous gain In soft coal
traffic in the last few months Regarding the
effects Of the hard coal strike. it is interesting
to note that earnings Of the Erie IN July de-
creased IN gross 1898 S64; in net S261. 1.591 while
Jersey Central decreased 1860. .S19 in gross and
S465612 in net, comparison being made with
the same month year ago.
The government cotton report was a disap-
pointing surprise to Wall Street. Conditions as
Of August 26 far below those Of this time
year ago and two-tenths of a point lower than
the condition September l. 1896 the record
breaking period for bad cotton results The
present unprecedentedly low average of condi-
ton is due mainly TO the reports from Texas
and Alabama. in both of which States the pre-
vailing conditions nothing less than dis
estrous. The average for Texas is the lowest
ever reported for that State. In Alabama also
the crop is the poorest ever known. Georgia re-
ports points below its ten year average. The
condition in Louisiana is the same as on Sep
tember 1, 1900. six points below its ten year
average Mississippi reports seven points below
its ten year average but its condition is still
eight points above that at the corresponding
date in 1900 South Carolina is within one point
Of its ten year average. and North Carolina
Tennessee and Arkansas two points, seven
points and point above their respective ten
year averages. The Street expected big cot
ton crop this year, and the publication Of the
government report naturally caused rapid up
ward movement in cotton options the Cotton
Exchange. Forty minutes after the opening Of
the Exchange September cotton rose from S54
to sec. October from $50 to S6s. and November
from $50 TO $50.
The total dealings in stocks were larger than
on any preceding day this year. amounting to
over 100000 shares. Reading, which ad-
vanced i Is points, supplied in round numbers
cS5, 600 shares Chalf stock), Pennsylvania 1e6 800
(aaf stock) Norfolk and Western over 5000
New-York Central 1900 Southern Pacific
6o0oo Union Pacific 5000, Atchison 10000
Baltimore and Ohio 62.ooo. St Paul Il, 100 and
Analgamated Copper $1,000. Buying Of the
last named thought to be for Rockefeller
account St. Paul taken by Rockefeller
tral and Pennsylvania developed just before the
close blocks of 200 TO 1900 shares being taken
by prominent houses. Pennsylvania closed at
a net gain of 5 points. There few impor-
tant losses In the active list, Colorado Fuel
and Iron. Detroit Southern preferred, Kansas
City, Fort Scott and Memphis and Louisville
and Nashville furnishing the chief losses. In
the industrial list Peoples Gas taken by
a good class of traders, the stock advancing on
dealings OF over 1900 shares 115 points to 1861
Peoples Gas may be a slow mover, but 1t will
doubtless prove a good stock 10 hold. There
are many industrial shares that selling be-
low their actual worth. and there is no good rea-
son why these issues should not be bought at
current prices TO hold for future profits. Inter
national Paper preferreu Pressed Steel Car,
American Grass TWine, American Car and
Foundry and international Pump are cheap at
nreseut prices The market closed strong and
excited