New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-26
BONDS.
LIE nAY.s orERATIoNs Isl STOCKS.

III ia = va INA lO-NN - sNAoNhEH-
The majority Of stocks closed at net declines
but in the greater part of the day there was no
decided tendency in either direction. The volume
of business was small. although the selling
movement in the afternoon was accompanied
by marked Increase in dealings. Reports on
the Stock Exchange that two small banks were
in trouble led to declines throughout the list,
while a sudden meeting Of the Clearing House
committee afforded additional argument for an
attack upon values. Announcement before the
close OF business that unexpected and light diff
ficulties Of a certain bank had been satisfactor-
fly adjusted was followed by a sharp rally in
prices with closing quotations well above the
lowest Of the day. In a number Of ISSUES, how
ever, final losses were above per cent. notable
instances being Amalgamated Copper. AtchisOn
St. Paul, Rock Island, Colorado Fuel. Missouri
Pacific, Tennessee Coal and Union Pacific. a
few specialties and some of the standard shares
made sharp advances in the morning, and in the
case of General Electric and Iowa Central
good part Of the improvement was shown in the
closing figures. Returning confidence was re
hected In the last transactions.
Many substantial operators are taking ad-
vantage Of the present dulness in speculation
10 accumulate a line OF stocks for when bull
activity is again resumed. 1t is generally be
lieved in the Street that higher prices Will be
made before the end of the summer. This the
DRY is based on the trade and money situation.
on the expectation of large crops, and tech
nical market conditions. People who own Sc
curities naturally do not TO sell. and unless
general conditions change. people who wish TO
buy later on in the season will be compelled to
pay fancy prices for many stock and bond is
sues In view of the probability of renewed
operations for a rise, the cheap priced indus
trials ought TO appeal to buyers who appreciate
investment bargains. Quotations for the greater
number CT industrial shares are ridiculously low
and as their actual value is increasing il is not
surprising that intelligent operators are quietly
picking up these issues, both for investment and
speculative purposes. International Pump COM
mon, for instance. is in the class Of securities
quoted under intrinsic worth. The company has
just declared out Of last years earnings a div
idend Of per cent on its common stock and
unless radical change should take place in the
companys long established business dividends
viii be continued at the per cent rate on the
common and per cent on the preferred As
per cent issue the common yields over 8
per cent.
The present management of most Industrial
companies is beyond criticism, and this is par
ucularly true of the International Pump Com
pany, the international Paper Company
the United States Steel Corporation. People s
Gas Company and American Car and Foundry
Company The shares Of the last named com
pany were strong features in yesterdays mar
l0et on an excellent class of buying. Railroads
are ordering large numbers of new cars. and
as consequence the carbuilding companies are
enjoying exceptional prosperity. Current buy
ing OF the traction shares comes from good
quarters, especially the buying of Brooklyn Rap
id Transit and Twin City Rapid Transit The
common stock OF the latter company is
scheduled for a nigh price. as earnings for
the year are expected to show from TO per
cent after preferred stock dividends. This stock
and Brooklyn Rapid Transit should be among
The leaders In point Of advance in the next up
ward movement Money market rates for call
funds got as high per cent yesterday.
while predictions Of 10 per cent money before
the close of the week We're heard