New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-05-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Irregularity marked the course OF stock mar
ket trading yesterday, with the tendency. in the
greater number of issues. toward a decidedly
lower level Dealings showed a further contrac-
ton in the volume of commission house bust
ness. while full activity the part of promi-
nent interests was confined 10 a few shares. At
this particular time dulness In trading is not
an unfaYorable symptom. 1t is not believed,
however, that a quiet market will rule for any
length Of time, II is thought in circles where
market judgment seldom goes wrong that the
large amount OF capital seeking investment and
the strong technical position OF stocks will in
duce a good outside demand for securities and
encourage the present large speculative holders
TO work for 4 higher level at which they can
gradually dispose of their securities at heavy
profits. Just at present the local banks are
not encouraging active dealings in stocks. This
is due in part 10 the banks requirements for
the May interest and dividend payments and to
the reckless speculation in International Power
stock and IN other manipulated issues The
banks should, of course, exercise great caution
IN accepting collateral and should criti-
else them for throwing out International Power
stock from loans after the recent developments
in that issue.
The opinion is evidently held in some quarters
that local bank loans are overextended and that
the enormous amount or money tnat is IN DOT
rovers' hands especially representing syndicate
deals and stock market operations. supplies
weak element in the local situation Bank loans
are Of course, large in comparison with several
years ago. Resources, however, are greater and
the expansion in general business in this coun-
try in the last few years has created greater
wealth and greater loan requirements. The loans
Of the New-York banks backed by the ma
terial wealth Of the country. They secured
saJr,e Of he test
commercial power in the world. This country is
rich in gold and industry and bank conditions
were never sounder than they to-day Local
bankers are keeping weather eyes open and they
will not increase their loan accounts unless they
are amply secured by gilt edged collateral. II
speculation in stocks approaches the crazy stage
st will doubtless be checked by calling Of loans
and higher rates for money. According 10 the
known movement of money in the week the local
banks have lost upward OF 100000 in cash.
due to heavy payments by the banks to the sub
Treasury The loss sub-Treasury operations
was over S4,700,000. but the banks gained
over s.. 100000 operations with the interior
the net loss reduced to the figures given
above 1t is likely that loans have been heavily
contracted.
Strength in the money market and calling OF
loans by certain banks induced active commits
sion house selling in the last hour. Weakness,
in some cases severe prevailed throughout the
list. and at the close net losses were general.
Western operators sold St. Paul and Atchison.
Adverse crop reports circulated. including
one from Chicago stating that conditions in
the wheat States were from TO 10 points lower
than April /, and. a consequence pressure
was exerted the Western shares. In the af-
ternoon the report of disturbance affecting the
highly speculative group of stocks the curb
and on the Stock Exchange. including Dominion
Securities, Hackensack Meadows Rutland Rail
way and st. Lawrence and Adirondack contrib
uted to the weakness in the general list. Rut-
land preferred lost Is points, and ST. Lawrence
and Adirondack. with 100 shares selling at
1881, quoted at 80 bid and 40 asked
the close. There was practically no market for
the issue. Dominion Securities closed at 60 bid
lis asked, against 11734 bid and 1882 asked
Thursday Hackensack Meadows closed at 400
as against S0AqS0l2 Thursday. North
American Lumber and Pulp which is controlled
by the interests that responsible for the
stocks just named, closed at 10 bid and 80
asked against 39Q40 on the preceding day
The only strong features Of Importance
Louisville and Nashville, 'Monon' issues Long
Island and international Silver. 1t was said
that the Western crowd bought Louisville and
@'Monon" while selling elsewhere in the list.
The upward movement in these issues
companied by reports of a 6 per cent dividend
for Louisville in July, and Chicago entrance
for the road over the Chicago, Indianapolis and
Louisville 1t is likely that the advance in
Louisville and Nashville compelled many oper-
ators in that stock to sacrifice other securities
IN order 10 protect their short contracts in
Louisville In the early dealings this stock ad-
vanced IA per cent, but sold off per cent
with the general list in the late trading. Among
the active stocks the heaviest net losses were
made by American Cotton Oil. American Loco
motive, Sugar Refining. Atchison. Brooklyn
Rapid Transit, Canadian Pacific. ST. Paul,
Colorado Fuel and Iron. Detroit Southern is
sues, Manhattan, Missouri Pacific, New-York
Central Reading, Tennessee Coal and Iron
Union Pacific and Wabash. On dealings of
1900 shares International Power lost II points
closing at 50. a net decline OF 109A points since
the closing price Monday. New-York Air Brake
on light dealings lost over points. Sentiment
was bearish at the close. Call money went as
high as 10 per cent, with the last loan at per
cent
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