New-York tribune., 1902-07-13
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was irregular ana duii
throughout the day, with more net gains thah
losses at the close. In the early dealings the
influence of the expectation of an unfavoraole
bank statement caused moderate selling pressure
in some issues while in the last half hour
prices were generally strong on buying induced
by an unexpectedly good showing by the Asso-
ciated banks. Instead Of the estimated decrease
in reserve there was an increase of S2142,lio.
due TO Z large contraction in deposits. AS usual,
the statement failed 20 reflect the actual posi-
tion Of the local banks, the changes in the de-
pesit item resulting from the operations OF a
few institutions. while the decrease in cash was
several millions under the loss as shown by the
known movement of money. Reserve above
legal requirements stands at Sl22269oo
against $40 sos $40 year ago, and Sl996ol-1
in 1900 Early buying Of Rock Island carried
the price up ( points. but in the absence Oh
active public interest no attempt was made TO
maintain the advance. Missouri Pacific was
well taken. Atchison in good demand at
advancing prices. This stock is being accumu-
latec by an excellent class Of buyers In the
industrial list the bear demonstration against
Sugar Refining was continued, but the price
lost less than a point. Amalgamated Copper
was weak on discussion of the unfavorabe re-
ports of earnings for the last year made to the
Montana authorities. United States Steel stocks
were shade lower. The general market closed
strong.
The movement of securities values last week
indicated no disposition the part of investors
and prominent market interests to reduce their
holdings. Bear traders at times succeeded in
depressing prices but there were few impor-
tant losses while in many shares decided i'm
1,royement was shown. The copper shares
were under pressure and apparently without
support save from that accorded by large
short interest. II is estimated that the short in
terest in Amalgamated Copper exceeds TWO
hundred thousand shares. The outlook in the
copper trade evidently is not reassuring from
the point of view OF many traders in stocks
and interests identified with the copper COM
pany and II is therefore not surprising that
Analgamated and Anaconda are sold short on
the firm conviction that both stocks will reach
a materially lower level Bear interests are
working in the market. but outside of copper
and some of the volatile issues there
appears little chance of important declines be-
ing made. An active advancing market may
not develop at a time when few temporary
adverse factors encourage bear operations
Money may rule higher and gold may go to
Europe. but the actual value of securities VIII
not deprecate.
The advance in Rock Island. carrying the
stock above 1870. places that issue on a leVe!
which yields about 263 per cent Rock Island
stock is closely held and it requires only a
light demand TO advance its price. 1t is said
that the stock will cross 200. pretty dear hg-
ure for a per cent issue. Pennsylvania stock
Yields nearly per cent, and on its merits IL Is
worth as much Rock Island, any other
fancy priced stock. such as NorthWest, St Paul
or Lackawanna. There many apparent in
consistencies in the present market, which Will
in time be eliminated by the movement Of
securities to the level that measures intrinsic
wcrth. For instance, Denver and Rio Grande,
which pays > per cent. will not always move
near 90 while Missouri Pacific. which also pays
= per
preferred a > per cent stock, sells near par.
while Louisville and Nashville. also a per
cent stock sells 40 points higher. Union Pacific
common a per cent stock sells above Atch-
son preferred. but the latter is a stronger in
Vestment proposition. There a number of
stocks that are too high and many more that
are too low. The low priced and medium priced
issues will doubtless be leaders when a real
bull movement develops
WEEKLY STOCK CHANGES.