New-York tribune., 1902-05-25
BONDS.
THE DAYS OPERATIONS IN sToCRs.

Final price changes in yesterdays securities
market showed small net gains in the greater
number of issues Throughout the two hours
Of trading dealings were extremely hght, Whhe
quotations moved within narrow range IT.
regularity at the opening was followed oy an
upward movement. which was helped in the las'
half hour by the publication of a favorable bank
statement Outside Of the coal strike situation
there were enough cheerful factors in the days
news TO cause sharp advances, but the lack OF
outside buying and the refusal of prominent
interests to enter actively into speculation pre-
vented the list from enjoying noteworthy i'm
movement The course of the market, how
ever reflected confidence on the part Of holders
in the stability OF values. In the railway list
Canadian Pacific was again conspicuous 1eat-
are at an advance of nearly points Else
where among the railroad shares there was no
important activity in dealings, and only small
fractional price fluctuations. The coal shares
were dull and irregular, with small net losses
at the close. In the industrial department
sharp rise was reported in the Fuller Construc-
fion stocks while considerable strength was
shown by the American Locomotive issues
Tennessee Coal and Iron. Colorado fuel ana
Iron and American Car and Foundry preferred
The last named stock was more active thah II
had been in many weeks.
The weekly statement Of the Associated iodIhS
showed. expected, a further gain III cash ana
reserve holdings The increase in cash, now
ever. was smaller than Fridays estimates
amounting TO less than S5.opoW. as agahsI
an expected increase of nearly S1ocO.0VO, the
latter being based on the known movement OF
money in the week The average system
n employed in compiling bank statements eel
dom reflects actual conditions at the end
of the week. but in the present case II is
known that the statement is based on rising ISM
averages Loans decreased IN the week so'"to'-
600 making a contraction in this item since the
first of the month of over S33,5o1.6p- As re-
suit of ali changes reserve above legal require
sod ii 70
compares with S21 2SS 925 this time year
ago and S1SSl2.325 in 1909 The movement OF
money from the interior was heavily in favor OF
this centre in the week, and the chances are
that the local banks will gain on interior opera
tions for some Time TO come. After the law FOR
the repeal Of the war taxes becomes operatives
The drain from the banks to the Sub-Treasury
viii decrease, and this together with the out
of-town movement, should insure easy money
rates throughout the summer.
Buying of good industrial shares and low
priced railway issues has been for the account
OF careful market operators. II is quite likely
that this class of securities will grow in favor
and the prediction is made in many we'll in
formed circles that materially higher prices will
be recorded by all the industrial shares OF merit
and the cheap railroad stocks before the end of
the summer There are some preferred indus
trial stocks that worth intrinsically much
first class railway mortgage issues. In yes
terdays market good buyers took American Car
and Foundry preferred for investment. and the
price advanced over / point. This stock is
cheap at the current level, especially as the COM
pany pays per cent dividends it's preferred,
and will show for the year ended April 30 a sur
plus above dividends of per cent on S30.oo0.Oo0
of preferred and S30,00O,Oc0 of common Of about
Si,250Oo0. 1t was learned yesterday that de-
yelopments are pending which will add consid-
cradle money to the company's treasury. In
the railroad list Wabash common and Chicago
Great Western being held for much higher
prices. Chicago Great Western holds A posi-
zion Of great value in the Western railroad
world 1t would prove a valuable acquisition IL
some of the larger companies, and IL is not un-
likely that control may pass TO other interests
z a period.
ever, could not be bought in the open market
as the majority OF the stock is closely held
abroad. Irrespective Of possible developments
of this character, the company's securities are
cheap their present merits. The road is max
Ing money and being physically improved.
The usual weekly table OF price changes for the
active stocks follows: