New-York tribune., 1902-02-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The stock market was. irregular in the greater
part Of the day, with more net gains than losses
at the close. In a number of issues further sub
stantial Improvement was reported. especially
in Chicago and Northwestern. Columbus and
Hooking Coal and Iron. Des Moines and Fort
Dodge, Illinois Central Iowa Central st. Je-
seph and Grand Island first preferred, and Met
ropolitan. The advance in these issues was due
to buying based on considerations affecting the
properties concerned. and not to any general
news developments. In the general list heavy
profit taking sales were reported throughout the
day but in the greater number of cases buy
ing was active enough to prevent an important
setback in prices. The decline in Manhattan
Elevated was apparently due to a legal de-
csion affecting the introduction of the third rail
on a certain portion Of the company's line. AS
a rule declines when made were small while
at the close the entire list of active issues gen.
orally presented net improvement over the pre-
ceding days final quotations
In the early trading there was some hesitancy
among the professional element owing to the
uncertainty over to-day's bank statement. Ac-
cording to the known movement of money in
the week, the local banks have lost over 1000.
900 in cash due to the heavy exports Of gold
IN the week. Had it not been for gold engage
nents aggregating over S4,OOO,OOO cash hold
ings would be materially enlarged as compared
with last Saturdays showing, the movement
of money with the interior in the last six days
has been heavily in favor of the New-YOrk
banks. The city banks received from the in
terror over S4OOOOOO while the shipments
amounted TO a little over S1,OOOO0O. 1t is not
known 10 what extent the loan and deposit
items have been changed in the week, but the
general impression appears to be that further
expansion has taken place in bank liabilities.
If this is the case the reserve above legal re-
quirements in tO-day's Clearing House state
ment will show a material reduction from last
weeks figures. A contraction in reserves, how
ever should not create alarm in speculative
circles the supply Of money at this centre is
large enough to provide for gold exports and
stock market requirements. There is a large
amount Of money in this country available for
use in Wall Street. the reflection of which is
seen in the active buying of railway mortgage
issues
Commission house business presented a fair
degree of activity in yesterdays trading with
q good demand for many of the low priced rail-
way and industrial issues. Further active buy
ing was reported in the Wabash stocks and
bonds; also in Reading. Illinois Central, Denver
and Rio Grande preferred and Colorado South
ern In the industrial liat the heaviest dealings
We're reported in Amalgamated Copper, which
suffered a net decline Of nearly two points
Speculative buying in Sugar Refining carried
the price of that stock up over a point. al
though its final figure well under the best
quotation of the day. The steel stocks were not
especially active, while elsewhere in the indus
trial list business confined entirely to in
vestment purchases. There a good invest
ment demand for American Car and Foundry
preferred and for Pressed Steel Car preferred.
The demand for new railway equipment is sim
ply enormous and car building companies and
locomotive manufacturers are overwhelmed
with work The leading car building company
has on its books enough orders to keep its works
busy for the greater part of this year without
a single contract. The industrial stocks
will it is believed prove. profitable purchases
in the current market.