New-York tribune., 1902-01-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The stock market was dull throughout the
day an irregular movement of values that
left final prices ar insignificant net changes in
the greater number of issues. In the early trad
ing the market was unsettled under the influ-
ence Of traders operations Declines. however.
failed to bring out heavy offerings while there
was no investment liquidation evidence that
the leading market interests had changed their
position. The more important interests are in
active at the moment. but they not advising
their friends TO sell stocks. Selling in the last
few weeks has been in great part for the ac-
count Of professional traders. and not for the
count Of investors prominent banking inter
ests. The so-called Standard Oil and Morgan
parties ara not selling their stocks, but on all
declines they doubtless are adding TO their hold
ings in the belief that better prices will pre-
vail later on in the year. Since the beginning
of January the bear element has worked
lively for lower prices. but in that time few
striking losses have been recorded. Atchison,
Baltimore and Ohio, st. Paul, Delaware and
Hudson. Erie Louisville and Nashville Mis-
souri, Pacific. New-York Central and Union Pa
rife have declined from TO points by per-
sistent pounding from the bears but the general
list is down from l to points only
Traders sold stocks IL the morning the
theory that the Northern Securities case decis-
public buying. reports Of a possible strike in the
.oal regions and further rumors of q bond issue
by the Erie Railroad also helped operators for
1 decline in their campaign against values. Re-
gardng the report that the Erie company will
ssue bonds no definite information be OBJ
.ained from the officers of the company, but in
certain we'll informed banking quarters it is
said that no new bonds will be authorized. The
Erie company could make bond issue of S10,-
nCO
burden TO its annual payments and without in
ury TO existing bonds or the share capital The
Erie company is making rapid progress in earn
nga and physical improvement, and if 1t de-
.ides 10 issue bonds stockholders may rest
rured that such action will be taken only after
.arefuI consideration by an intelligent board of
directors The final settlement of the legal
standing of the Northern Securities Company
Kill doubtless not be made for many months,
md the subject ought therefore to be dismissed
.or the time market argument. The fact
. oowever. that IL is hard 20 find bear arguments
the general situation naturally will induce
he bear element 10 cling to the Northern Sc
.urities case long as there is any chance of
using it successfully in the market. People who
afraid 70 buy railroad stocks because Of the
attacks on the Western community of interest
lcheme should turn their attention TO the at
ractive industrisls which are selling many
points below their actual value A bull market
will develop some day. and the industrial shares
lhould then sell many points above current
quotations.
Early losses were in many stocks recovered
oefore the close. with final figures showing only
/ few more net losses than gains. Heavy buy
ng Of Amalgamsted Copper at advancing prices
helped the whole market. and sentiment at the
md OF the day somewhat more cheerful.
Conspicuous net gains were made by Amalga-
mated Copper. Chicago and Eastern Illinois,
Big Four National Lead issues. New York,
Chicago and ST Louis first preferred and Rut-
and Railroad preferred. Chicago houses We're
active sellers. Buying Of National Lead and
American Smelling stocks was attributed to
iults of recent arrangements in regard to
itrictfng output and maintaining prices by the
arger lead producing interests. Money market
conditions moved in favor of the borrower. and
III reports from trade and financial circles were
Encouraging Receipts of grain at Chicago. as
reported yesterday for the third week in Janu-
Iry showed a heavy falling off compared
with the same time year ago Earnings Of the
iailroads however. were heavy and above last
rear's records. owing TO the heavy volume of
Eeneral merchandise traffic.