New-York tribune., 1902-01-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock values were firm on a light volume Of
business In a number of issues. such Metro
politan, Reading. Brooklyn Rapid Transit, Man
haitian st. Paul. Big Four" Missouri Pacific
Sugar Refining Atchison and Analgamated Cop
per transactions were moderately active. but in
the greater number of stocks trading
fined to insignificant totals. The comparative
strength in stocks IN the last two days may not
foreshadow an active bull market but It is
quite certain that 1t reflects strong technical
conditions and the failure of the bear element
10 demoralize investment sentiment by its efforts
for lower prices since the opening of the year.
In Yesterdays market there were few dealings
outside of the professional trading, although in
the bond department continued investment pur
chases were reported. Buying Of Arnalgamated
Copper was helped by the strength in Rio Tinto
in the London market; also by the belief that
Insiders had accumulated large amounts of the
stock on the recent decline. An advance in the
price of refined sugar induced moderate pur
chases of Sugar Refining shares. In the railroad
list Metropolitan was again the leading active
feature on dealings OF $1,000 shares.
tivity being induced by the expectation of a
stock issue. with valuable rights" TO the stock
holders. Net gains were general at the close.
pronounced strength being shown by Missouri
Pacific.
Improvement in foreign financial conditions Is
reflected
land of its minimum rate Of discount to 312 per
rent Following similar reduction by the I'M
perial Bank of Germany a week ago, the Bank
If England's action should prove influential
factor in Strengthening confidence abroad in the
outlook for better results in the foreign financial
and commercial situation. And indirectly the
more encouraging conditions abroad should ex
ert a favorable influence on our own market.
Money is growing easier in Europe, and the out
look for heavy gold shipments from here is not
promising. More of the metal may go to France,
but the present position of the international ex-
change market does not foreshadow urgent
demand in the course OF the next few weeks.
Meanwhile. the local banks are increasing their
reserves at rapid rate, while borrowers find no
5iffculty in securing accommodation at liberal
terms The demand for money is not especially
active at the moment. stock market borrowers
being practically out Of the market, and
,antile houses reporting necessity for heavy
loans. Merchants doing good business,
and they are financing their operations without
important banking assistance. Trade is on a
sound basis Collections good; credit was
never better, prices are being readjusted TO
legitimate demands and speculation is not an
element in the trade situation.
Stock market traders apparently know little
about the general situation. but it is evident
that investors appreciate the strong position un-
confidence in the situation is reflected in the
active buying of railway mortgage issues. In
the last two weeks the bond market has been
strong under the influence of heavy buying, es-
peciaIly in the attractive low priced issues
There is z long list of valuable bonds selling
der intrinsic worth, instances Of which may be
found by reference TO the bond table printed
elsewhere on this page Perhaps the cheapest
per cent bonds in the market are the Erie col
lateral As, now selling under 80. These bonds
we're put out TO finance the purchase by the Erie
company Of the Pennsylvania Coal Company
and the security behind them is unusually safe
and valuable The change for the better in
monetary conditions is seen in the increased de-
rand for investment securities, both in the bond
market and over the counters Of the big bond
houses The demand here and abroad for the
German Imperial and Prussian loans is also an
Indication Of improving conditions in this coun-
try and in Europe
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-Market firm. Final