New-York tribune., 1902-04-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Great irreguarity marked the course or values
in yesterdays stock market Trading was again
heavy. total transactions amounting 10 l,o4ooo'
shares, with the heaviest dealings In the granger
stocks the local traction issues. the Reading Sc
curities and a number of low priced railways of
growing merit. The Western railroad stocks
we're generally heavy sales induced by un-
easiness over the crop situation. while through
ont the greater part of the list selling could be
traced to the same cause. Declines, however,
were not extensive, and sales were absorbed Dy
a good class of buyers In the last hour many
weak holders were forced out The result or
the days business doubtless improved the spec
uiative position of the market, as many ac-
counts carried on borrowed money were trans
ferred to stronger hands. especially In the case
of the so-called high priced issues that have
recently displayed much activity. Although
the general tendency downward. there were
a number of striking exceptions. particularly
among the low priced shares. including Detroit
Southern American Grass Twine and American
Cotton Oil. American Grass Twine opened We'll
above the preceding days closing, advanced Z
points 81 and closed al a net gain OF nearly z
per cent Nashville Chattanooga and St Louis
made a sensational rise OF il points on
rurnors that the stock would be exchanged for
that Of Louisville and Nashville. Sugar Re
fning lost nearly 4 per cent, and Colorado Fuel
group. after early strength, declined with the
general list Manhattan falling about points.
while BROOKLYN Rapid Transit lost over ] point.
The market closed weak. with the bear element
circulating depressing crop reports. despite the
news dispatches OF refreshing rains in the WIN
ter wheat pelt The reaction healthful
accompa nment of a bull market
The current upward movement OF values is
based on conditions governing the actual value
r,r,,,fh no III - Il
by precedent, nor can the course of stocks be
subject to the considerations that have governed
other bull markets. Prices in many issues look
high when judged from the point of view of
the people who not well posted regarding The
mighty changes that have taken place in Amer
lean industries in the last few years. but when
actual worth and promising prospects for still
greater intrinsic value are tntelligently consid-
cred the quotation level 'oes not present many
instances where prices are at an abnormal range
And the mere fact that prices FOR some stocks
are high enough does not indicate that further
advances Will not be made. Wise operators will.
of course, carry heavy margins in buying many
of the high grade issues that are selling well
I'D the quotation level. while still wiser oper-
ators will confine their attentions to the really
cheaper Issues. which are slowly moving 20 bet
ter prices. The low priced securities have been
gaining In actual value in the last few years
without a proportonate advance in their mar
ket figures Now however. this class Of issues
is attracting investment and speculative inter
est and as n consequence increased market
value Is developing.
The sound position of the country's home and
foreign trade and the big increase in the vari-
ETY. of industries in the South and West offset in
part the losses in crop yields. There Is at pres
ent no reason to believe that this will be poor
crop year. and. according TO trustworthy advices
from Western railroad men. there Is no occasion
for alarm the position of winter wheat.
Crop damage stories always exaggerations
of actual conditions, and the reports that are
now coming to hand should not be taken too
seriously. Last years partial corn crop failure
had little adverse effect railroad earnings.
owing TO the heavy movement of general mer-
chandse traffic. The cOuntrys export trade has
otherwise the influence of this factor has been
unimpor tant. Several successive years Of crop
failures would naturally cause serious trouble.
but II is not within the bounds of reason TO be
lieve that such misfortune will develop 1t IS
commendable to exercise caution in all stock
market operations, but at the moment there is
nothing in the general outlook that discourageS
the expectation of active, advancing market
for securities.