New-York tribune., 1902-02-07
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading is increasing under the
influence of a larger outside demand for secur-
titles and a better inquiry from important specu-
lative and investment interests. Active buying
Of bonds has been a feature for the last few
weeks. and il now appears probable that this
movement in railway mortgage issues is about
TO extend to the share department. AT least
the course Of the market in the last two days
suggests that money is ready to move into
stocks in yesterdays dealings speculative in
terest was active throughout the list in the early
trading, and in many shares sharp advances
were recorded, particularly in the so-called Van
derbilt shares. Baltimore and Ohio Iowa Cen
tral, Canadian Pacific. Illinois Central. Mime
apolis. St. Paul and Sault ste Marie. and Metro
.politan Buying of the last named stock was
due to the general belief that a traction
deal is pending but the initial gain not
maintained, owing TO heavy realizing sales. In
deed in all parts of the list profit taking opera
tions were recorded, although at the close prices
were not much under the best of the day.
The reduction in the Bank Of England's mini
mum rate of discount naturally exerted favor
able influence on the London market; also on
the local market. Easier monetary conditions
abroad mean lighter gold exports from here
and. as far as London is concerned, the position
OF affairs there indicates that gold exports to
that point not probable this spring. Current
gold shipments to France represent the payment
of foreign loans. while they reflect the sound
condition in the home situation. Money is easy
here, and il is likely TO remain so for many
weeks to come. The low rate for loans will
doubtless encourage the financing of operations
affecting various Stock Exchange securities. as,
for instance deals involving the local traction
companies and the railroads in the Southwest
including. perhaps. the Wabash system. Heavy
buying of the Wabash securities has been going
on for a long time, especially in the debenture
= bonds which have enjoyed marked price i'm
provement. Accumulation Of the Colorado and
Southern securities has also been noted for sew
eraI weeks and it is thought that this road, too
may figure in some Western consolidation.
Business was better distributed than noted in
many weeks, while the number of issues dealt
in was unusually large, amounting TO 156, with
total transactions above 10000 shares. Anal
gamated Copper closed at a small net loss and
Lackawanna lost nearly points. Elsewhere.
however, gains were generally recorded with a
number of conspicuous examples in some Of the
inactive issues, as in Third Avenue which
gained points; United States Express, IA
points; Peoria and Eastern, 23i points Lake
Erie and Western preferred, , points, and Chi
cago and Northwestern, > points. Illinois Cen
tral, Rock Island Southern Pacific, Iowa Cen
traI, Denver and Rio Grande preferred, big
Four" Baltimore and Ohio and New-York Cen
tral were leading strong features in the active
list. Buying of Southern Pacific included large
orders by brokers VINO usually act for Mr..
Keene. The upward movement in Illinois Cen
tral was not accompanied by news developments
affecting the property, and it was thought that
the buying represented efforts to place the stock
on level with certain other high class invest
ments such as Pennsylvania and New-York
Central The Illinois Central yields more as an
investment at current prices than either the
Pennsylvania or New-York Central, and in view
of the fine condition of the property, its known
earning power and its able management, the
stock is entitled to higher market position.