New-York tribune., 1902-07-22
BONDS.
THE DAYS OPERATIONS IN STOCKS.


IrreguIarity characterized the course Of the
stock market yesterday. London came lower.
and the transactions here for London account
were practically all sales, amounting 10 about
sixty thousand shares The selling by the
arbitrage houses which was ascribed primarily
to uneasiness in London over the condition OF a
leading brokerage house identified with Kaffirs.
was supplemented by heavy profit taking IN the
morning hours, that the early market showed
weakness. The large offerings were easily ao-
sorbed, however, and around noon a sharp rally
occurred, the entire list moving upward. Not
long before the close came the news that S1,OOO.-
600 gold had been engaged by the National City
Bank for expectation, an unexpected announce
ment which had the effect of depressing mar
ket which during the day had been decidedly
sensitive and at the close many stocks had
lost the gains which they had earlier scored.
The domestic news was a rule, reassurtng.
There were alarming reports OF flood damage IN
the Mississippi River Valley, but the area OF
devastation soon understood TO be rela-
lively small On the other hand, crop news
generally continued encouraging; favorable
weather was reported and from various
good sources in the West came confident pre-
dictions of a bumper corn harvest. The
weeks earnings Of the grain carrying roads
ran into large figures. the high price reached in
the recent corn corner having induced the farm
ers 10 rush millions of bushels OF that grain to
Chicago; and the roads running eastward from
Chicago reported an absolute flood OF business
offering in that city, with the ending OF the
teamsters' and freight handlers strikes. Money
was in good supply. and the outside public were
again an important factor in the market. The
announcement of the engagement of s1,OOO,G0O
gold for export already noted, was the sig
nal for some short selling. and perhaps also in
duced a certain amount of liquidation among
the outsiders on the theory that an export
movement of serious proportions had been De-
gun But as far as could be learned the ship
ment represents a special TRANSACTION anu
even if several more millions are sent across the
Atlantic within the next few weeks, which Is
improba BILE the drain will be offset by receipts
of Klondike gold. now coming forward In
volume.
The Atchison issues were not allowed to re-
eede Yesterday the common advancing to 81, and
closing at 9O14, 5s of a point above Saturdays
close. and the preferred making an equal gain
Pennsvlvania reached a new high level, 1917
but closed at 15934. Il per cent lower than on
the preceding day. No definite progress toward
ending the coal strike was announced yesterday
and the "coalers" accordingly showed weakness,
the Reading Erie and other issues all closing at
net declines Canadian Pacific, which has oeen
inactive recently advanced to 1874, and closed
under that figure, a net gam oL I7S poiitS
Chesapeake and Ohio, yielding under realiza-
ton pressure, lost y point, closing at Do. Mis-
souri, Pacific on reports Of good earnings and on
bright crop prospects, advanced to 11512, and in
the late weakness of the market eased on TO
114ss at the close, II per cent above Saturday s
close The United States Steel issues fluctuated
within a narrow range, closing a trihe lower
than on Saturday, presumably on the prospect
Of further delay in getting decision in the
Rerger litigation. Peoples Gas was strong,
touching lO584 on expectations Of the favorable
outcome of pending lawsuit, but closed u per
cent under that figure-the court decision hav-
snq been defeEred-although fractionally higher
than on the last preceding day Of business. or
the fractions Manhattan and Metropolitan mace
maximum advances of point each, but later
lost their gains; while Brooklyn RI Id Transit
suffered a net loss Of l9s per ceI Colorado
Fuel and Iron was inactive, pending the out
come OF the appeal TO the courts by Harris
Gates & Co. in their effort TO establish control
Of the property. The shares Of the Fuller Com
pany made further progress upward