New-York tribune., 1902-06-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Transactions in stocks Yesterday were not
large but the market displayed unquestioned
strength. There We're no developments in the
day to influence operators either to curtaiI or
extend their ventures, TO move prices one
way the other The market was. so to say.
left to its resources. and in the cirCum-
stances the account rendered by it was favor
able 1t was made reasonably clear that the
natural tendency of values toward a higher
level. but it also apparent that the
present attitude of the speculative COM
munity was, in the man. waiting one Money
was in ample supply at reasonable rates. and
while foreign exchange was frmer this was re-
garded AS a temporary development.
Reading common stock led the list in extent
of dealings In fact more than one-fourth Of
the total business the Stock Exchange was
in this issue for which substantial gain N
price was recorded. The trading in Reading
first preferred and second preferred was com
narariveIv moderate. Missouri Pacific fair
" active. and strong The belief IN Wall
Street is that unification of the so-cailed
Gould roads of which the Missouri Paclhc Is
The most important is merely a question of
time Union Pacific moved in narrow limits
and closed unchanged. The decision against the
nronosed new issue of bonds by the United
states Steel Corpora tion had no particular Ell
feet on the stocks of the concern, which were
lightly dealt in.
While the termination Of the miners strike is
not now in sight. the beginning of its end NAV
be Witnessed almost any time. The inVestGa-
tion into the strike made at the instance OF the
President may accomplish an adjustment be
tween the miners and their employers II IS
noteworthy that the financial community mas
viewed the strike almost with equanimity' and
II Is a question If rs conclusion would have a
Ia fnCk Tlat as a
or even on the coal stocks, so-called. themselves
The stocks of the anthracite coal carrying rail-
roads while depressed somewhat at the break
ing out of the trouble. have fully recovered in
price and display certain degree OF strength
The inference is that holders of stocks and
SPECTATORS in stocks do not expect the strike to
be a protracted one. nor to extend to other in
dustries.
The situation in money is about normal Rates
are neither high as to restrict dealings III
stocks nor so low as to be unremunerative to
lenders of money. The requirements for funds
with which to meet the July l interest and
other pavments will! be large but will readily
be met without disturbing the money market at
all The interior flow of money is in favor OF
Eew-York and will continue so for six weeks
or so 10 come. while the absorption OF FUNDS oy
the Federal Treasury is diminishing. In due
course there will be a demand Tor currency L"
move the crops. but it will not appear until
after the abrogation of the war tax ana IL VIII
NOT he so severely felt as in the last few years.
Cold exports are considered out of the ques-
tion.
Attention is now directed more to the crops
than TO anything else. The extent of the winter
wheat crop has practically been Determined,
The maturity of the spring wheat crop Is some
distance away, but there is reason 10 be
1teve that there will be average yield of
winter and spring wheat. taken together. since
ood pricae are sure to be obtained for wheat.
the return in money from the crop will be sat
isfactorv The first government report on corn
will not be issued until the tenth OF next MONTH
but II is known that the acreage is very large
and there is accordingly reason to hope FOR a
hummer crop. AS supplies of old corn are eN-
hausted a bounteous production of the cereal
will not materially lower the price for IL Not
much can vet be told about cotton. but the
exnectation is for liberal outturn. Altogether
the nrospect for the crops is fair more than
fair