New-York tribune., 1902-02-01
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The local share market made up in great
part Of the operations of the professional ele-
1nent. while IN the bond department active in
z-estn1ent buying was reported. Prices were gen
erallv firm with net gains in most issues at the
close In 2 number of stocks striking improve
rnent was recorded. this being pronounced in
Amalga7nated Copper Rock Island American
Iinseed issues and Delaware. Lackavanna and
Western The last named stock advanced y
r7oin+s on q demand that apparently developed
soon after The adjournment of the directors
meeting The companys annual report, which
will soon be published, will show. it is SAID,
most excellent results for the last year, and II
is possible that buying of the stock yesterday
was based on advance information regarding the
figures OF the last twelve months. Reports have
been current for some time that the company
will double IT'S capital stock (giving valuable
rights to present stockholders), and it is with
jn the bounds of reason to believe that plan
Of this sort has been under active discussion by
The directors for several months Lackawannas
capital stock amounts 10 only S26,OO0.oOO, While
the market price at yesterdays quotations is
2sl. Whatever may happen TO Lackawanna' its
price ought not TO go higher as favorable de!
velopments have been more than discounted by
the upward move in the last year.
Expectation of favorable developments as
result Of the visit TO this country Of director
Of the Rio Tinto company induced active buying
of copper shares in the local and Boston mar
kets Ar1alganated advanced TO rs closing at
z net gain of over points. and Anaconda TO
3515. at a net gain Of , points. In the railway
list Rock Island and Southern Pacific were &C
tive features. although heavy realizing sales in
The latter stock caused a net loss for the day
The maximum advance in Rock Island was D
points part OF which was lost before the close
Buying Of this stock came from well known
brokers. but there was nothing TO account for
the movement beyond the increase Of the So
called Moore interest in the board Of directors.
and the report that other changes in the man
agenent of the road would be made. The rumor
that Mr. Cable would retire denied Colo
RADIO Southern issues We're bought a large
scale by a good class of traders and prominent
houses on the theory that the first preferred
stock dividend viii be advanced TO q 4 per cent
basis In the bond market evidence Of the in
vestment Of surplus profits was reflected in the
activity in the attractive cheap issues, as, for
instance Wabash debenture Bs, Consolidated
Tobacco Is Southern Pacific collateral As and
Colorado and Southern As. A large number Of
issues were dealt in. total sales amounting in
par value to over S4O00000. The decline in
Peoples Gas in the last hour was due 10 a
traders raid.
According the known movement Of money
IN the week the local banks have gained over
SsO00000 in cash. It is not safe. however, to
make predictions regarding the probable show
ing in to-day's hank statement, as the changes
in the loan item and the freakishness of the
average system may prevent the increase in
cash from being shown in the Clearing House
exhibit The money market is well supplied
with funds and there is no danger Of higher
rates until the middle Of March at least, when
the usual spring demand will develop. The
future position of the money market will be
helped by the passage of the proposed measure
10 repeal most of the war taxes, and it is likely
that the local market will be the easiest in the
world next summer. with large sums available
for new Industrial and railroad enterprises. 1t
is thought that in the current week large loans
have been effected by banks and other hnanclal
institutions and that preparations have been
made for important financial operations. This
view is strengthened by the heavy transactions
of several banks Clearing House account.