New-York tribune., 1902-07-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Stock market trading was active throughout
the day. but prices were irregular, with more
net losses than gains at the close Trading was
not without variety. in a number Of Issues
notably Rock Island, conspicuous movements
were recorded. Rock Island touched 200. clos
ing under that figure. however, realizing
sales. Rock Island appears dear at 200. but
there are conservative buyers who are willing
10 take the stock at that price, doubtless on
the theory that the future of the property will
make purchases at the current quotations prof
ttable II was reported that a plan under
discussion for a reconstruction of Rock Island
capitalization and it was also reported that
the rapid upward movement in the stock
due TO a corner in the issue controlled by the
so-called Moore crowd of Chicago. Wall Street
trembles at the mere suggestion OF corner,
and the reaction in stocks yesterday afternoon
was doubtless helped by selling induced by the
talk Of a Rock Island squeeze or corner. Sub
stantial gains made in the early dealings
by St Paul Missouri Pacific. Kansas and Texas
preferred. Union Pacific. Atchison. Texas and
Pacific and Louisville and Nashville. The late
reaction amounted in the active issues to 1q2
per cent. and in some instances larger losses
were recorded. The development Of weakness
caused resumption of activity by the bear ele
rnent in all parts of the list, with especial
demonstration against Rock Island, St Paul
and Louisville. In the Industrial department
wide fluctuations marked the course of the
Fuller stocks. but elsewhere price changes were
small The steel stocks We're moderately active
on an unimportant movement of values.
The iron and steel situation in the United
States is in a prosperous condition and all in
dications point toward further expansion in this
line Of industry. At the moment, however, the
anthracite coal strike is having adverse effect
on the iron market, causing a setback in the
raw market branch that makes necessary heavy
imports OF iron and steel Unfortunately the
coal strike has, by cutting off the supply of
fuel, restricted pig iron production, and as a
consequence the foreign markets. which year
ago were considerably upset because of importa-
tions of American iron and steel. are hOurishing
under the heavy demand from the United
States There is. of course. plenty of iron Ia
this country, and the factors restraining pro-
duction at present not likely to exert per
rnanent influence Oh the market. 1t is interest
ing to record the fact that the heavy American
demand for iron in Europe is an important fac
tor in improving foreign trade conditions. The
Inquiry for the manufactured products of iron
continues heavy. The big companies that are
members of the United States Steel Corporation
for next year the basis Of this years prices.
The local money market presents no evidence
of coming important advance in rates, al
though IL is believed that higher rates than
those now current will prevail before the late
autumn. At the present time the Sub-Treas-
ury shows a comfortable excess of payments
over receipts, the surplus on this account
amounting from July l TO nearly 100000
Gold exports this week have however, caused
loss TO the banks Sub-Treasury account of
over 100000, through Withdrawals of the
metal from the Assay Office While the demand
for money. especially time funds. is moderately
active the banks are exercising discrimina-
ton In collateral that prevents the accumulation
Of doubtful loans. In the sterling market con-
ditions remain unchanged, with rates firm but
without heavy pressure for remittance. Although
more gold may be sent out next week, the
banking community exhibits no disposition to
worry over the international monetary situation
Foreign houses sold stocks in the local market
yesterday. putting out balance about twenty
thousand shares. 1t is noticeable that foreign
selling is absorbed in the local market without
effect on prices.