New-York tribune., 1902-05-22
BONDS
TEE DAYS OPERATIONS IN STOCKS

Transactions in yesterdays securities market
were light in volume, but prices were generally
firm. with net gains in the greater number Of
issues at the close. The course of the coal strike
was a factor that restricted trading News from
the coal fields was somewhat contradictory. and
as consequence the anthracite shares were ir-
regular. although final prices were in the di-
rection Of higher quotations. On all recessions
there was fair demand, especially for Reading
and Erie issues. which were taken by a good
class OF traders, apparently to hold for much
higher figures. Reading has sold as high
6SH in the current year and, barring a long and
disastrous strike in the coal regions, the price
should reach a much better quotation before the
present year is over. And the same may be
said Of Erie common. In the last hour better
demand developed around the room, and marked
Improvement was shown by Reading, Chicago
Great Western Wabash. Chicago and Alton.
Kansas City Southern and Canadian Pacific
The Vanderbilt shares were strong, and, in fact.
the whole list closed at substantial improve
ment over Tuesdays last quotations. a scarcity
Of available floating stock was responsible for
a sensational advance in Cleveland. Lorain and
Wheeling. Amalgamated Copper was the feat
ure of the industrial list. advancing the rise
from the top figure Anaconda advanced nearly
points. The United States Steel stocks were
firm, and Colorado Fuel and Iron showed some
inclination toward betterment. Sugar Refining
was only steady. There were sharp advances in
Westinghouse. Distilling of America preferred
and American Car and Foundry preferred The
latter named on small dealings rose IL points
Commission house trading in the current stock
market is light Brokers report an absence of
outside buying orders. but it is generally be-
lieved that the easier tendency in the money
market and the fair prospects for a settlement
of the coal strike before it reaches dangerous
proportions Will attract a public demand for
securities. The stronger class of commission
house traders, while not adding at the mo-
ment to their holdings show no disposition to
sell their stocks in the present dull market With
securities in the hands of strong financial inter-
ests, the prospects for a steady decline are poor
especially outside of the anthracite labor dis
turbance there is no unfavorable factor in the
situation The decline that preceded and fol-
lowed the coal strike announcement was insig-
nifcant- Professional operators worked hard TO
produce important results from transactions for
the short account, but losses made in values
We're not large enough to carry big profits on
sales on the bear side of the market. This was
due to the fact that there was little liduida-
ton
EdSlef money market rates nave doubtless
come to stay for several weeks at least June
and July interest disbursements may cause
temporary higher rates, but the outlook favOrs
the usual summer dulness in the market. Cur
rency is moving to this centre from the interior
Bank liabilities are being contracted through a
reduction in loans and deposits. and reserve
above legal requirements is therefore increas-
ing Foreign exchange market conditions may
foreshadow gold exports from New-York to set
tie obligations due abroad. Shipments of the
metal this account are not adverse factors
erd IL is not likely that a resumption of the
outward gold movement will exert an unfavor-
able influence securities values. Just at
present, however, gold exports do not seem i'm
mtnent, as sterling exchange is under the gold
shipping point. An accumulation of bankers
bills. especially bills against purchase Of Amer
ican stocks for foreign account, has helped to
oepress exchange rates. In the London mar
ket British consois were strong and higher on
buying induced by Boer peace rumors, while
there was a good foreign demand for American
shares in the London and local markets
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT RONDS-Narket closed lou-a-