New-York tribune., 1902-05-14
THE DAYS OPERATIONS IN STOCKS,

THE DAYS OPERATIONS IN STOCKS.
Although early prices in yesterdays stock
market We're weak and irregular, the net
changes at the close of the day showed gains
in the greater number of issues The absence
OF selling by Western interests was effective in
Inducing the covering of shorts, while the ex-
cellent statement of the Manhattan Railway for
the March quarter appeared TO exert favor
able influence throughout the list The govern
ment crop report, showing conditions as of April
i, had no adverse effect on prices and sent-
lnent as it generally recognized that since
May ! conditions in the agricultural section of
the country had improved TO extent that
made the report of May worthless as fore
cast of the winter wheat yield. Commission
house trading small, important market in
terests were not active and there was apparent
ly no disposition the part of the room element
TO enter extensively into securities operations.
The volume of business was therefore light,
with the heaviest dealings in Atchison, st. Paul,
Delaware and Hudson. Louisville and Nashville,
Union Pacific, Amalgamated Copper, Sugar Re
fining. United States Steel. Colorado Fuel and
Iron and Tennessee Coal and Iron. The coal
shares were not active. but the strike outlook
caused no important selling of the various is
sues Wall Street is not alarmed over the an
thraclte coal labor prospects. A prolonged strike
IS not expected. and even If 1t should run
throughout the next few months the companies
would have enough coal on hand to meet all the
requirements. Although call money went as
high as per cent, the prevailing rate was under
that figure. while the market was Well sup
plied with funds, especially from foreign bank
ers who lent FOR Foreign account enormous sums
both call and time The offerings of sterling
bills were heavy enough TO depress the foreign
exchange market and IL said that the vol
ume of credits released on European account
was larger than on any preceding day in the
last twelve months. The stock market closed
active and strong.
The current movement Of securities values en-
courages the belief that an important or ex-
tended decline in price will not develop until
something arises to shake investors confidence
in the strength of conditions underlying the
market Trading in stocks reflects absence
Of important liquidation, despite passing adverse
factors. and disposition on the part of hold
ers to maintain their present attitude the
long side of speculation. OF course, operations
for quick turns the short side have been
made in the last few days by people with
marked bull opinions but such transactions
have merely represented the taking advantage
OF opportunities which arise in all bull periods
At the moment enthusiasm the prospects
Of higher prices is not marked in commission
house circles. In view of monetary conditions
the time is not propitious for extensive public
trading, and the market viii be all the stronger
later on for moderation in speculation in the
period Of temporary money stringency. Active
investment buying has been going in the last
few months, and the supply Of attractive issues
available for speculative purposes is consider
ably contracted as compared with this time a
year ago.
Prices are not ruling beyond the investment
level, save in few cases 1t should be borne in
mind that in the last year stockholders in many
companies have received valuable rights and
Increased dividends, and that the gain in mar
ket values has followed corresponding increase
tn intrinsic worth. The so-called high priced
shares are not as a rule dear investments,
but on the other hand. they not particularly
attractive for the ordinary speculator II will
doubtless be found by the end Of the year, bar
ring radical change in commercial and finan-
cial conditions, that the medium and low priced
shares will foot up the best speculative profits
There are good stocks in the railway and indus
trial list the market price Of which is not a
measure of the real worth Of the issues. This is
especially marked in the industrial department
where solid s. 6 and per cent issues sell
ing many points under par. The iron and steel
industry was never in a better condition than It
is to-day The capacity of the works is not only
engaged for the whole of 1902, but contracts for
1903 are already being booked. When iron and
steel companies are prosperous most other lines
of industry enjoy prosperity. The industrial
companies are making money and sound indus
trial shares are cheap at ruling quotations.