New-York tribune., 1902-05-13
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was light in volume,
while prices generally moved toward a lower
level. The absence of active outside demand
encouraged the professional element 10 work for
lower quotations, and its operations. with mod
crate commission house liquidation. re-
sponsible for net losses throughout the list. AL
though the prospect of a long labor disturb
ance in the anthracite coal fields was an in1u-
ence in shaping the course of values. the chief
factor was the money market situation. which,
according TO the superficial knowledge OF the
average Wall Street trader Is in an extremely
dangerous position. The money market is GER
tainly not favorable to extended transactions IN
stocks by operators who deal in poor securities
on light margins but otherwise there is nothing
in current conditions 70 cause uneasiness in
Wall Street. There is TO be sure a moderate
scarcity Of funds at this centre at the moment
The supply in the country. however. is large
and in the course Of few weeks the local in
stitutions should receive heavy consigments Of
currency from the interior
The strength in money rates. which yesterday
carried call loans 10 10 per cent. has had the
effect Of weakening the rates OF foreign ex-
change, and as a consequence, gold exports can
not be made at present. When money rules
easier at this centre gold will doubtless go
abroad, as exchange market conditions fore
shadow active outward movement at re-
mote period. The strong position of the coun-
try's industrial situation. the sound condition
of credit throughout the United States and the
healthful condition of factors underlying invest
ment values reflected in the absence of de-
moralization and of important liquidation in
| the current market. People who hold stocks
J that have been paid for and speculative inter
ests that have ample capital behind their en-
gagements on the long side Of the market are
SSip adv do
velopments. Quick turns on the short side Of
the market may prove profitable, but no extend
ed successful bear campaign is possible when
railroad earnings are enormous, when indus
trial activity is breaking all past records. when
business is being conducted on a sound and
healthful basis. Crop conditions are much bet
ter to-day than those reported by the govern
Tnent bulletin for May l. Winter wheat has
been damaged, but early prospects for spring
wheat and corn indicate big yield Of both
cereals
Among the standard railway shares declines Of
from / 10 points were common while in many
issues even heavier losses were recorded. Chi
cago and Northwestern declined over 6 points
but recovered part of the loss before the close
Delaware and Hudson. Jersey Central. Rock
Island, "AIonon'' issues Delaware, Lackawanna
and Western and Metropolitan suffered sharp
breaks On a small volume Of business General
Electric declined u points TO 300 but closed at
only a net loss of 3 points. Small sales in a
number of inactive issues caused sharp declines,
as. for instance, in Westinghouse Electric. which
declined 10 points dealings of a few hun
6red shares. There was good buying OF Louis
VILE and Nashville and Union Pacific on the de-
cline. also Of the coalers. The Industrial shares
were not active rule. the United States
Steel issues Colorado Fuel and Iron. Tennessee
Coal and Iron and Sugar Refining supplying the
bulk OF the business. price movement that
showed little variation Among the attractive
cheap priced issues good buying reported IN
American Grass Twine. This company is earn
ing at the rate OF per cent on its stock and it's
second quarterly dividend of Ia per cent will
be paid in July. The market closed above the
lowest prices OF the day.