New-York tribune., 1902-01-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
out important fluctuations in values. AS rule,
final prices showed small net losses. Trading
was wholly professional. public operators show
ing no disposition 70 deal either side of the
market. while substantial interests took ac-
tive part in the days speculation. In the alb
sence of hearty outside support and big opera
tons by banking interests prices may seek a
slightly lower level but there is little likelihood
Eof a permanent declining market. There is
nothing in conditions governing values that
warrants a successful bear campaign. People
,who hold good securities would better keep
them. for. barring a violent business cataclysm
investment values in the greater number of
issues should sell many points above the pre-
railing range OF prices. 1t pointed out in
this column early in January that active
tbull market might not develop Immediately af-
fer the turn of the year. but the prediction
then made that quotations would enjoy active
price Improvement in the winter or spring of
1902. Since the close of the last year nothing
has developed to change the opinion expressed
at that time Declines yesterday were not sig
nifcant OF any change in conditions senti
snent. Bear traders used arguments for
tower prices decrease in Louisville and Nash
ville's net earnings for the last six months. the
failure Of the Delaware and Hudson company
ito advance the dividend rate. and the report
from Washington that the Minnesota State Off
GERS would be allowed bring suit in the
Supreme Court against the Northern Securities
Company. The Louisville and Nashville has
been spending money on its property hence the
small decrease in net earnings. The Delaware
and Hudson company is handled by conserva-
tive who believe that more than a per
cent rate is not justified by the rules of able
railway management. The rate is therefore
maintained at Z per cent. AS for the proposed
suit against the Northern Securities Company
# may be said that the directors of the COM
pany desire such action in order to settle once
and for all by the Supreme Court the legal
standing of n corporation which has already
been indorsed by the leading corporation law
iyers in the country.
The course of the foreign exchange market
does not at present foreshadow large gold ex-
ports to Europe this winter. Shipments direct
to London appear improbable. but exports to
France may be made by steamers sailing next
week The position OF the Bank OF England as
shown by its weekly statement, issued Thurs
day, reflects great improvement in resources as
compared with a week ago. while the statement
of the Bank of France indicates weaker situ-
alton than recently recorded 1t is generally be-
heved that in the current year the production
Of the South African mines will again become
factor in the international movement of gold
In this event the American market will not be
called on to the extent noted in the last few
years, while securities values will doubtless
move higher under the influence of increased
money supplies in London and New-York. If
however, Europe continues to draw this
country for gold there will still be ample funds
in the United States TO supply trade and in
vestment requirements, especially own
gold production promises TO be heavier in the
current year than in 1901. when the total
timated production reached record breaking
figures. It should be borne In mind that, de-
spite heavy gold exports in the last year, there
was enough money In the country to promote
the most active industrial period record.
The money market position is sound. and fair
rates for accommodation will not interfere with
further Industrial expansion.
According to the known movement of money
in the week the local banks have gained up
ward of 100000. The greater part Of this
gain has been due TO the heavy return OF cur
rency from the interior. shipments in the week
TO New-York amounting to S1O,59o,OOO, as
against shipments from New-York of 50 17S 800
The banks also received new gold to the amount
of nearly $4,000. which, however. offset
by gold exports of 100000. A noteworthy
feature of the weeks movement of money was
a gain by the banks on Sub-Treasury operations
of $4,000 this being the first instance wherein
the banks had credit balance Sub-Treas-
ury account since July, 1901. The comparative
ease in money rates this week foreshadows a
big gain in bank cash holdings in to-days bank
statement. and, unless some of the idiosyn-
crasies of the average system develop, improve
nent should be recorded in all items. The mar
ket closed with prices generally at the lowest
of the day. Net losses. however. were small,
the chief exceptions being found in Delaware
and Hudson, Atchison. Baltimore and Ohio
Great Northern preferred and United States
Express st. Louis and San Francisco, Ameri-
can Tobacco. Brooklyn Rapid Transit. Long
Island and International Paper preferred were
strong features.
THE DAYS OPERATIONS IN BONDS.