New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-05-01
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market values were weak in the greater
part Of the day on a moderately heavy volume
of business. Ffrmness in the early dealings was
followed by a downward tendency before the
end Of the first hour. while at the close net
losses were shown in the greater number OF is
sues In the afternoon, especially in the last
hour, declines sharp throughout the list
a fresh outbreak of commission house liquida-
ton being induced by an advance in call money
rates to s per cent and by renewed downward
movement in International Power, which earlier
in the day broke from 1917 to 165. This stock
closed at 100. net loss for the day of as points,
with the closing bid and asked prices 20 points
apart. The absence of active support and the
belief that Western operators selling in
duced operations on the short side, especially
in the shares which have recently attracted so
much public attention In addition 10 the fac
tors named, the uncertainty the outcome of
the anthracite coal labor conference and reports
of heavy impending gold exports served to
settle speculative sentiment among the weak
holders whose sales, forced and voluntary
amounted to many thousand shares in the day.
On the decline buying was for the account of
strong interests while in the last half hour brok
ers representing prominent pools and individ-
uals bought large blocks of various issues The
sharp break in International Power reflected the
inevitable result of pushing a stock to a fcti-
ing the general market 1t was pointed out in
this column a week ago that International
Power had gone beyond its actual worth and
had reached dangerous level. Advice of this
kind. however. is seldom appreciated by oper
ators who believe that there is no limit TO a
stocks advancing tendency. The break in Power
was followed by a bad slump in General Car
riage on the curb; also by a sympathetic de-
cline in American Locomotive
levels are not good market tonics- The big ad-
vance and subsequent decline in. international
Power shares will doubtless affectsth whole in
dustrial list for a time, although investors are
beginning to discriminate in the industrials
buying those shares that represent properties
that are not overcapitalzed and which are not
moved about as speculative footballs. The Inter
national Power Company doubtless has a bright
future. but the price of its stock has been ad-
vanced many points beyond sts actual value.
There is little manipulation in the best indus
trial securities; values of this class of stocks
not inflated and current prices should advance
to a much higher level before. they adequately
measure intrinsic worth. Tie railway equip
ment stocks are especially cheap at current
prices; also American Grass Irvine Interna-
tional Pump and International Paper preferred
The very fact that these stocks move slowly
should commend them TO conservative buyers.
Stocks in general are in strong hands. In spite
Of the activity of the last two weeks the public
that is, the public of small means, is not a
large holder of securities. particularly yes
terday's liquidation. AS rule stocks are
owned by people whose financial standing n
ables them to maintain position the long
side of the market irrespective of passing de-
clines
Illinois Central shares and st. Paul were
strong features in yesterdays market; also
Chicago Great Western, and in the early deal
ings the Wabash issues It thought that
the strength in Illinois Central and St. Paul was
taken advantage of by the Western element TO
realize elsewhere in the list. The coal shares
naturally moved in uncertain manner, but
In spite of the lack of favorable news from the
coal conference, there was little important sell
ing. and no extensive declines, Readings maxi
mum loss amounting to only IL points. If
coal strike develops this spring, it Will un-
doubtedly end before il goes far enough 10
cause serious damage and even If it should run
along for month more, the coal market
would be well supplied with the present surplus
holdings. Strikes have always proved poor ar
guments for lower prices. Indeed the careful
Wall Street specutator is now more inclined to
buy stocks the declaration of a labor strike
than to sell them The market closed at slight
recoyeries from the lowest prices of the day.
The advance in the rate of call money was
due 10 the shifting of loans and to preparations
for The May dish ursements. 1t is not unusual
be recalled that Just year ago call funds were
quoted az PEP cent. Gold exports may be
made at the end of the week
THE DAYS. OPERATIONS IN BONDS.