New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-05-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Extreme dulness marked the course OF securi-
ties trading yesterday. Price fluctuations were
uninsportant in the majority of issues. with
small net gains in the greater number of stocks
AT the close. Rumors of possible favorable de-
veopments in the anthracite coal strike situa-
ton and the total absence Of selling pressure
caused covering Of shorts and a generally
bullish sentiment but they failed to induce
active buying operations by important market
traders or interest in speculation from commits
sion house customers The approach of three
day holiday naturally served to restrict trading,
although the uncertainty over a., coal strike
outcome was the leading fact,r responsible for
the days dulness. Reading cen non and Della
ware and hudson were strong features in the
coal group. while in the general list Hooking
Valley Canadian Pacific. Union Pacific. st.
Paul Atchison and Chicago Great Western en-
joyed moderate improvement. On sales of 2oo
shares New York, New-Haven and Hartford ad-
vanced 21k 10 DIS. and on dealing of 800 shares
Rutland preferred dropped Sl5 10 S3. In the
industrial list Fuller Construction common de-
veloped activity at important advance
American Smelling rose over point, and
strength was displayed by American Car and
Foundry. Railway Steel Spring issues, Colorado
Fuel and Iron, United States Steel stocks and
some of the specialties. The market closed firm.
The outlook in the iron and steel trade is
bright enough to encourage the belief that in
dustrial activity will run on for a long time to
come Holders of securities should feel great
satisfaction in knowing of the gratifying situa-
ton in iron and steel. especially as an active
prosperous market for iron and steel indicates
that conditions in general are making for ex-
handing business and stability in investment
values. striking example of the current re-
naarkably strong position of the iron market
nod he mig
by the United States Steel Corporation for de-
livery next year. And another example is the
buying by Eastern steel works in the last few
weeks of 5000 tons of pig iron in Europe. at
prise Of SD 30 laid down here. The demand in
l. this country is larger than local furnaces can
n supply. and in the case Of one large Western
concern its entire surplus product has been
disposed Of until next April The only unfa-
vorable factor at the moment is the anthracite
coal strike. which is causing, according to The
Iron Age" considerable trouble TO Eastern con-
sumers of pig iron, several furnaces in East
ern Pennsylvania have been obliged to shut
down for lack Of fuel With business in the
iron market on a stable basis and with dis
Tute between producers and consumers regard
ing prices, there ought to be a long period OF
profitable return for all the iron and steel con-
Germs in the country.
According TO the known movement of money
this week the local banks have gained over
100000 in cash. It is possible that the June
interest disbursements may figure in this weeks
loan account to extent sufficient TO cause an
apparent decrease in reserve above legal re-
auirements but the chances are that the gain in
cash will be heavy enough TO offset a possible
ircrease in loans. Shifting Of loans often causes
changes IL bank statements, while no actual
change takes place in holdings. The foreign ex-
change market continues dull and heavy. and,
despite easy money here and obligations due by
this country abroad, sterling quotations are
well under the gold shipping point There is no
urgent need for money abroad, and therefore
no demand for the settlement Of American
loans and debts