New-York tribune., 1902-05-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values were generally strong on
a small volume Of business. In the greater num-
Der OF issues net advances were shown al the
close but a rule the improvement was due
10 covering OF shorts rather than to an outside
demand for securities. Commission houses were
inactive. The more important market interests
were not engaged in speculative operations,
while the demand for investment account was
small In the bond market the inquiry was
fair and bond houses reported a growing de-
rnand for the attractive issues that are selling
under their intrinsic worth. The bond market
presents many instances Of investments selling
below their actual value. The Erie-Pennsyl-
vania collateral trust As are good examples,
also the Consolidated Tobacco As. two issues
that are backed by solid money making COM
panies At the moment, however, active de-
rnand for securities is expected, as there are
certain factors in the situation which restrain
public operations In the market.
There we're no adverse developments in the
course Of the day in the anthracite coal strike
situation. and as consequence the shorts in
the coal stocks covered their contracts. Read
ing enjoyed a maximum advance Of points,
closing at net gain of is points. Elsewhere in
the anthracite list prices firm and higher,
although the volume Of trading light In
the general railway list few important move
rents were recorded while in the industrial de-
partment activity was confined TO Amalgamated
Copper, Sugar Refining and the United States
Steel shares On small dealings American Grass
Twine made further progress toward a higher
level The extreme dulness in the afternoon
created an impression that some of the larger
speculative interests had retired from the mar
ket for the present While prices continued
strong until the close, there was no life or snap
in the movement of values, and outside Of the
b1,ts
lot dealings Canadian Pacific, which recently
became a leading active feature, enjoyed greater
activity yesterday than any other railroad stock.
at an advance of 3 points The Minneapolis.
St Paul and Sault Ste. Marie and Duluth. South
Shore and Atlantic stocks advanced in SYM
pathy with Canadian Pacific. Buying by To-
ronto and Montreal interests was reported.
Shares OF ST Paul and Chicago Northwestern
roads were strong the excellent prospects for
spring wheat while all the Western shares
were helped by reports of favorable climatic
conditions in the crop territory.
The government weekly crop report was well
received, as it showed generally improving con-
ditions especially for spring wheat Money
market rates were easier, sterling exchange
made no further advance and foreign banking
houses had advices foreshadowing an early set
Element of the South African war. These fac
tors naturally encouraged bull sentiment. but
they failed TO attract important commission
house buying. Call money was quoted as low
as 80 per cent, with the average for the day at
per cent. A better supply of bankers bills
checked the upward tendency in foreign ex-
change although IT not thought in foreign
banking circles that the current level would
hold for any length Of time Easier money here
Will doubtless be followed by gold exports. In
view of the large supply of money in the coun-
he this
centre gold exports will not be adverse factors.