New-York tribune., 1902-05-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market dealings were small on irreg
ular movement of values. Price fluctuations
were insignificant in all save few issues, while
final changes generally showed fractional net
declines. Commission houses were inactive.
Prominent market interests not engaged
in speculation, and as rule transactions were
for the account of professional traders. who
We're inclined toward the bear side of the mar
ket. The coal strike situation not encour-
aging for the advocates of higher prices. Lon
don operations in the local market were light,
and there practically buying for in
vestment interests. Railroad earnings, however.
We're good, money rates We're easy and foreign
exchange moved still further away from the
gold exporting point. Canadian Pacific was
again the leading active feature on dealings that
supplied 200 shares of the total days trad
ing Of less than 100000 shares. Heavy realiz-
ing sales carried the price down 2A points, al
though the final quotation only about 1
point under Mondays closing. Rock Island and
Wisconsin Central issues were strong while St.
Paul and Union Pacific exhibited a considerable
degree of steadiness In the industrial issues
higher prices We're made by American Locomo-
tive shares, American Snuff. Consolidated Gas
and American Car and Foundry stocks Pressed
Steel Car sold down on the announcement that
there would be no consolidation with the Amer
ican Car and Foundry Company. With the
closed at net declines in the more active issues.
In the London market British consols, after an
early advance. declined on heavy profit taking
sales, induced by the absence of official
nouncement of Boer submission.
Current dulness in the stock market is due in
great part the anthracite coal strike 1t should
be observed, however that. while the market is
dull as a result of the coal labor disturbance
there is no important liquidation and no disposi-
to believe that the anthracite coal miners will
be able by their refusal to work to check or
bring TO an end American industrial prosperity
Conditions underlying values are so sound that
ii requires an extraordinarily pessmistic tenn
perament 10 predict disaster in business and in
Testment affairs. The coal strike may. OF course,
surprise the more optimistic by running on for
many weeks and involving other industries It
may affect the iron and steel trade of the coun-
try; it may a physical conflict at the
mines and it may finally induce liquidation in
securities values It is well. perhaps to bear in
mind what may happen. but il is also wise to
recall the fact that strikes have never plunged
the country into bankruptcy. The strike Will
end, and the country Will go on
Dulness in the stock market is helping the
money market, and the prospects favor easy
rates for loans until the usual fall demand for
crop movement purposes develops. Money con-
tinues to to this centre from the interior
Cash holdings being increased from this
source, while reserve above legal requirement is
rising through the gain in cash and the reduc-
tion in loans and deposits. Bank conditions are
much better than shown in the bank statement
OF the last few weeks Despite the ease in
money, foreign exchange rates we'll under
the gold shipping point. and at the moment there
IS little prospect of outward movement of
the precious metal. A few weeks ago gold ex-
ports appeared imminent, but heavy buying for
foreign account of American securities and ac-
tive borrowing by local interests in London
caused change in the sterling market that
checked the rising tendency of rates.