New-York tribune., 1902-01-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was moderately active in
the greater part Of the day on an irregular move
ment OF values. Opening prices were heavy and
generally under Saturdays close, while through
out the forenoon dealings declines fire.
quently made in some instances amounting to
point Subsequently, however, early
losses were in the majority of cases recovered
Heavness in the morning was due TO selling in
duced by the Crude Rubber Company failure
and by uneasiness in speculative circles over
the monetary situation The absence Of a heavy
outside demand for stocks also encouraged bear
operations In Saturdays bank statement the
decrease in reserve holdings and the disap-
pointingly small gain in cash did not reflect
actual bank conditions. owing to the system Of
averages employed in compiling the figures. At
the end of the week receipts of currency from
the interior were heavy, but only small part
OF the amount received figured in the bank
hibit The local banks shipped S350O0o to New
Orleans yesterday. and 1t was thought in foreign
banking circles that gold might be exported 10
Europe in the week. Local foreign exchange
rates higher, while in Paris further re-
duction in exchange on London was reported
It does not appear likely that Wall Street will
worry gold exports, especially large
movement of money from the West is now due
Securities show great ralyng power after all
declines and decided obstinacy to bear pressure
on only light buying demand. repeating
movement that has been common for many
months past The greater part of the selling
was for the bear element. while the subsequent
buying also came largely from the professional
traders Traders who sell stocks short find
great scarcity of securities for covering pur-
poses and as a consequence IT requires only
little buying to give the market an upward
giving Chicago interests were active sellers in
the morning. From Chicago came reports that
there would be further financial trouble among
industrial corporations similar to the trouble
that has beset the Crude Rubber Company Such
reports were put out to influence stocks. They
had no foundation and they failed to shake in
vestmeut confidence. The failure Of the COM
pany named should not be used as an argument
against industrial shares in general, any more
than the failure of some weak and improperly
managed railway should affect the stocks Of
the sound railroad corporations. There are good
industrials and poor industrials and the good
Industrials will prove safe as. If not safer
investments than. the high class railroad shares
People VINO stick to the attractive industrials
listed on the Stock Exchange will doubtless fare
exceptionally well in 1902
Buying Of the United States Steel shares for
home and foreign account was noteworthy
feature in yesterdays market The company
will issue its statement Of earnings to-day.
There was also a good demand for American Car
and Foundry and American Locomotive issues.
Earnings Of the American Car and Foundry
Company in the current quarter Will chow big
increase over the same period year ago. and
the gains in the rest Of the year will more than
offset the losses suffered in the summer months,
when earnings were cut down through the
pany's inability to get raw material In the quar-
ter ended November 80 net earnings increased
1894, ,127. The coal shares were IN good demand,
especially Reading and Erie, in the mornings
decline. The advance in the Jersey Central divi-
dend rate TO per cent for the quarter created a
belief in some circles that the Delaware and
Hudson would also raise its rate. and. quite
naturally, the last named stock enjoyed sharp
gain, touching a point only a little under its
record price OF last April. Traders early
eesiness over the money market disappeared
when the first loan made on the Stock Ex
change. The highest rate in the day per
cent, while the majority Of loans were made
under that figure. Last prices for stocks We're
generally the best Of the day.