New-York tribune., 1902-02-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

For the better part Of the day yesterday the
stock market was Istless, with a downward
tendency in prices In the last hour how
ever. a complete change took place. Trading
became active, especially in the leading issues,
and a general advance in prices set in which
continued to the close. The almost complete
reversal in speculative conditions came as more
or less of a surprise. and its occurrence was
almost Simultaneous with development in the
foreign exchange situation which seemed to
foreshadow renewal of gold shipments from
New-York. That the prospect OF a further
outgo of gold neither restricted operations in
stocks nor retarded an upward movement in
values demonstrated that gold exports no
longer, or, at least, in present circumstances
possessed the power to influence the stock mar
ket. Any loss of gold in fact, is likely promptly
TO be made up by receipts of currency from
the interior. The flow of funds from other
points to this centre is reported unabated,
and serves TO insure continuance of low rates
for money. Saturday being a holiday, this
weeks bank statement will be issued to-mor-
row. 1t will. accordingly, show the averages
for five days instead of six sis usually the
case.
There was an increased business in the United
States Steel stocks to which attention was par
ticularly directed by the proposal TO convert the
Z per cent preferred stock into per cent bonds
It said that the scheme regarded with
much favor by the chief interests in the
pany that it probably would be formally con-
sidered at an early day The conversion would
presumably establish the common stock more
firmly a dividend paying security, and like
wise might permit increase in the rate of
dividend. a sharp upward turn in Tennessee
Coal and Iron was accompanied by two reports
one that the company was to be taken in by the
United States Steel Corporation, and the other
that dividends TO be begun again
the stock. There was, however no definite In
formation either of these reports. Liberal
buying of Amalgamated Copper appeared to be
for the purpose Of covering shorts, which was
induced by prospect of a revival in exports of
copper to Europe. The closing of short
tracts also accounted for rather eager inquiry
for Sugar Refining.
Reading second preferred and common stocks
We're freely dealt in, but realizing prevented any
Improvement in their prices There is nothing
IN view to disturb the remarkably prosperous
state of the anthracite trade. The consumptive
demand is so large that there is no difficulty in
adjusting production to ii, and il is therefore
an easy matter to maintain prices. 1t is under
stood that the plan for exchanging Reading
first preferred for second preferred and common
stock viii be carried out in a few months, and il
is thought not long afterward It will be possi-
bic to begin dividends the common stock
There was further substantial addition to the
price of Chicago indianapolis and Louisville
with good buying of the stock. The story was
revived that the road would pass to the South
ern hallway and that a lease of il to the South
ern would be executed. There was a fair busi-
ness in Union Pacific, which gained somewhat
In price, and in Southern Pacific, which closed
unchanged. The heavy purchases of Wabash
debenture B bonds kept up
THE DAYS OPERATIONS IN BONDS.