New-York tribune., 1902-01-25
BONDS.
THE DAYS OPERATIONS IN STOCKS

Early stock market trading was conducted on
advancing level of values. The demand.
however, was light and made UP in most part
of the operations of professional spectators.
This buying movement came TO an end before
the afternoon dealings. and in the last two
hours Of business prices moved in an irregular
fashion with many net losses at the close.
Total dealings amounted to 1923 shares of
which the greater part was supplied by Anal
gamated Copper. Sugar Refining, Metropolitan,
Missouri Pacific. Union Pacific. the Steel shares
and Wabash common. The buying of the last
named stock presented of the few instances
where outside interest and substantial specu-
lative purchases We're reported. Dealings in the
Wabash debcrture bonds were also heavy ac-
tivity in thesc issues being accompanied by
rumors OF favorable developments affecting the
company. For many reasons the Wabash stocks
and bonds among the most attractive of
current cheap priced railway securities. and it
is likely that in the next important advance the
common and preferred shares and the deben-
ture bonds will sell materially higher
Amalgamated Copper and Sugar Refining
made important advances in the morning on
fairly large volume of business. Buying Of
Amalgamated Copper was helped by the
strength in the Rio Tinto stocks in the London
market. It also reported that the selling
price of copper in this market would be ad-
vanced The upward movement in Sugar REIN
Ing was apparently based on the prospect Of
reduction in the Cuban sugar tariff schedule.
Elsewhere in the industrial list. with the excep
ton of the Steel shares and Peoples Gas. trad
ing was confined to small share lots. The steel
shares were bought by the trading element, but
their prices showed important iuctuaton.
International Pump bought TO the extent
of 600 shares for investment account. The
declaration of the regular quarterly dividend on
Peoples Gas stock responsible for the up
ward movement in this issue Several months
ago II reported in certain poorly informed
quarters that the dividend this stock would
be reduced, owing to the increased tax assess
rnent against the company in the State Of IL
linois The conpanys earnings are large enough
10 pay increased taxes. to maintain the 6 per
cent dividend and 20 show a comfortable sur
plus above all expenses taxes, charges and
dividend disbursements In the general railway
list there were no features Of striking inapor-
tance The only noteworthy net gain made
by the St Lawrence and Adirondack shares,
which were marked up sharply reports that
the road had made favorable contracts with
other companies which would add materially to
its annual income.
The money market was comparatively easy,
with call money lending as low as 21a per cent.
The ruling rate. however. was 3 per cent. The
sterling exchange market was heaVy ana With
out indication OF gold exports in the course of
the next few days. The Improvement in the for
eign financial situation, reflected in the lower
discount rates in London and Berlin, encour-
ages the belief thot there will be no important
outward movement of gold from this centre in
the next few months. The local market can
spare the money if it is needed abroad as the
supply Of cash at this centre is rapidly increas-
ing According 10 the known movement Of
money in the week, the banks have gained
urward of sS,000,O00. and it is probable that a
god part OF this increase will be shown in re-
serve above legal requirements. as it is not
thought that the loan item will show any mate
rial expansion There is large supply Of idle
money waiting investment as indicated by the
heavy increase in trust company deposits
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDs-Market steady. Final