New-York tribune., 1902-01-04
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market was strong in the early
dealings, but in the subsequent transactions
profit taking sales caused reactions throughout
the list. Declines were not heavy, and at the
close net losses were generally confined to fraH-
tions In a number Of issues the pressure of
realizing sales without important effect en-
quotations notably in the case of Peoples Gas
and the Wabash stocks. Peoples Gas was in
demand for the account of important market
interests and for operators who we'll in
formed regarding the affairs of the company.
Recent reports that the dividend Peoples
Gas stock would be reduced were not based on
good information. AS pointed out in this column
yesterday morning, the stock will receive its
usual quarterly dividend at the rate of per cent
a year. The Peoples Gas Company is in a
strong financial condition, and despite the in
creased taxes which the new tax assessment in
Illinois has levied against the company, earn
ings will be than sufficient to pay all ex-
penses, charges, taxes and dividend require
ments Compared with other gas stocks. Peo-
pies Gas is selling at remarkably low price.
The demand for the Wabash stocks in yester-
days market came from a good class of traders
and also from so-called Gould interests. It is
thought that there will be some important devel-
opments favorably affecting the future of the
SWabash securities, and it is predicted in we'll in
formed quarters that the Wabash stocks will
sell many points above their current level in
the course Of the present year. In the early
market particular strength was shown by st.
Paul. New-Yorz Central, the Reading and Erie
issues Baltimore and Ohio, Missouri Pacific,
Rock Island Atchison, and. among the cheaper
class stocks, Colorado Southern. An advance
of three points in Great Northern preferred
evidently reflected buying induced by the COM
pletion of the Northern Pacific deal In
the industrial list the United States Steel
shares were active features; also Tennessee
Coal and Iron. On small dealings New
York Air Brake advanced over per cent
the gain being due to a demonstration against
the short interest. A further reduction in the
price of copper caused some selling in Amalga-
mated Copper shares, but the decline not
important The further cut in the price Of cop
per is considered another step in the readjust-
ment of copper prices, due to the heavy accumu-
lation Of the stocks of copper in this country.
In the afternoon the greater number of shares
sold down from one-half to one point under
the best prices Of the day. closing in the major
fly Of active issues at small net losses from
Thursdays last quotation.
The money market was firm in the morning.
but heavy offerings in the afternoon by the
National City Bank caused O decline in the rate
10 per cent. AT this figure an enormous
amount Of money was put out for the account of
Stock Exchange borrowers. According to the
known movement of money in the week the
local banks have gained over SSO00O00 in cash
The movement Of currency with the interior re-
suited IN a net gain Of over S6,OOOOOO. while
receipts of gold and payments bond
account by the Sub-Treasury caused a further
addition to bank holdings The activity in
stocks in the last week may have caused a
large increase in loans. Bank statements are
quite often disappointing. but the gain in cash
has been heavy this week that even the un-
satisfactory average system ought not to prevent
a material increase in to-days statement Of re-
serve.