New-York tribune., 1902-01-17
BONDS.
THE DAYS OPERATIONS IN STOCKS

Extreme dulness marked the course OF stock
market trading yesterday. Dealings were con-
fined to the leading speculative issues, and even
in these stocks transactions were seldom heavy
There was practically commission house
trading. The bulk of the business was supplied
by the professional ersment with the heaviest
transactions in Sugar Refining, Atchison. St
Paul Erie, Manhattan, Reading, Union Pacific
United States Steel and st. Louis and San
Francisco. In the last named stock an advance
of over 3 points was recorded. due 10 buying
induced by the report that the first preferred
stock would be retired and the common ad-
vanced dividend basis. In the early trans
actions prices were generally firm. followed by
dulness and irregularity in the early afternoon.
At the close however. there were more net
gains than losses. Rock Island Delaware,
Lackawanna and Western, Long Island and
St Louis Southwestern made conspicuous net
gains
While trading in stocks light. the volume
of business in bonds unusually large. Total
sales amounted in par value to nearly $500,
G00 with large transactions in Wabash deben-
ture BIS, Atchson adjustment As the new Bur
Hngton bonds ST. Louis Southwestern first Is
and Standard Rope and Twine incomes The
buying of Rope and Twine bonds is based on
the improving earnings Of the company and the
more encouraging prospects for a heavy volume
OF business in the current year. The company
is now handled by practical men. and there is
some chance of its security holders receiving
return on their income bond investments. The
Wabash debenture BIS again extremely
active, with total dealings amounting TO nearly
$500 600 par value 1t Is generally believed that
important developments affecting the Wabash
securities are pending that in the Of the
present wear the debenture bonds will be re-
tired and that the preferred stock will be placed
is la Of
. capital seeking investment, and the activity in
the bond market reflects that investors are buy
ing railway mortgage issues. Big dealings in
bonds are generally followed by active specula-
ton in stocks. The ordinary speculative pub
lie trader is not in the market. but 1t will only
REQUIRE a few advancing markets to bring
him in.
Money market conditions continue TO move
In favor of the borrower. The local banks are
receiving large shipments Of currency from the
Interior while they also gaining Sub
Treasury operations. According TO the known
movement OF money in the week. the bank
statement tomorrow will show important addi-
tions 10 the cash and reserve items In the for
eign markets monetary conditions are also
more favorable. The weekly statement of the
Bank of England, which published yester-
day showed further improvement in cash hold
ngs and an important reduction in liabilities.
Growing ease in the London market is attract
ing increased speculative activity in stocks,
especially in the South African mining shares.
In the local market there were no new develop
noents affecting securities. but the bear element
eudeavored to make capital out Of the de-
creased iron production in December The fall
Ing off in production and output in iron and
steel in December was due entirely TO the ina
bility of the companies to secure proper trans
portation facilities from the railroad COM
panies The car famine is gradually decreas-
ing. and the great manufacturing companies
will now experience less difficulty in receiving
raw material and shipping manufactured prod
ucts. The demand for iron and steel is SO heavy
IN this country that several important orders
have recently been placed in foreign countries