New-York tribune., 1902-05-27
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market irregular throughout
the day. with more net losses than gains at the
close. In the more active issues the tendency
was generally downward. the chief exception
being Canadian Pacific. which was again strong
on heavy New-York and Montreal buying The
stock made maximum gain of 315 points. clos
ing at a net advance of rs points. and supply
ing nearly one-quarter OF the dealings in all is
sues. While Canadian Pacific was moving
higher stocks such as St Paul. which lost nearly
2 points declined without, however. bringing
out important liquidation. Some of the special
ties and cheaper priced railway shares showed
3 certain degree of frmness, while in the in
dustrial list number of issues reached a better
price level This was noticeable in the Pressed
Street Car issues and American Car and Foun-
dry. American Grass Twine. American Mailing
shares. American Snuff and American Locomo-
tive. International Power dropped 20 points in
its bid price on the unfavOrable statement of
expert accountants regarding the companys af
fairs. The fact that the company has begun
10 pay extraVagant dividends while il has been
earning less than per cent on the stock sug-
gests the necessity OF a change in the manage
ment of the company. The London market at
tracted considerable local interest yesterday.
owing TO the prospects of peace in South Africa
and the natural increase in speculative activity
the London Exchange British consos have
been heavily bought in this country in the last
few weeks, ana the advance in their price yes
terday caused some realizing for local account.
The reports from railroad centres show that
enormous volume Cf merchandise traffic is
being handled by roads in all parts of the coun-
try. The movement of grain is light. but mis-
ceaneous freight is heavy enough to tax the
car capacity of the various systems. Railroad
earnings for the first three weeks in May pre-
sent substantial increases over the same period
year ago. when. it may be recalled traffic
receipts were larger than ever before recorded
for corresponding period With the railroad
business OF the country such a solid basis it
is not surprising that investors and large spec
ulative holders of securities refuse 10 part with
their possessions on passing adverse develop
ments. In the last year there have been many
factors which ordinarily would cause great
liquidation and pancky markets. 1t might nat
urally be assumed that the May disturbance Of
year ago. the death of President Mckinley.
the damage 10 last summers corn crop. fire.
quent periods of high money rates and the cur
rent coal strike would be followed by an old
fashioned bear market These factors, however.
have had only temporary influence. and mar
ket values well up the scale, with many
issues at their best quotations on rec
ord
The fact that lower level Of values has not
been established a result of the factors named
reflects universal strength in conditions under
lying the countrys industrial and financial po-
sition. There is little incentive stay short
OF stocks when railroad returns week after week
show large gains over record breaking periods
year ago. The time will doubtless come when a
bear campaign will be warranted by conditions
affecting values but the chances that that
time will not develop for many months TO come.
Adverse factors At present more than off
set by the good features, and until the industrial
situation weakens adverse effect on values of
overspeculation and overcapitalization will not
be important. The local money market was
easy yesterday, while foreign exchange was dull
at unchanged quotations.