New-York tribune., 1902-04-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was generally stronger on an
active volume of business. total sales reaching
/ 723 454 shares of which SS2.5n0 were supplied
by Southern Railway common. Buying OF TINS
stock was based the expectation that the
Louisville and Nashville property would ne
turned over 10 the Southern Railway by the
so-called Gates combination. the new majority
owners Of Louisville and Nashville stock. Inc
ACQUISITION Of the last named road by the SOUTH
ern Railway cannot help adding great value 10
the Southern Railway securities. These issues
are already attractive securities, the preferred
being a solid : Per cent investment. while the
common is now in line for dividend honors, with
the prospects of receiving a payment at no re-
mote period Southern common opened at 3i's,
against 34l. the preceding days closing. and on
enormous transactions advanced rapidly to 4ol2,
with the closing at 81 =, net gain Of 5As points
The preferred also strong and active. While
.Nonon' shares and Illinois Central were
bought on the belief that the two roads might
benefit from Louisville and Nashville-Southern
Railway deal. m the early trading fear or
corner in Louisville stock was dispelled by an
official announcement from a brokerage house
representing the owners that there would
be no disturbance of that character in the mar
ket This stock ceased TO be a leading market
feature. and it was not thought likely that
further material advance would develop at pres
ent At its current quotation Louisville is not
dear, ITS actual worth warrantng every cent OF
the recent Improvement.
Aggressive buying was noted in many issues
especially in St. Paul and Union Pacific. West
ern operators Were heavy purchasers of the first
named. while throughout the list the influence
of the Western element was plainly reflected In
increased dealings and advancing prices. Among
the low priced shares further accumulation OF
Detroit Southern common reported, also
Des Moines and Fort Dodge and Colorado South
ern If the present market runs into an active
bull campaign Of big proportions the cheap
nriced railway shares and the industrials Of
merit will doubtless be features of importance.
Strong financial interests who are familiar with
conditions throughout the country are buying
securities and they certainly will not neglect the
attractive cheap issues, which offer such oppor-
tunities for purposes Of control and speculative
rroHt The industrial shares have been neg
lected for many months. Their actual value.
however has been increasing and in many
cases more attractive opportunities are offered
for investment and speculation than among the
high priced railway issues. Stocks. such as
American Grass Twine, American Car. and
Foundry preferred, International Paper pre-
ferred and international Pump, are well worth
,,uving. The market closed at reactions from
the best prices Of the day, but at substantial
net gains in the greater number Of issues A
sale Of 800 shares of Burlington stock at 1914
was feature of the dealing, the transaction
doubtless representing forced liquidation.
The foreign commerce of the United States in
March showed as expected, a heavy falling off
in exports as compared with the same month
q wear ago due almost entirely to the reduction
in the outward movement Of breadstuffs and
cotton In March. 1901. exports amounted in
tn the current year total exports We're in value
sIo6. 500. 100 AS the shipments OF breadstuffs.
cotton and provisions were in value Sls,16o,59l
less than n wear ago il will readily he seen that
Tho countrv's exports Of manufactures are not
declining In spite of the decreased exports of
the products named and increase in imports
of upward of SS.000.000. there was an excess of
r1ercha ndise exports in the month in value of
s22 466 41a, making from July L an excess Of
eynorrs Of s3n2 231 13I The fact that small
crops here last year and fair crops abroad have
caused a failing off in domestic grain shipments
does not indicate that the countrys export trade
IS declining. Exports Of our manufactured goods
are heavy There is an improving demand for
copper and even with poor crops exports of
general merchandise viii run well ahead Of i'm
ports.
Money market conditions encourage the belief
that there will be no disturbance in rates. 1t
is said in well Informed quarters that the peo-
ple who have been active in Louisville and
Nashville stock amply protected, and that
the deal Will be carried through without trouble
in the money market. In yesterdays market
the demand for money quite urgent, owing
10 the increase in stock dealings, and call loans
were generally made az from o12 10 6 per cent
in the morning, with per cent rate before the
close Time money unchanged at Az per
is the making Of sterling loans.
THE DAYS OPERATIONS IN BONDS.