New-York tribune., 1902-02-19
SEX dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

There a considerable increase in the vol
ume Of business on the Stock Exchange yester-
day but it did not result in important changes
in prices. In the early trading there a
general improvement in values. but realizing
sales later caused reactions in many stocks, SO
that final figures compared with those Of
Monday showed gains for some stocks and
losses for others. The market disclosed no
actual weakness but the professional element
seemed disposed to take profits when opportun-
ity offered The interior movement Of currency
reported continuing in favor Of New
York. Money call was in ample supply, and
rates were somewhat easier. Owing to the
scarcity Of bills the foreign exchange market
developed additional strength. which was con
strued possibly foreshadowing a renewal Of
gold exports in the near future This was
something. however. which did appear to
excite any unea asiness. Gold probably could
he shipped abroad in fairly large amounts with
out materially. and perhaps without perceptibly.
affecting the money market. since currency is
flowing TO this centre from nearly all directions.
There again tremendous buying of Wa
bash dehenture bonds, and it excited good
deal of comment 1t thought to signify an
early COnsummation of a comprehensive plan
that is supposed to exist for the unifcation of
the so-Called Gould roads A steady absorption
Of the Wabash stocks has accompanied the
continued for months. There great activity
in the Reading stock issues, particularly the
second preferred and the common stocks It
was said that in a few months the scheme for
the conversion of the second preferred into
first preferred and common would be carried
out. The financial position Of the Reading. and,
in fact. of all anthracite lines. has been vastly
improved by the state OF great prosperity up
to which the coal trade has been brought. 1t
has been the custom to cut down coal prices
I'm the spring and then restore them ty install
ments during the summer. Last year a reduc-
tion of % cents ton made April |,
and restoration by adding 10 cents each month
followed. II is proposed this year to defer the
cut TO Nay ]. and the cut may not he as large
il in 1901.
The fluctuations in the United States steel
stocks were small and the business in them
was moderate. A rumOr that a scheme had
been conceived for the exchange OF the I per
cent preferred stock for per cent bonds had
practically official confirmation but II said
that il had not yet come up for formal COnsid-
Grafton. The rumor helped both issues Of the
stock, for the reason that the scheme, If adopt
ed, would make improved security of the
preferred stock and would benefit the common
stock by reducing by per cent the distribu-
tion. as at present. on the preferred. II was
calculated that = per cent bond would in the
market bring much the I per cent pre-
ferred stock If not more There pressure
to sell Amalgamated Copper. Many selling or
ders from Boston. II was stated that
prices for cOpper-that is, the metal-were un-
certain, and that several speculative lots were
hanging the market. After a sharp ad-
vance Sugar Refining freely sold. The clos
ing price the lowest of the day