New-York tribune., 1902-05-29
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stocks were firm in the greater part of the
day, with small net gains in most issues at the
close. Trading again Light. Commission
houses were not active. and leading market in
terests apparently were not heavily engaged in
speculation In few issues. however. there was
evidence of good buying notably in Canadian
Pacific St Paul and Reading. Various
have been circulated regarding the meaning Of
the current movement in Canadian Pacific
shares, but there has been definite news
garding the company and little outside of the
increasing actual merit of the stock which
10 base dealings in this issue 1t is not unlikely
that the movement is the result of buying by
operators who long ago recognized the value of
the Canadian Pacific property and the wide
margin between the actual and market value of
the stock Hooking Valley common rose about
points on the expectation of an increase in the
dividend rate from to per cent. Realizing
sales caused a reaction in Canadian Pacific, and
the price showed net loss of rs points at the
close In the industrial list Pressed Steel Car
issues were couspcuously strong, the common
advancing pa points on a good class of buying.
In the last hour prices generally moved toward
lower level, and in some instances early gains
were entirely lost
Buying of attractive industrial shares has
been feature Of the market for the last few
days. and in the greater number Of issues price
Improvement has taken place. Industrial shares
dealt in on the Stock Exchange are. in the ma
jority of cases selling under their actual worth.
and as the prospects favor a long period Of in
dustrial activity prices for this class of secur-
ties ought TO enjoy material gains before the
end of the year. Preferred industrial stocks
that pay from to Z per cent are certainly
cheap under par. At current quotations a
turn OF from to per cent is made on many
issues. but the present tendency of prices fore
shadows a decrease in the yield on the money
. Invested. owing 10 advance in market quo
tations- In some cases preferred industrial
shares are safe an investment as high grade
railway bonds while the income is far greater
than on the railway mortgage issues. There are
many worthless industrial shares dealt in on
the curb, and few of doubtful value on the
Exchange. The majority Of ndustrials on the
Stock Exchange represent sound properties Of
great investment merit
The coal strike may bring forth DEVELOPMENTS
that will cause temporary lower price level
in stocks. This possibility, however. does not
induce the sale Of we'll held securities. while
it apparently does not appeal strongly 70 op-
orators who fond Of selling stocks short
The course of Reading in yesterdays market
was distinctly contrary to strike news the price
advancing from 61a4 at the opening TO 6314 with
the close al a gain of q points. Wise trad
ers seldom sell stocks short after strike has
been declared. In the present case il looks as
If careful buyers were convinced that the coal
stocks would not sell at much cheaper prices,
despite the prospect Of the engineers and pump
men going cut next week. If the majority Of
the engineers and pumpmen strike, and if the
operators fail TO fill their places many mining
properties will doubtless suffer loss in money
value that will take a long time to make up in
earnings. Wall Street, however, is too opti-
mistic to believe that such contingency will
develop.