New-York tribune., 1902-04-22
RONDS.
THE DAYS OPERATIONS IN STOCKS.


An enormous volume of business was done IN
stocks and bonds an irregular movement u
values Early advances were followed by
sharp declines while recoveries in the last houf
left final prices. as a rule at only small net
changes from Saturday. There were more net
losses than gains. Heavy buying orders al the
onening absorbed realizing sales. although after
,he fref hour the effect Of active selling was
reflected in a reactionary tendency The sell
ing movement was helped in the early AFTER
noon by the Supreme Court decision granting
pernission to the State Of Washington 10 NE
suit against the Northern Securities CompanN-
The decision came at a time when the market
was ripe for q reaction from the steady au-
vance of the last ten days. and il caused no
uneasiness among the more important market
interests 1t VIII be many months before 'he
Northern Securities case can be settled. and
meanwhile the banking community VIII harols
care TO remain idle 1t is not believed in well
informed legal circles that the attacks against
fhe Northern Securities Company will succeed
,efore tba Supreme Court, but even If an un-
favorable decision should ultimately be given
the country's railroad progress would not De
unset Trains would continue to move over 'iie
roads involved. while the stock holding COIN
paay would merely he dissolved.
Commission houses had large out of town
buving orders in yesterdays market Much oi
the selling came from last weeks buyers al
though in the decline following the Northern
Securities decision some commission house
traders who bought early in the Gay. Were
sriebtened enough TO throw over their holdings.
In certain cases where light margins only pro-
tec-ed stocks forced sales were made, as. f"r
,nstancA in Union Pacific which declined from
-be onarirc above los TO 1o2a4. On the decline
Union Pacific was absorbed by good class OF
l,uyers and after the selling pressure had run
irs course the stock rallied easily. Union Pacilc
is not considered dear at its present price Ds
MANY careful buyers. The stock Is now seliihg
oS points lower than its best quotation or i'"l'
and at its present price represents an invest
rent Weld of nearly per cent While Union
Pacific may not be considered dear, there are
ether shares just as attractive lntrlnslcalE'
yielding better interest returns and not repre-
se,,tinc companies burdened with enormous
stock and bond issues In this connection it is
worth noting that there many valuable %
and per cent industrial securities that are sell
ing under par. and far under their actual worth.
There are also many solid mortgage issues
which are worth more than their current mar
l,et prices A bond such the Erie-Pennsyl-
vania collateral IS quoted under par is certainly
q rare bargain.
Western operators were credited with much OF
the heavy selling. but, while they sold Union
Pacific and other issues Of which they were ac-
1--WE buvers last week, they bought elsewhere IN
the market notably in Manhattan and Reading
Further good buying reported in the cheap
stocks particularly Wabash common. Detroit
Southern was again in demand also Kansas
City Southern and Colorado Southern. The
Jncal traction shares We're strong fea lures
throughout the day. Manhattan gaining nearly
d noiuts and Brooklyn Rapid Transit las points.
Reading common closed at a net gain OF As
r,ofnts Sensational advances were made by
New-York Air Brake. which closed at a net
gain If % points, General Electric and Inter
,a,so,al Power The weakest features were
Atchison St. Paul. Rock Island Colorado Fuel
and Iron Illinois Central Missouri Pacific ana
Union Pacific Liquidation in the Western
shares was induced by numerous reports OF
drouth and crop damage in Western States
These reports however came chiefly frcn grain
speculators The market closed we'll above the
lowest prices OF the day, final prices being
helped by the recovery in Southern Pacihc
shares which lef: their final price above Satur-
days last quotation. This issue sold down TO
6f;z on the general decline, but closed at b9
Total dealings in all stocks amounted to nearly
oGoaooc shares making the heaviest day s
business since the panic Of May O. 1901.