New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-05-02

THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
The stock market was not particularly active
but prices were generally firm and higher until
the last hour of trading. Opening quotations
indicated that speculation had recovered from
the furry of the day before and even suose-
quent sharp break in International Power stock
failed TO attract liquidation elsewhere in the
market An increase In the Pennsylvania dlvl-
dend rate exerted a favorable influence on the
whole list, and investment buying was re-
ported in a number Of issues, particularly IN
PENNSYLVANIA, Illinois Central Louisville ana
Nashville and St Paul. Dealings IN St Faui
and Illinois Central were heavy, while in Read
ing Union Pacific. Atchison, Chicago Great
Western, Canadian Pacific and Colorado fueI
and Iron a moderately large volume Of business
was transacted. The general commission house
demand. however. was not active, traders
doubtless feeling some uneasiness over the pos
slbe results Of the International Power cpl
sode and the higher rates for money. can
funds were again strong, with the ruling rate
at per cent. on the other hand. exchange was
& trfe easier, while the condition OF the Paris
exchange market discouraged the idea Of gold
exports this week. Gold exports this spring are
likely to be made in fairly large amounts. An
advance in call money 10 - per cent IN the AZ
ternoon caused declines throughout the list. but
affected while at the close many substantial
gains were recorded. International Power
closed at net loss Of Il points. while other
heavy losses were made by New-York Air Brake.
which declined Is points; International Silver,
1 points and Keokuk and Des Moines, points
American Locomotive lost l point. The coal
stocks were generally firm, owing 10 the belef
that there will be no labor disturbance in the
anthracite region. In the late dealings Detroit
Southern issues enjoyed sharp advances.
The largest holders OF stocks apparently are
not inclined 10 sell at the current level Natu-
rally, the people who hold securities merely on
speculation know that the market will not adj
vance INDEFINITELY but they evidently believe
that conditions affecting the real worth Of stocks
warrant higher prices before long period or
reaction sets in. While there will doubtless be
periods Of liquidation and sharp declines IN
prices there appears little likelihood Of a sus-
tained downward movement long as the
country's business affairs remain prosperous
II the crops failures this year and II other
untoward developments arise stock values will
doubtless seek lower level 1t will be several
months before the crops reach maturity. and
two months or more before the probable yield
can be estimated with any degree Of certainty.
Meanwhile il appears probable that the leading
interests in the stock market viii work for
higher prices with the expectation Of a gradual
liquidation in the late summer and early fall
Congress elections take place in November, and
the possibility of the election of a Democratic
body will. of course, be a factor in the market
The admission by an International Power
Companv interest of manipulation in the stock
merely confirmed what Wall Street believed to
be a fact. 1t is said by people connected with
the cCmpany's management that the concern is
making money and that an examination of It's
affairs will show position OF sound solvency-
This is doubtless true but il is unfortunate that
certain directors should have been permitted to
play at the game Of speculation with the COM
company's prospects may be. there be only
one result and that bad one. where the man.
aGement spcculates and creates fictitious prices
for the property's securities. A pleasant con-
trast TO the stock jobbing in International
Power is afforded by the conservative move
ments in a number of solid industrial issues
that are selling below par. American LOcomo-
tive is in way mixed up with International
Power and there is reason for sales of Loco
motive issues because Of the course of Power
stock. The advance in money rates is due in
part TO the determination of the banks to exer-
else greater caution in the matter of collateral
against Stock Exchange loans Such pro-
cedure may cause trouble among overextended
long accounts on the Exchange, but It should
serve to create a more healthful situation and
TO restrain speculation of the International
Power type.
THE DAYS OPERATIONS IN BONDS.