New-York tribune., 1902-04-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading moderately active
throughout the two. hours of business. Prices
were generally above Fridays level, while at the
close the greater number Of issues showed net
gains as compared with the preceding days last
quotations The queter speculation in Louis
VILE and Nashville, higher prices for American
stocks in London and the expectation of favor
able bank statement contributed to improve
ment in sentiment and prices. Renewed activity
on the part of bull pools was reported, Whle
commission houses noticed an increasing dispo-
sition on the part of public operators to buy at
tractive securities In the railway list decided
advances were made by Canadian Pacific. 500
common, Colorado ard Southern issues, Chicago
and Eastern Illinois Erie second preferred and
Evansville and Terre Haute. In the industrial
group further Improvement was made by Inter
national Power which rose over per cent;
WESTINGHOUSE Virginia Carolina Chemical
American Locomotive. American Cotton OH ana
American Grass Twine. The last named stock
is held by strong interests. and 1t is peheFea
that the price Will gradually sell many points
above its current quotation. Late returns Of
earnings are favora BILE while the prospects for
the rest of the year are unusually promising.
Industrial companies that are not overcapi-
talzed and that are not run for the purposes
of speculation are good channels for the In
industrial concerns are selling we'll under their
actual worth and in a number of cases prices
are relatively cheaper than the railway shares
that receive so much speculative and invest
rnent attention. The low priced industrials and
the railway issues that are selling under oo
or thereabouts are becoming more popular with
well informed dealers in securities, and it is not
unlikely that in the bull markets which are
expected before the end Of the year the class
of issues named will enjoy marked price en-
hancement The splendid condition OF the coun-
try's trade insures big earnings for the in
dustrfal concerns Industrial securities that
represent poorly managed companies are in no
greater supply than the shares of poorly
managed railroads In both railroad and IN
dustrial companies however, msmanagement
is now the exception. Managers and directors
of big corporations are working for the better
ment Of their companies and in the interest OF
their stockholders.
The weekly statement of the asSoClated
banks showed an increase in reserve above legal
requirements of 81 500 225 to S4.oI1 100 against
So 33S .l01 in the corresponding week in the year
before and SO G:v0215 in 1909 Loans decreased
ST. .Si1 ,6C1. while cash increased Sl0S,pV, de
spite gold shipments in the week of S2,oo0opo
The higher rates for money at this centre evil
IDENTIFY have attracted large amount OF money
from the interior, while they have also served
to prevent further immediate gold exports.
The supply Of exchange in the week was in
creased by foreign purchases of stocks in the
local market ard by bankers sixty and ninety
days bills drawn against European credits.
II il We're not FOR the fact that the government
continues absorb much money from this
centre, there would be signs of stringencY
in rates. II is unfortunate that much idle
money is locked UP in the Treasury, when it
could be so profita bly, used in the channels of
trade but the repeal Of the war taxes Will serve
in a small measure to ease the situation in this
respect Call money has averaged 512 per cent
in the last week. This rate. however. will not
rule for any great length Of time.
The usual weekly table of price changes for the
active stocks foio"S: