New-York tribune., 1902-01-31
BONDS.
THE DAYS OPERATIONS IN STOCKS.

IA - OE iIhA1Io IN SIOchS-
The weakness that developed in the closing
dealings in Wednesdays market not in evil
dence in the opening trading yesterday, prices
being strong throughout the list. In the subse-
quent transactions irregularty noticed in
many issues but a rule final quotations
showed net gains over the preceding days last
figures The volume Of business small.
Strength in Amalgamated Copper stock followed
2 active rise in copper shares in London, while
a decline in Sugar Refining certificates due
10 the belief that the Cuban sugar situation in
Congress VIII remain in a dormant condition
until after the proposed legislation on war tax
reduction is effected. The movements in Copper
and Sugar shares supplied the chief market
tivity in the day. elsewhere among the more i'm
portant issues dealings rejecting little activity
on the part u speculative interests. Of the rail-
road stocks 81. Paul. Rock Island. Southern
Pacific and Toledo st. Louis and Western pre-
ferred were conspicuous features. Local and
foreign money market conditions continued to
move IN favor of lower rates. If the war taxes
are reduced as proposed. there will be an i'm
portant addition TO the amount of money in cir
cuiaton for employment in the channels of
trade. The prospect of legislation of this char
acter the favorable climatic conditions in the
winter wheat territory. and the strength in the
iron and steel situation. ought to have pro-
nounced effect securities prices.
The statement of the United States Steel Cor
poration for the first nine months of it's exist
ence contains vast amount of comforting in
formation for owners of the steel shares, and
for all investors who are interested in the ma
terial welfare Of the country. Sound conditions
IN the iron and steel trade play an important
part in industrial prosperity. While the report
20 the stockholders of the big steel company
shows splendid results for the last year. the
m interesting re he
ment regarding the prospects for the current
year and the remarks concerning the compa ny's
policy in working for stability in prices, both Of
raw material and finished products. 1t is a
noteworthy fact that the actual business the
company's books amounts to more than half
the total combined annual capacity of all the
companies. The current demand for iron and
steel products is so heavy that prices could
easily be advanced but the company has re-
fused TO mark up its goods. despite the fact that
| In some cases consumers have voluntarily Of
fered 10 pay better prices in order to secure
quick shipments. a reflection OF the prosperous
-ondttion Of trade in general is found in the
-leel corporations statement that about 20 per
of its total current monthly accounts due
from customers is being collected within thirty
days. and that the losses through bad debts
and collection Of accounts and notes receivable
are very small
Steel shares in yesterdays market. In we'll in
formed circles it is thought that these issues
will gradually work higher, while it is believed
that the preferred will eventually sell many
points above par. 1t would require an extraor-
dinary period of business depression to make
necessary reduction in the dividend United
States Steel preferred. AS investment. the
preferred stock is considered as safe as the or
binary railroad share, evidence of which is
1;e-r
among investors in all parts of the country The
industrial securities in general selling under
their actual worth. and careful market judges
believe that better speculative profits will be
made in this class of stocks this year than in
he railroad list. Reports from officers connect
ID with the solid industrial concerns show that
= larger volume Of business is being done than
this time last year and that there is neither
speculation nor weak underlying conditions in
any department of industry. The copper situa-
lion is improving under the stimulus OF cur
rent low prices, but the advance in the price
% the copper shares discounts much of the i'm
proverent