New-York tribune., 1902-02-04
BONDS.
THE DAYS OPERATIONS IN STOCKS

The heaviest operations on the Stock FIX
change were in the bond department, in which
there was an active inquiry for many attractive
issues In stocks the volume of business was
small but a rule prices were firm and
higher with more net gains than losses the
close Buying Of railway mortgage issues indi-
Gates that surplus profits seeking employ
rent. Eventually the movement in bonds
should hnd its sequel in the share market. de-
spite the fact that 4 large number IF profess
sionaI pessin1ists sing out the tiresome medley
that prices are too high and that they must
go lower in order 10 measure the intrinsic worth
OF securities. II the country were on the verge
OF an industrial war. il financial conditions were
unsound. II politics threatened our economic
Laws. then every might shout that prices
are too high" There never was a time in the
history of the country wher conditions in the
commercial. financial end political world have
been so sound and stable they at present.
Many people are afraid that collapse is COM
ing hut there Is nothing in the situation that
warrants such story.
II is evident from the course Of values in the
lest month that extensive decline may be
expected long current conditions prevail.
Dfligent efforts have been made to depress
prices. but no important success has developed,
despite the fact that the market has been for
long time without the help Of public support.
People who hold stocks rich enough to
carry them through traders declines. People
who buy good stocks at the current level should
have no difficulty in holding their possessions
for future higher prices. There fair de-
mand for the Pacihc stocks and st. Paul in yes
terday's trading; also for Amalgamated Copper
on the decline. Among the less active issues in
the industrial list investment buying was again
rerorted in American Car and Foundry pre-
ferred II is extremely difficult to learn OF the
financial affairs of industrial concerns.
such SIS the American Sugar Refining Company
and the Amslgamated Copper Company, but the
tendency to publish intelligent reports is de-
veloping among Industrial companies. notable
instance Of which is found in the report of the
United States Steel Corporation and the state
rnent Of earnings of the American Car and
Foundry Company In a few weeks the Repub-
lie Iron and Steel Company Will issue its report,
and this will he followed in the course Of the
year by statements from other concerns which
have decided to take the public into their conf
. dence 1t seems p IL wider market for sound
industrial securities should develop.
There was no change IN money market condi-
tions and no advance in rates as a result OF the
large expansion in loans in Saturdays bank
statement. It IS understood that part Of the in
crease in loans last week was due TO borrowings
by purchasers of the recent issue of debenture
bonds by the Atchson company Foreign ex-
change conditions suggest that gold may soon be
sent 10 France. but the large supply OF money
at this centre leaves occasion for uneasness
over the possibility Of an outward movement Of
the precious metal. The failure Of the Supreme
Court TO hand down a decision in the Northern
securities case was considered by stock traders
excuse for attacking values in the afternoon
and, for time. prices moved slowly lower The
decline, however. was checked by an upward
move in the anthracite coal shares, although
final prices were unsettled and without decided
tendency in either direction. A sharp decline
in Amalgamated Copper and a conspicuous ad-
vance in Delaware, Lackawanna and Western
made without the accompaniment of news
developments. Enormous dealings in Wabash
debenture Bs and Union Pacific convertible is
were recorded in the bond market.