New-York tribune., 1902-05-08
SEX dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
Stock market trading was active on irreg-
ular movement of values. In the early dealings
conspicuous gains were made by number Of
issues while in certain stocks. notably the coal
ers prices We're heavy in the greater part Of the
day. In the last hour the entire list declined
under sales induced by another advance in
money rates and by the fear of an anthracite
coal strike announcement Louisville and Nash
vile made a new high record price in the morn
ing, while sympathetic gains were made by
''Nonon' and Southern Railway. Investment
buying is reported in Louisville and Nashville,
purchases evidently being made the eXpecta-
ton that the stock will be placed on per cent
dividend basis in July. In the 'Monon" and
Southern Railway shares activity is inspired by
the idea that both the "Monon' and Southern
Railway will figure in the final disposition of the
Louisville. Further heavy dealings were re-
corded in Chicago Great Western without, how
ever. any news developments regarding the
property. This company would be valuable
ACQUISITION for several Western roads. and it is
possible that the so-called Gates crowd has been
a heavy buyer of the stock. with the idea of Sc
curing control and offering the property TO some
larger system. II is extremely doubtful, how
ever, whether the control of Chicago Great
Western could be purchased in the open market.
An advance in Kansas City Southern issues was
followed by a report that Chicago Great Western
had bought control of that company. Chicago
Great Western now has a roundabout line from
Chicago 10 Kansas City, while the Kansas City
and Southern runs from Kansas City to the
Gulf at Port Arthur. The Reading shares closed
at a net loss of over ! point, while throughout
the railway list net declines were common at the
close. In the industrial department Amalga-
mated Copper was a strong feature on rumors
of trade Improvement. On small dealings Amer
Jean Grass Twine and American Car and Foun-
dry preferred were firm and unaffected by the
general decline in the late dealings Sugar Re
fning down a point. and the steel shares
fractions Money call advanced to - per
cent in the afternoon, but most of the days
business was done at Z per cent. The curb Sc
curities connected with the Webb Meyer syndi-
cate We're inactive.
Gold exports viii doubtless not be made until
money rates rule at lower level. The pros
poets are, however. that round amounts Of the
metal will be shipped abroad in the course Of
the next two months, unless, for some reason not
apparent at present, the payment Of debit bal
ances abroad should be deferred. This country
has merchandise trade balance in its favor
but credits on this account have been more than
offset by the heavy borrowings of American
bankers in Europe. In addition to the influence
named. the large investment of American capt.
III lIlSeS, expenditures OF Amer
lean travellers and the undervaluation Of i'm
ports have served TO place this country in debt
10 Europe. But the debt easily be paid.
Legitimate conditions are responsible for the
present position of the international exchange
market, and the strength in exchange reflects
the wealth and prosperity Of the United States
The enormous financial transactions of the last
few years have been helped by foreign capital.
but this capital represents loans rather than
permanent European investments here Money
market conditions sound. The collapse in
certain industrial speculations has not affected
the local monetary situation, save to cause
stin closer scrutiny of collateral offered for
loans. II seems that the "shrewd" Yankee
bankers in New-England were the heaviest
lenders on the securities involved in the recent
crash.
Railroad earnings for April show in the aggre-
gate a gain in gross receipts Of over 16 per cent
as compared with the same month a year ago.
Traffic in all parts Of the country is remark
ably heavy and in the West and Southwest
new records are being made. Despite the enor-
NOUS falling off in grain tonnage this year the
Western roads will end their fiscal periods with
largely increased income accounts compared
with year ago The outlook for continuation
OF the current heavy volume of business on the
railroads is promising. Industrial activity pre-
sents no indication Of reaction. Crop prospects
are growing brighter and the official government
report which will be issued Saturday ought to
show Improvement in conditions those
ported April l. In the last few days ideal crop
weather in the West has doubtless left the grow
ing wheat in better position than will be
shown by the forthcoming government bulletin.
The favorable factors in the general situation
are effective arguments for holding good securi-
ties and il is doubtless due 10 considerations of
this character that so few people willing to
part with their holdings al current prices. In
the decline attending the collapse in the Wenb-
Meyer speeialties there was important Iiqui-
dation, except in quarters where overspecula-
tion existed. while in the recovery Monday
IL was found extremely difficult to purchase
stocks save at rapidly advancing prices The
reaction yesterday afternoon was due chiefly to
rroft taking on stocks bought in Fridays mar
ket bear pressure and forced sales due to
higher rate for money.
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BoNDs-Market steady. Final
quotations follow: