New-York tribune., 1900-12-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The demand for stocks in yesterdays market
represented covering by the short interest and
buying by people who accommodating securi-
ties for January rise. Opening prices were
generally above Saturdays close, while through
out the greater part Of the day the tendency was
toward higher level. Exceptions were confined
70 issues affected by special rather than gen
eral developments In American Steel and Wire
stock a decline was accounted for by the sug-
gestion that efforts being made 10 reform the
counpany's management were not sincere. There
Is no reason 70 suppose that the people who are
working to retire the Gates management are
not in earnest, but il is quite certain that Mr..
Gates and his friends Will DO everything in their
povver 10 retain control Of the American Steel
and Wire Company. Properly managed this
company ought 10 present in its securities at
tractive chances for investors. Federal Steel
and Republic Steel are samples OF well managed
industrial corporations and the character Of
the stockholders list in each concern reflects
that solid investors are heavy owners Of the
companies. II is generally believed that Fed
eraI Steel common VIII receive a per cent divi-
dend in 1901. Republic Steel Company's earn
ings have been heavy since the election, and
the preferred stock offers one Of the excellent
chances for investment now current in the local
market All the steel shares were active in yes
terdays market. Federal Steel being the feature.
Call money lent as high per cent, but the
advance did not check the upward movement
in stocks Higher money rates here were re-
sponsible for a decline I'm sterling exchange,
and IN well informed exchange circles the posi-
biIity OF gold imports was discussed. Gold will
be brought TO this country II the necessities OF
the situation demand assistance OF this sort, but
al the moment there is little reason 10 expect
a money market that win require gold imports
10 save Il from serious disturbance. Interior ex-
change should soon begin 70 move more in favor
of this centre. In yesterdays business, how
ever there We're indications OF let up in
the inquiry for money from the West and South.
transfers through the Sub-Treasury to New
Orleans alone amounting 10 100000. At the
end Of this week and in the following week pen
sion payments will be heavy al this centre, while
over S5,00O,OOO viii be paid by the Government
in anticipating January disbursements. Money
market factors present adequate reason for
caution in speclIlative operstions and they
should not be disregarded by the enthusiastic
but financially weak trader. despite the advance
IN yesterdays market and the evidence Of buy
ing by substantial interests. Stocks well
margined worth holding.
The industrial stocks, particularly the steel
issues were strong features. Advances made
IN the early dealings were maintained IN most
cases until the close, the short interest showing
anxiety 10 cover its contracts. There con-
siderable investment buying in the stocks Of
merit and further inquiries for the very cheap
securities whose actual worth is rapidly improv-
Ing. Low priced stocks and bonds being
bought by interests that do not expect to sell
them in 1900. From the speculative point OF
view the low priced securities are the things TO
buy in this market. Erie issues were again
active yesterday Erie stocks and bonds have
been going into strong hands, and the general
lien As and prior lien Is have been for the last
week the leading features OF the bond market
NeW-York Susduehanna and Western general
be sold at par yesterday. These bonds We're
favorably spoken Of when the Erie secured con-
trol OF the Susquehanna, and as a per cent
security par was predicted price Of 10 would
not be dear for Susquehanna general rs.