New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-14
BONDS.
THE DAYS OPERATIONS IN STOCKS.

While the dealings in stocks yesterday were
not On a specially large scale the market was
conspicuously strong There were very few
stocks in which net advances were not recorded,
and in many instances the advances were i'm
portant II there were doubts about the con-
tinuance OF ease in money. they were not re-
Elected in the dealings on the Stock Exchange.
The Government now is covering into the Treas
ury the internal revenue receipts with the result
that the Treasury is absorbing money from cir
culation. 1t may be that the Treasury will for
a time withdraw more money from the New
York banks than they gain from the interior
movement of funds, but the passage of the f1nan-
cial measure by Congress will release a good
deal Of money from the Treasury, so that any
real stringency in the money market is not
likely. Possibly rates may advance a little tenn
porarily, but il is in the power of the Govern
ment at any time TO avert a squeeze in money.
All that will be necessary will be for the Gov
eminent TO resume the deposit of revenue re-
ceipts in the depository banks Sterling ex-
change has strengthened somewhat, but in this
there is special significance. There is
present prospect Of a renewal of gold exports.
The stiffening in exchange is in response to
higher discount rates in London. which are due
to the prospective heavy additional requirements
OF funds by the British Government for military
operations in South Africa The expense of the
war has thus far been paid by the issuance of
Treasury bills, These bills create a floating
debt which in time will be funded into consols.
Yesterday consols fell TO 1O0as and closed at
zoos. One year ago consols sold at Ill., which
was the highest price ever attained by them
The reports of the earnings of many railroads
and industrial companies were received yester-
day. and they were without exception highly
favorable. These reports disclose as we'll as
anything the state of the general business of the
country They prove that business is not &C.
Ginning, but that instead its expansion is fully
maintained. The exhibits by the Industrial COM
panies have in particular been revelation TO
Wall Street, which would not believe the state
n.ents as TO the wonderful prosperity of these
concerns until the actual figures certified by in
dependent accountants were presented. The re-
turns Of the iron and steel companies have been
especially striking. There is plenty of evidence
that the boom in iron and steel is nowhere near
end. In fact il bids fair TO last for long
time. perhaps for many years. The revival in
textiles also is of the remarkable develop
ments Of the times Drygoods of practically all
kinds are oversold to such an extent, notwith-
standing mat mills working to their full
capacity. that buyers do not find it easy TO Sc
cure goods they desire even for future delivery.
1t is regarded certain that the end of the
local gas is merely a matter of the ar
rangement Of details. great change, too, in
the local traction situation is believed to be i'm
pending It is officially stated that the scheme
for the REIMBURSEMENT Of the finances of the
Third Avenue Railroad Company has been per.
fected and will be carried out without delay
Funds viii be provided not only for discharging
the immense floating debt Of the company, but
likewise for the work it has in hand and for that
projected change in the control of the com
psny presumably is involved. There are init
nations of a merger of the Third Avenue with
the Metropolitan Street Railway Company.
Standard Oil interests are very large in both
companies. The concentration OF interests In
the trunk line railroads and their direct con-
nections is advancing rapidly. which implies a
stricter regulation of tariffs and increased net
as well as increased gross revenues The future
viii not be marked, has been the past, by
rate wars between the Eastern railroads, which
plunged some of the weaker Of them into finan-
cial troubles from which they could not extricate
themselves except with the aid OF the courts.