New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-20
BONDS.



The official announcement of the settlement
of the gas the leading bull influence in
yesterdays stock market. In addition to this
factor, the relief of Mafeking and the decision
of the Treasury Department to retire the old ,
per cent bonds served to attract buying, while
they inspired a more cheerful sentiment in
speculative circles. The heaviest purchases,
however, came from the short interest. and out
side of professional operations the market pre-
sented no marked activity. A favorable bank
statement too late to be included in the
days developments affecting stocks but the
other factors named We're sufficient to cause a
hasty retreat among the shorts and to attract
a little commission house buying for the &C
count of few people who apparently believed
that new bull market developing. The
settlement of the gas ought to prove an i'm
portant factor in the Wall Street markets Trad
ers believe that the next step in the adjustment
of local trade troubles will be an agreement
among the fighting sugar interests and in yes
terdays market Sugar Refining stock reflected
TINS opinion In an advance of over per cent.
Consolidated Gas reacted on realizing sales and
the Tobacco shares were again heavy The steel
stocks were irregular, but elsewhere in the in
dustrial list prices were higher, with pronounced
strength in American Car and Foundry pre-
ferred. This stock pays I per cent, and at it's
current level yields nearly IA per cent. The
company's business is of such character that
dividends ought to be earned in the poorest
years. and that this will prove to be the case is
indicated by the confidence of substantial in
VeStOrS in the property. The local traction
shares were strong features, and the whole
railroad list presented decided firmness, with
fair advances for the day.
The weekly statement OF the Associated Banks
showed a considerable addition to cash and sur
plus holdings, and only a small expansion in
loans. AS an offset TO the weeks gold exports
the local institutions gained interior and
Sub-Treasury, cash increasing over S15OOOOO.
while the gain in surplus above legal require
ments was not materially less The money
ket is easy In fact, it is too easy for bankers
turn on their loans. and a sharp advance in
rates would be welcomed in Wall Street circles
generally. Bull spectators would not be fright
ened by higher rates, as they now believe that
activity in trade. we'll total absence of
public buying in stocks But the prospects do
not favor higher rates, and even the loss in gold
exports apepars to be at end foreign
rates are growing easier, while the end of the
TranSvaal war, which now appears in view, will
doubtless be followed by a repayment of Ameri-
can money lent abroad. AS to the trade situa-
ton, there is a big difference in the volume of
business compared with this time a year
ago. Commercial agencies report reactions in
ell lines of work. The excitement of the last
year is being followed by readjustment to
Quleter and more healthful basis. In some cir
Cles 1t is thought that the change represents
nothing more than the usual spring dulness, but
there not a few people who see in current
conditions the beginning of prolonged setback
In all lines of trade, and many stock market
operators are backing the last named view with
their money. Bank clearings falling. but
railroad earnings continue heavily in excess of
the big records of this time a year ago. Bear
traders in stocks believe that the current BUSH
reaction will be reflected in a de-
creased railway traffic Stocks have been sold
on this theory for many weeks. The discountng
process may run too far.
The usual weekly table of price changes for the
active stocks follows: