New-York tribune., 1901-04-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

rHF DAYS OPERATIONS IN STOCKS.
After weakness and irregularity in the morn
ing the stock market became strong in the after
noon. closing az higher prices in the greater
number Of issues. A number of sensational ad-
vances were recorded in the railroad list includ-
ing a gain of six points by Burlington. four
rofnts by Northern Pacific and seven points ny
Great Northern. Erie stock was also strong
feature and further good buying was reported
in Kansas and Texas preferred. st Paul MeNi-
can stocks and Union Pacific. In the industrial
list Amalgamated Copper. Sugar Refining and
American Tobacco enjoyed noteworthy price i'm
movement. while the United States Steel stocks
ended frr1 after considerable heaviness in the
early trading Sugar Refining was bought for
lower Wall Street interests. and reports from
trade centres reflected a bullish sentiment on
this security.
Tennessee Coal and Iron was again under the
influence OF manipulation. Efforts are pelns
made TO create a belief that the Tennessee Coal
and Iron Company will be taken into the Dig
steel Trust There is no good authority for
this belief while in well informed circles 1t is
not thought likely that the United states steer
CORPORATION would TO consider any propo-
sition from Tennessee Coal and Iron until the
latter named company is in better physical ana
financial condition Movements in Colorado
sented manipulation, but the buying of American
Jineaad shares apparently came from substan-
,,al interests Reports in the last hour that
the Burlington deal had been closed were fol-
lowed bv heavy outside buying. The demand
was apuarently supplied by the so-called inside
interests The close excited, with prices
near the best.
Conditions in the local money market continue
to improve. Call money was in good supply
Yesterday AT = per cent and under. while time
funds were offered al liberal amounts on mixed
collateral at from 10 Az per cent In bank
ing circles the opinion is generally held that
from now on there will be an increasing supply
Of money at this centre. The purchases Of Gov
ernn1ent bonds that have been made by the
Treasury Department and the disposition Of the
Secretary of the Treasury to take moderately
heavy offerings at reasonable rates have re-
moved all immediate apprehension over the fut-
ure Of the money market. Additional reason for
confidence in the position Of the money market
q in Nsw-York and throughout the country is
found in the statement of foreign commerc for
March With but exception the exports In
March Were heavier than in any corresponding
month on record, amounting in value TO nearly
s125 600 0O0 with the excess over imports ag-
gregating over S49o00000. For the fiscal year
from July ! the excess Of exports over imports
has amounted in value to $40 6S1 ,331 a large
amount of this balance is lending abroad. but IL
furnishes this country with reserve fund that
can he drawn upon practically at will. The
growth Of this country's foreign export business
in the last six years has amounted in figures to
upward of 5000 o00000 People who are doubt
full about the prosperity Of the United States
would do we'll make study Of foreign trade
statistics.
With increasing money supplies in New York
higher rates for sterling exchange and probable
gold exports are expected. Leading foreign ex-
change bankers said yesterday that. in their
opinion, the firmer tendency in the sterling ex-
change market at this centre and in Paris fore
shadowed gold exports on what is known as the
triangular operation. The United States will
undoubtedly be a heavy subscriber for the new
British loan of f30. 100000. the terms of which
will not be made, known until next Thursday
The probability OF gold exports from here does
not disturb Wall Streets bull enthusiasm. The
Oldest brokers in the Street refuse to make any
predictions regarding the probable extent of the
current movement in stocks Old timers in Wal
Street admit that the prices OF many railway
shares are selling level TINT fully measures
their actual worth. II may be well to bear ir
mind that the greater number of railroad stocks
g have advanced from twenty to fifty points since
the election. The industrial shares in the great
er number OF cases selling under their rea
worth. and unless there is a general break in
the market their chances for much higher prices
good.