New-York tribune., 1901-12-05
BONDS.
THE DAYS OPERATIONS IN STOCKS,


Transactions in yesterdays stock market re-
fected a moderate increase in commission house
business and renewed operations for the rise
by prominent speculative interests. An active
demand for the more important issues at the
opening was followed by somewhat heavier
dealings in the cheaper priced shares. and at
the close the greater number of industrial ana
railroad stocks showed marked Improvement as
compared with the preceding days final level
In all quarters of the Street confidence In the
markets prospects Of selling higher was pro-
1lounced Indeed. in many houses the opinion
was freely given that despite gold exports and
possible higher rates for money at the end Of
the year. securities values would enjoy rising
tendency throughout the month Sentiment was
generally bullish before the publication of the
Presidents Message. but it is now doubly So
owing TO the conservatism of the Presidents
recommendations and his evident intention TO
serve the country in the interests of national
peace and prosperity
Many bills relating TO industrial combinations
will doubtless be introduced at this session of
Congress No bill, however, is likely to pass or
become a law unless it is in sympathy with the
Presidents ideas as expressed in that part OF
his Message regarding industrial companies
The business community apparently is satisfied
with the Presidents suggestions on industrial
combinations. and there is therefore no reason
TO fear the enactment of any law that will in
terfere with the successful workings of the
country's great corporate enterprises. The In
dustrial shares Of merit have been neglected for
a long time, owing TO the bad records or some
concerns and to the fear Of legislation against
the so-called trusts but the prospects are that
from now on interest in the attractive stocks
will increase, with a corresponding increase IN
prices. Stocks of sound concerns paying ana
per cent on their preferred shares are selling
in most instances at ridiculous prices, especially
in the case of American Car and Foundry pre-
ferred International Paper preferred and
Pressed Steel Car preferred. Perhaps one Of
the cheapest industrials on the list Is 1nterna-
tional Pump common. sound security paying
per cent annually. ard yielding about per
cent. Republic Iron and Steel preferred is also
considered cheap. the conpany's business is
picking up rapidly. with earnings well beyond
the per cent dividends TO which the preferred
IS entitled.
Money market conditions presented note
worthy changes. while the expectation of fur
;her heavy gold exports not generally en-
tertained. Regarding gold exports. it is inter
esting TO note that, despite shipments aggregat-
ing 81, 600 600 in November the amount OF gold
in the country, including Treasury holdings
decreased only S3, ,043, ,64S. while the gold in
actual circulation In the country, including gold
certificates. decreased only S1.231.041. In the
month the amount of all kinds Of money in cir
culation in the United States increased So 955-
6SS, and on December / the total amount in cir
culation as compared with December, 1900
showed an increase Of S91 494 S66 of this
amount $50 $40 727 being gold. The circulation
per capita, based estimated population of
as S0e1 000 is S2S 13. Compared with twenty
years ago. the amount OF money in circulation
shows gain Of 81, 433 990O09 Twenty years
ago the country held outside of the National
Treasury S117, ,452 130 in gold while to-day gold
holdings aggregate S914. 5000 and with the
Treasury holdings, S1.1G1, ,S39.9l6. Monetary
conditions in this country are sound, and gold
exports are not unfavorable developments.
The general market closed with prices near
the best of the day, and al net gains in most
issues. Manhattan the leading speculative
feature its advance being pronounced that
many operators bought the issue on the belief
that it would make further Improvement before
reacting 10 any material extent Powerful
speculative influences appear to be behind Man
haitian stock, and II is said that vigorous efforts
will be made to continue the upward movement
Electrically equipped Manhattan will doubtless
be able money, and possibly In time IN
crease It's dividend Metropolitan was also
strong while the railroad list in general was
higher General Electric made further marked
Improvement 1t thought in commission
houses that the indications pointed toward an
Increased outside demand for securities.