New-York tribune., 1901-02-01
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN SIOCAS
Interest in stocks was again confined 70
few shares in which the dealings were large
and the prices strong. The general list pre-
sonted much irregularity, but. as a rule. nnaI
quotations showed substantial net advances
Manipulation in the steel shares and In several
az the railroad issues was more prominent than
we're public buying or support from banking IN
+erests The market has been a traders affair
for several days. although the traders have been
unable 10 move prices toward a lower point
save on passing reactions. Big interests are
watching the market, however. and the course
Of values in the last few days reflects the In
nerent strength OF the speculative and invest
ment situation. Any important new favorable
development would doubtless encourage a
1,ros der demand for stocks while II is not likely
that adverse developments would bring out In
vestment holdings. The bull movement is a
trine tired at the moment, but the chances are
that n will revive before materially lower quota
tions are recorded. barring, Of course eNtraor-
dinarv adverse news. The demand for the gran
ger shares was good yesterday, and there ap-
peared 10 he active buying in the steel shares
although the dealings doubtless represented in
part fictitious transactions. American Steel and
Wire was washed" up. hut It failed 10 attract
buyers who are looking for safe securities. The
operations Of the American Steel and Wire Com
pany in 1900 presented decline In profits of
S5o0OO0O as compared with 1899. and this de-
cline. IL is generally believed, was not due to
trade conditions alone. Many companies profits
are reduced through poor management. and any
sound business men will bear witness 10 the fact
that a company with spectators at its head
cannot he depended upon. even in good years
20 make profitable returns to its stockholders.
Stockholders OF the American steel and Wire
old National Cordage Company before they vote
20 retain the present management in power
While the outlook favors easy money rates for
some time 70 come. the chances are that the
drift OF money into the local banks has reached
tts maximum. and that from until the
late spring the movement VIII gradually decline
until II changes in favor of the interior. The
money market is in exceptionally strong
position in this country. and the normal move
rnents of funds from one centre 20 another viii
not be a factor Of importance in the securities
markets. far selling Is concerned. Com
mission houses are not heavy borrowers In
deed. many houses are lending money in the
street The supply Of stocks with commission
firms is small, owing TO the fact that so much
~ the recent buving represented investment
purchases. Technically the speculative position
8s strong end heavy liquidation appears i'm
rronab BILE save in the event Of some disturbance
shat 5nay upset confidence in investment circles.
Considerable realizing done in yesterdays
advance, and the upward movement IN certain
issues appeared 10 attract certain amount n
commission house support In the afternoon the
whole list showed decided strength. with in
creasing activity and a better distribution of
business
Sterling exchange made q further advance
YESTERDAY. reaching point az which gold ship
rnAnts NAV be made 20 London without loss. In
exchange market circles il is generally believed
thst shipments ~ the metal 70 London will be
made tomorrow. and that q considerable
amount win 20 out in the course Of the next
few weeks. The Bank OF England's weekly
ststernent reflects a cessation OF the improve
Fnent from local sources in its holdings, as re-
ported in the two preceding weeks. and II is
probable that immediate help is expected from
here Wall Street is not worrying about gold
exports. as it's entire attention is taken up with
the deals and stories ~ deals among the rail
ways of the country. The acquisition OF the
Mobile and Ohio by the Southern Railway is
NOT q large OF particularly important operation
but il suggests the possibility OF bigger deals.
while n creates the impression that railroad
men and bankers have further important plans
IN view involving the extension OF the COM
munity ~ Ownership policy. For this reason
the Mobile and Ohio deal a factor in yes
terday's stock market. Prices closed AT about
the hest
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