New-York tribune., 1901-03-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
The stock market opened strong and active.
and with the exception of brief period or re-
action I'm the morning tended toward higher
level throughout the day a small gold export
announcement was not effective in depressing
sentiment while discussion of the operation
failed to check commission house buying Of
securities There was good demand for Bur-
lington. Northern Pacific and Erie issues on the
expectation Of a railroad alliance involving not
only the Northwestern roads, but Erie as well,
theories regarding Erie being based on the Hill
Morgan interests In the company Railroad
shares in general displayed marked strength on
a volume of business representing purchases for
both accounts The coal stocks were noteworthy
strong features on the confident predictions that
satisfactory settlement of the coal miners
alleged grievance would be made and also on
Aheavy earnings as reflected in the Reading state
knent for February just published. Industrial
Vshares moved in sympathy with the railroad list
but outside Of Sugar Refining. American To-
bacco United States Rubber and Amalgamated
Copper transactions We're light especially in the
steel and iron securities. The dealings in Atchi-
son issues, Burlington, St. Paul. Erie. Ontario
and Western, Northern Pacific, Reading stocks,
Union Pacific. Southern Railway and Southern
Pacific supplied a good proportion Of the total
transactions in the active list. Strength con-
tinued until the close, final prices showing long
list of substantial net advances. Sentiment and
prices were helped by handsome gains in rail-
road gross earnings for the third week in March
and in net returns for February the Atchison.
Missouri Pacific and Reading reports being par
ticularly encouraging.
The situation the Stock Exchange sug-
gests the holding of good securities. as opera
further advance in values. II is pointed out
however. by some students of market move
ments, that further reaction may develop be-
fore a materially higher level Of values is
reached. Efforts TO reduce values reflect the be-
lief in speculative circles that conditions outside
the Stock Exchange warrant higher prices
Many people want TO get into stocks but they
are anxious TO take on lines at cheaper figures
The fact that much stock is locked up and
not available for market purposes precludes the
possibility Of anything more than temporary set
backs at present Large blocks OF stock have
been taken out of this market to form the per
manent assets OF corporations and individuals
and only big shrnkage in investment yield
will force this stock from its present strong
position. Traders may be able TO depress values
within narrow limits. but it hardly appears
probable that noteworthy liquidation will de-
velop as result of the few insignificant factors
which the bear element asserts are worth sew
erai points from the market. The cheap rail-
road shares and the industrial issues of merit
are being absorbed all reactions in prefer
ence to the high priced railroad stocks which
have run 10 a 3 and per cent basis. Many OF
the low priced railroad shares are in line for
substantial dividends while most Of the indus
trial securities already make handsome returns
as investments. The preferred stocks of sound
Tr,1. s,T
priced railroads and more general apprecia-
tion Of this fact is reflected in the current better
demand for the various issues
In the local market commercial paper is being
discounted at 31z per cent for long periods. and
despite the fact that the bank reserve above
legal requirements is only about $4,000 o00 ac-
commodation is offered at practically the bor-
rowers' terms. The Sub-Treasury continues to
absorb money from the banks. but this is offset
IN part by a continued excess Of receipts on
the interior currency movement. The country
at large is well supplied with money and any
advance in rates at this centre viii attract shin
ments OF funds to New-York Gold production
continues heavy. and there are now more gold
and general money in the country than ever he
fore on record II money conditions In this
city should require assistance the Treasury
may be depended upon to release some of its
idle cash, but the prospects do not favor strin-
gency or any material rise in rates, except pos
sible hurries incident the preparations for the
April settlements. On July / the reduction ,n
the war revenue taxes goes into effect and as q
consequence Treasury drains on the hanks will
be materially reduced. With increasing banl,
note circulation and heavy gold production mo
reason exists for uneasiness over the money
market The development f>strength in the
foreign exchange market is apparently due n
the advance in foreign money rates. incident to
the demands for quarterly settlements Ate,
April discounts in London and Berlin shou,d
Z fall.
THE DAYS OPERATIONS IN RoNns