New-York tribune., 1901-03-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Dealings in stocks yesterday were again on a
reduced scale, but there was a general gain in
values. Conditions continued favorable Money
was In abundant supply at moderate rates and
lenders were liberal in the matter Of collateral.
II appeared clear that there was no reason TO
look for any adverse development in money for
q considerable time to come. at least The in
terror banks are not drawing down the balances
which they keep with the New-York banks that
act as their correspondents, while the New
York banks in the natural order Of things are
accommodating money. In the arrangements Tor
the great steel deal, and in those for railroad
and other deals now pending, care has been
taken to provide for the cash 'equirements in
such a way as not TO upset the money market
Bank officers feel so certain that the future win
be devoid OF complications that they are let
ting cut their funds without hesitancy for four
and six months. The continuance Of the Mckln-
ley administration is assurance that the
financial situation viii be free from disturbance
There is money enough in circulation for all
needs, and should any large amount pile up IN
the Treasury by reason of the excess Of re-
ceipts over the expenditures Of The government,
the Secretary Of the Treasury can reduce the
accumulation by purchasing bends or by in
creaslng the governments deposits IN the de-
postory banks.
In the transactions on the Stock Exchange at
tention was largely devoted to the railroad
issues. There was a heavy inquiry for Penn
sylVania Railroad stock rumOrs Of rights on
new stock and in anticipation of advan-
tageous exhibit in the annual report which is
soon 10 be issued. It is expected that the re-
port viii tell more than has already been made
public about the fiscal operations Of the COM
pany in 1900. and it also may disclose something
of plans for the future in the enlargement of
the company's system and the extension of its
influence or interest in other lines. In some
quarters there has long been a belief that it was
merely a question of time when the Pennsyl-
vania would acquire control of one of the lead
ing transcontinental lines Union Pacific was
notably strong. II was in steady demand
j throughout the day, and closed at the highest
price Il is considered that the position Of the
property IS greatly strengthened by the acqu-
sition Of the Southern Pacific, inasmuch as the
deal puts the Central Pacific into its possession
The Union Pacific now occupies a commanding
place not only in the transcontinental trade, but
also in the trade with the Orient There was
an excellent inquiry for the Southern Railway
issues. II said that the dividend soon TO be
declared on the preferred stock would be per
cent, or at the rate of per cent q year, as
against per cent paid last year Chesapeake
and Ohio had sharp rise.
There was a substantial upward turn in Con-
solidated Gas. The stock was bought on a
story that this company was to absorb the
Brooklyn Union Gas Company. The stock of
the latter company rose TO within a fraction of
the price attained by Consolidated Gas stock
which led TO the conclusion that if deal had
been arranged Brooklyn Union stock would be
exchanged for Consolidated stock share for
snare. Standard Oil interests dominate both
companies, and there consequently would be no
difficulty in effectng a merger. There was a
heavy demand for Amalgamated Copper and
the stock touched par, although il subsequently
reacted somewhat. The conpany's revenues are
said 10 be considerably in excess of its payments
in dividends, and larger extra dividends are re-
garded as not improbable There was a fair
business IN the steel stocks. but the changes in
prices were not important. The most active Of
these stocks was Fe0eral Steel. The United
States Steel issues We're freely dealt in on the
curb, and gained fractonally in price There
was realizing in Sugar Refining, and the stock
lost In price. There is as yet no confirmation Of
the report that agreement has been entered
into between the American Sugar Refining Com
pany and Arbuckle Brothers for settlement
OF the war IN the sugar and coffee trades. The
inaugural address Of President Mckinley was
favorably received by the financial community.