New-York tribune., 1901-03-02
BONDS.
THE DAYS OPERATIONS IN STOCKS

In spite Of the fact that the Treasury has in
the last week gained considerably in cash from
the banks. II is not probable that the bank
s,aternen+ TODAY will be unfavorable. That was
the opinion yesterday Of both bankers and
speculators, as was reflected in the state Of
money and in the of stocks. Money
was in abundant supply at moderate rates ana
while the trading In stocks was somewhat re-
auoed In volume the trend of prices was up
ward The closing figures for majority Of the
issues dealt in were not far from the best OF
the day. 1t seems TO be settled that the big
steel deal will be carried through with prac-
tically no effect on money; in fact the financing
of the deal appears already to have been ac-
complished The credits Of this country abroad
are said to have been largely employed in the
transaction The expected flow of funds from
New-York to the interior has not begun. and
II is doubtful II much money goes from this
centre to other points in the near future.
Doubt as TO the consummation of the steel
deal, which has existed in some quarters, is
disappearing. There more less oppo-
sition in two Of the constituent companies. but
II promises TO be overcome. majority OF the
stock Of all the companies is said TO have been
secured. There is perhaps not entire equality
In the terms upon which the various companies
are to be absorbed by the United States Steel
understood 10 have had much to do with the
determining of the terms Anyway, the under
taking is so gigantic that it was hardly prac-
tcabe to satisfy all interests. Since il has be-
come reasonably certain that the deal Will go
through there have been reports that other COM
panies are seeking admission to the cOmbina-
tion. There is nothing TO prevent the United
States Steel Corporation from increasing its
capitalization 10 So 600 900 or So 600 600 600
and taking in all the iron and steel companies in
the country, if II is deemed desirable 10 do So
The trading in the United States Steel stocks
was large, at improved prices. The issues Of the
companies which are TO be merged were strong
National Tube, which was thought to have
fared rather poorly in the general programme
had sharp rise. There was a notably good
inquiry for Steel and Wire and Steel HOOP
Tennessee Coal and Iron gained in price al
though the company is an outside one and de-
spite the fact also that announcement was made
that the company had rolled up a floating debt
and needed TO raise in the neighborhood of
SoOO0Oo0 10 discharge this debt and TO meet
other requirements. A year ago this company
began paying dividends at the rate of 8 per cent
A period OF twelve years had elapsed since the
payment Of the previous dividend which was
per cent and which Furthermore was the only
one that the company had ever paid The COM
pahy mas again discontinued the payment Of
dividends.
There was extensive buying Of Sugar Refining
with a substantial advance in the price The
speculation I'm this stock was based on a report
that the war in the sugar trade, and. Incl
dentally, in the coffee trade had been terni-
mated. The assumption was that a formal agree
ment had been entered into to that effect be-
tween the American Sugar Refining COMPANY,
or as II is commonly called, the Sugar Trust.
and Arouclde Brothers. So far as can be ascer-
talned' there has been no agreement or arrange
ment between the interests named The pres
eht condition OF the sugar trade warrants the
maintenance of prices, and when such is not the
case lhere probably will be cutting Of prices.
A"e advance In green coffee precludes the low
erns OF the price Of the roasted article. and
eNplalnts why quiet prevails in the coffee trade.
Strength was displayed by the railroad issuas