New-York tribune., 1901-04-23
BONDS.
THE DAYS OPERATIONs IN sTOCKs.


A new record in the extent of stock dealings
was made yesterday. The transactions on the
Stock Exchange footed up 1885,. .366 shares. The
previous high total attained on Friday last,
was 2, 2,155, ,225 shares. The movement of prices
was at times violently erratic, and. while the
closing figures for a majority Of stocks were
below those Of Saturday. it could not be said
that the signs indicated the elimination Of the
protracted upward movement in stocks. The ir-
regularity in the course Of values was ascribable
10 realizing sales, but for all that the market
absorbed the stocks offered without real diff
Guilty. The selling as matter of fact, was
largely by room traders and other professional
operators There was liquidation by the pub
lie by the capitalists who have been buyers
for investment for the purpose of effecting
combinations etc Those who sold stocks and
took their profits were innpelled to do so, no
doubt by the announcement that a large part
Of the new British loan was TO be- placed here
The apprehension excited that the loan
might upset the money market This motion
probably is incorrect The United States Steel
Corporation financed without creating any
disturbance in money and it is likely that the
British loan viii go through with entire ease
The improved position of the local banks as
reflected in Saturdays bank statement caused
easier tone in the money market yesterday,
although there was no notable change in rates.
Call funds in good supply at 4 per cent,
loans at higher figures being exceptions In
time money the demand fair. Rates con-
tinued to rule at comparatively easy figures
with liberal offerings industrial collateral at
from Az TO 80 per cent. Conditions in the
sterling exchange market again presented a
tendency in favor of gold exports. Gold ship
ments at this period of the year will be in line
with factors governing the position of the for
xs-r
metal. however. should not be taken as indica-
tions Of adverse conditions in the local situ-
alton. and, according to present Indications an
outward movement of gold will be accepted by
Wall Street and the country in general at its
true valuation London will Of necessity be q
borrower of money in this market for some
time 10 come. while if New-York does not be-
come an extensive subscriber to the new Brit
ish loan, local interests will help to finance this
loan by lending their money TO embarrassed
London The general position of the money
market in the United States is better to-day
than 1t has ever been before. There is an
enormous amount Of money in circulation, and
Notwithstanding record breaking transactions
on the Stock Exchange, city banks have been
able to reduce their loan liabilities to an i'm
portant extent The better rates for funds at
this centre have attracted large supply of
Western money, which is lending on the Stock
Exchange at prevailing quotations
The net losses in stock values were not large
when the recent rate Of improvement in values
is considered Not only that but there were
some substantial gains. An incident of con-
siderable importance the decision of the
board Of directors of the Missouri Pacific Rail-
way Company TO submit 10 the stockholders a
proposition TO increase the company's capital
stock by S3O,0o00oo. The new stock or the bet
ter part of II, is to be used in paying for the
Denver and Rio Grande Railway which was
recently acquired. The plans for the amalga-
nation OF the so-caIled Gould system seem to
be proceeding rapidly. Missouri Pacific stock
was active and strong The other Gould stocks
while not especially animated. were steady The
stock which led all others by far in amount Of
dealings was Southern Pacific It also accom-
plished substantial advance The stock of the
Pacific Mail Company which is controlled bv the
Southern Pacific. also in request and rose
sharply. The buying Of Southern Pacific and
Pacific Mail was largely by Union Pacific in
terests. The Union Pacific owns control of the
Southern Pacific. and it is not improbable that
developments of consequence are impending
The trading in St Paul was likewise on a heavy
scale. and the fluctuations in il were wide The
final figure, however, showed merely frac-
ronal loss. The trading in Burlington and
Quincy and Rock Island was not extensive and
the change in the prices Of these stocks was not
important Brooklyn Rapid Transit was Hber-
ally dealt in, but closed the same price as on
Saturday. People identified with the property
were steady buyers. The financial condition Of
the company is said to be very satisfactory
stocks The common was steady, but the pre-
ferred yielded under pressure. Colorado Fuel
ard Iron was quiet.