New-York tribune., 1901-03-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The effect Of traders operations for lower
,rices was reflected in considerable irregularity
in Yesterdays market, although closing prices
were at net gains in the greater number OF
,ssues Room traders and their followers in
commission houses thought the market ripe Tor
s,ccessf turns on the short side. but the course
Of values presented no opportunities Tor mn
nnrtant profts in short sales. The demand Tor
investment account absorbed the offerings OF the
better class of stocks. In many Of the attractive
low priced issues prices advanced throughout
the day on buying from substantial quarters
Wisconsin Central Chicago Great Western, ST
ouis Southwestern and Wabash issues being
notable examples Of the movement ST Paul
was bought in the early dealings on the eNpec-
1ation of an increase in the dividend rate while
Burlington Pennsylvania. Baltimore and ONO
and other standard shares were in demand from
huyers who evidently believed that the so-called
high priced securities are still many points be
low the level of intrinsic worth The declara-
tion of a semi-annuaI dividend of 3 per cent on
St Paul stock and of the regular dividend on
Rock Island was followed by profit taking sales
in the granger shares. hut not by important
price recessions Final prices were under the
hest Of the day with. however. many substantial
net advances among the more active shares, as
in Amalgamated Copper which gained l9s per
cent Chicago. Indianapolis and Louisville, pa
per cent; Erie second preferred, AS per cent;
Kansas and Texas. rs per cent; Reading second
preferred 21s per cent; Wabash preferred IA
per cent and st. Louis Southwestern, rs per
cent. New high records were made for st. Louis
Southwestern issues. Aggressive strength was
shown in many stocks in which dealings were
not heavy.
The Bank of England made no change in its
ment in the London monetary situation is
fiected in further gain in Bank of England
holdings and a marked increase in the proper
tion Of reserve TO liability. Favorable money
market conditions in London and other foreign
financial centres naturally tend to increase con-
fidence in an easy market in New York. But
the fact should not be lost sight of that the local
situation is longer in position where ad-
verse developments abroad can upset conditions
here. There has been little important disturb
ance in the foreign markets in the last year but
there have been times when without the assist
ance afforded by this country, European finan-
cal markets might have been considerably up
set. Trade conditions in the United States fur
nish the source Of this country's financial su-
premacy among nations. American exports
time heavy, despite slight falling off from the
tremendous volume Of business Of year ago.
while American trade competition continues to
cause alarm in foreign countries. with dsas-
trous results for European stockholders in many
centres Owing 10 American competition. large
steels works in Middlesboro, England. have been
forced to suspend dividends. after sixteen years
Of regular payments English investors will
soon begin 10 buy American industrial securi-
ties for the preservation of their fortunes
Steel trade conditions as reported by trade au-
fhOrifiee rafeCs nroS-erouc conditions Iolae+
furnace statistics show that the furnaces in op-
Grafton March had weekly capacity of
:1s4s tons, as against 269 923 tons on Febru-
ary !. Prices of steel plates have advanced 81
Il ton for early delivery, while Ressemer pig
steel hilleis and. in fact. all items save skelp
iron exhibit improvement over a week ago.
MI lines Of industry present satisfactory con-
ditions at the moment, with bright prospects
for the rest Of the year. The supply of
mercantile paper at this centre is light This
fact does not indicate depression in business
hut il does denote that merchants throughout
the country are well supplied with funds from
the profits OF last years business. Local money
rates remain unchanged, and an advance is not
looked for at once. although slightly higher
rates may develop later on in the month The
banks continue 10 lose on Sub-Treasury oper-
stions. and to-morrow's bank statement NAV
show a further decline in reserve and cash hold
ings- Dividend payments falling due tomorrow
amount TO s25.oo0oo0. including 2OO00 600 on
account of the Standard Oil Company Prepa-
ra'ions for these payments may cause some
shifting of loans to-day. although it is not ex
pected that even passing disturbance in rates
VIII develop. There is plenty of money in This
country, and large amount still seeking invest
'pent' Good securities find ready buyers on all
offerings.
THE DAYS OPERATIONS IN BONDS