New-York tribune., 1901-02-26
BONDS.
THE DAYS OPERATIONS IN STOCKS,

A number OF enthusiastic spectators bought
stocks at advancing values in yesterdays early
market but after the first rush Of buying or
ders prices reacted on heavy realizing sales. The
character of trading reflected disposition on
the part of many operators TO reduce their
holdings of steel shares and miscellaneous rail-
way and industrial issues while II failed 10 IN
dicate any important support from the recent
leaders of the bull market. Early buying in the
steel shares was induced by the report that most
favorable terms would be accorded TO the Narl-
GUS securities in the billion dollar steel com
bination plans but so many people were willing
TO part with their shares, particularly the COM
mon stocks that the opening advances held for
a short time only. American Tin Plate ran up
fifteen points TO 20, and lost good part of the
gain in the first hour. Lighter advances were
made in the rest of the group. averaging per
cent with however, net losses at the close. Trad
ing in the granger shares appeared TO be the
same in character as that in the iron and steel
securities. while throughout the list the com
bination idea and community of ownership
scheme were apparently the basis upon which
operations for the rise We're made But the
operators for rise were not substantial market
interests In the greater part Of the day prices
were heavy. while at the close net declines were
shown in the majority Of active issues.
The Improvement in bank holdings, as shown
IN Saturdays bank statement is thought TO
reflect the completion of syndicate borrowing
incident TO railway and industrial deals. If this
proves TO be the case there need be little un-
easiness over the money market. so far as the
financing OF the big steel corporation is con-
cerned. While this concern amounts in its
Capitalization to more than S1.000.e0.eO0, IL is
not likely that the transfer of actual money in
volved viii be large, that the distribution of
the securities will cause any trouble in the in
vestment markets.
The sharp decline in the common stocks after
the opening advance yesterday may have repre-
sented uneasiness on the part Of many holders
over the future value of the common stock Of
the Inorganic Carnegie combination, but il certain
ly did not indicate disturbance in the country S
industries a result of a billion dollar COM
pany The companies composing the new con-
Germ are not in the experimental stage, al
dividends the enormous capitalization may
easily be questioned. The figures published so
far in connection with the steel corporation
do not prove that existing common stocks will
be worth any more than current prices.
The break in the steel shares tended 10 weak
the whole market and a consequence
little of the mornings improvement was shown
at the close. Fair support reported In the
granger shares. but commission house business
light and traders had no difficulty in put
ting prices lower throughout the list. The To-
bacco stocks were strong, and American Car
and Foundry preferred was also a conspicuously
firm feature of the industrial list. The money
market was easy in both time and call loans,
while sterling exchange a trifle frmer.
Railroad earnings received yesterday for the
third week in February showed rule large
gains over the same time last year.