New-York tribune., 1901-03-23
BONDS.
THE DAYS OPERATIONS IN STOCKS,

-. ,,,.oe,ress toward higher level was
made in Yesterdays securities markets III
yestnoent buying again feature espee4his
!, .ho standard railroad shares and preferred
,ndustrials Of growing merit Various TuiioiS
a-o circulated about the industrial companies
tut +ha advances in the stocks were Que eh'IieIS
IN huving by people who appreciate the lhci iea9-
ing strength Of conditions affecting the ac'udl
worth Of industrial securities Securities OF inns
class are beginning TO have their Gay as MAJ Ae'
.aa,ures and buyers of the representative issues
viii fare as well as and in many cases petteI
,aap the holders of railroad investments. Good
t,uving was reported in New-fork central
pennsvlvania and other standard shares. and de-
.r,ta heavy tone in the local traction issues
oefari,ps especially of Brooklyn Rapid Transit
moro taken by substantial market houses. For
q long null Brooklyn Rapid Transit is undoubt-
edl,- one Of the most attractive stocks IN the
railroad list Dividends may not be paid thls
year hut the property is being put in condi-
t,on which will insure the permanency OF dlVl-
dends when they once begin. In the afternoon
trading heavy profit taking sales caused reac-
. +ions throughout the list. many shares losing
NJ their early Improvement and in some cases clos
ing at small net declines from Thursday. The
greater number of issues. however. showed net
gains with substantial advances in Denver and
Rio Grande issues Wabash preferred Interna-
1tonaI Paper and Car Foundry shares. Nickel
Plate" second preferred, North American, Penn
ksyIvania, Pacific Mail and Canada Southern.
The accumulation of stocks by prominent
market interests continues. Confidence in ffnan-
-ial circles over the future is strong enough to
INSPIRE most ranks of Wall Street traders with
a happy feeling OF contentment over their opera
tions in securities The bear element appreci-
ates the strength of conditions and it therefore
Is resting in the hope of success on the short side
Of speculation later on in the season. but at the
moment its ventures are confined to quick turns
which speculative conditions occasionally make
possible. Many houses that retired from the
bull side several weeks ago on the belief that
the top had been reached again active in
operations for higher prices The market has
surprised the oldest leaders in the Street. II has
moved contrary to all precedents. while il has
made records that several months ago We're
deemed improbable The capital Of the country
IS behind the current market. The capital Of
the United States represents its money brains
and industries factors that have placed the
country at the head Of the commercial nations
Of the world. Vast changes for the better have
already taken place in the industrial activities
of the United States while the outlook favors
greater developments than any that have yet
come to light. Stocks have advanced because
Of conditions affecting their actual worth. When
these factors begin 10 pass away reduction in
investment values may be looked for. but until
that time holders of sound American securities
need not concern themselves with market move
ments. Speculative declines may develop any
day. hut even material reactions on this account
do not appear likely until the plans of the big
men reach a successful termination.
The call for the first instalment of syndicate
money under the United States Steel Corpora ton
plan will probably exert little if any effect on
the money market. An operation of this char
scter will not withdraw certain sum of money
from circulation. IL will amount 10 little more
rhan the transfer OF funds from one account to
another. From the known movement of money
this week. the banks have sustained a further
slight loss in cash holdings or Sub-Treasury
operations. Estimates Of the probable showing
in to-day's hank statement are out of the ques-
tion however. as nothing is known regarding
the changes that have taken place in the loan
nnd deposit items. The banks hold enough money
FOR all the purposes OF trade and speculation
and disturbance in the money market this
spring is not expected.
THE DAYS OPERATIONS IN BONDS.