New-York tribune., 1901-04-05
SEX dividend.
BONDS
THE DAYS OPERATIONS IN STOCKS,

The course of stock market trading was
marked by great irregularity in values on an
enormous volume of business. In the carry
dealings the force of commission house huylhs
carried prices higher. hut subsequent heaVy
realizing sales caused reactions throughout the
list, with sharp declines in many issues Al
the lower level supporting orders again ad-
vanced quotations. although in the greater part
Of the last three hours Of business there was
lack Of uniformity in the movement or Nalues'
p,raninq of contracts incident to the three days
suspension of business and a disposition IN
many quarters to convert paper profits into cash
were met by buying orders from substantial
market interests and operators who were reaov
20 increase their lines on the least concession IN
,-ices At the close there were many striking
ohaneas with net gains and losses about evenly
aixi5ed Fluctuations throughout the day were
wide and violent. dealings were heavier IMAM on
env day on record. with the exception OF Janu-
arv = and public sentiment on the market con-
+tnued aggressvely bullish. Manipulation was
evident in many issues and the extent OF price
changes was so great that some cautious traders
retired from the market on the oelief that specu-
lative conditions suggested sharp setback IN
,,.1ras The high priced issues were again the
leading features. with new record hgures TOT the
current movement in Nev-York Central Penn
ir,nortant shares. Rock Island. Burlington and
st Paul made further sharp advances but lost
she ,,ai, before the close The steel shares were
heavy. and the industrials in general were under
Uednesdav's figures the chief exceptions being
Amalgamated Copper and Colorado Fuel and
Iron. which made sensational advances
II is intimated from Washington that pur-
chases Of government bonds by the Treasury
Department may reach a total Of S2oWo'UOo- In
foreign banking circles it is thought that gold
exnorts this spring will amount 10 substantial
figures but not TO S25.000000. With gold eX-
ports offset by bond purchases, money market
rates should make no material change from eX-
3sting figures. unless the demand for funds from
,be interior should suddenly take a large amount
10 money from this centre. There are no indi-
cations that interior requirements will exert an
influence upon local rates, as the movement OF
money should soon be in favor Of this centre
and continue so for some time 10 come. The fact
that gold is now going abroad merely reflects
tre strength of financial conditions in this coun-
fry and the necessities Of foreign nations, and
IN view Of these conditions exports Of the pre-
cjous metal are certainly not bear arguments
on stocks Values are high compared with other
wears hut they are not at a level that over
measures the intrinsic worth Of securities, or
level that overdiscounts the prospects for fur
ther Improvement in the railway and industrial
rituation. The rapid advances of the last few
days suggest, however, caution in uying the
high priced issues al the existing level owing
70 the possibility Of sharp reactions on specu-
,ative selling Undoubtedly some of the railroad
stocks are selling at a level commensurate with
their actual worth, but vigorous bull speculation
IS quite apt To carry prices well beyond the IN
vestnaent range. The medium priced shares, in
cluding the attractive preferred industrials, are
tn line for further Improvement
In the last hour call money advanced 10 % per
cent on demand from belated borrowers The
advance in rates and heavy realizing sales were
responsible for many declines in the final deal
,ngs but the general tone Of the market was
ear from weak An unexpected demand for
money from the South and West this week Is re-
@ected in a loss 10 the banks the direct cur
rency movement Of over S2VtOoOo BANKERS 90
,ot look for a continuance of heavy shipments
10 the interior.