New-York tribune., 1901-04-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
The general course Of values in Yesterdays
stock market suggested extreme caution on the
part of people who are interested on the long
side of stocks. Opening prices were extremely
irregular and IN the greater part of the day the
movement of values was extraordinarily erratic.
In the last hour violent declines took place
throughout the list with extensive losses at the
close in the more important speculative issues
Selling was supposed to represent the operations
of important speculative interests who for the
last few months have been actively engaged in
advancing prices Competent market authori-
ties refused however, TO make predictions
sarding the future course of values, but in more
than one well informed Wall Street quarter it
was thought that the bull wave of speculation
had reached its limit. There were no news oe-
velopments affecting the actual value or securi-
ties The total number Of dealings fell short Of
MONDAYS remarkable exhibit by more than
100000 shares but IN many issues the volume
of business exceeded the record OF the preceding
dav AT the opening Of business a favorable IN
euence was exerted through the London market
IN which quotations for American securities
were well above Mondays final prices. Higher
nrices abroad, together with large local COM
mission house business. were followed by ad-
,,ances throughout the list Higher prices at
,racted enormous realizing sales, and as conse-
ouence prices became irregular and apparently
tended toward a lower level The leading rail-
way issues were bid up in the initial dealings
but subsequently declined with considerable Fio-
rence especially in the case Of st. Paul. ROCK
Island Chicago Terminal preferred Lake Erie
and Western Manhattan Railway. Norfoik ana
Western Pennsylvania and Southern PaclHc'
7, +ba last half hour Southern Pacific stock
,,OfV,r from q
host pr,ce of the day. and it reported that
the selling reflected liquidation on the part OF
Western speculative interests The position OF
,tis stock is intrinscally sound. but reports
that q dividend will be paid this year are not
vrarranted bv trustworthy inside information
While the property is earning more per mile
than any other large Western railroad its physi-
cal condition is such that enormous expenditures
must necessarily be made before returns 70 the
stockholders can be considered. At the same
.,ne however, the holders of this stock are con-
idenr that il is one Of the best in the market
10 keep for long pull
In the industrial department of the market
the dealings in the United States Steel Corpora
ton stocks amounted TO over 2IO,ovo shares
while sharp advances were recorded in both the
common and preferred in the early trading
These issues declined in the last hour with the
res, of the list but their closing quotations
showed no material change from Mondays final
level The Republic Steel issues were also strong,
while Amalgamated Copper Consolidated Cas-
Peoples Gas Colorado Fuel and Iron. and Ten
nessee Coal and Iron presented unusual firm
ness The latter named stock is being handled
by a certain speculative clique that does not
possess the confidence OF investors The Ten
nessee Coal and Iron Company is not in favor
able physical condition and there is little pros
IA ,,a1,,as stc
10 come. Local traction shares were prominent
IN the days dealings. but they exhibited ex-
trene weakness in the final trading. On the
decline Brooklyn Rapid Transit bought by
a good class OF operators, while interests identi-
fed with the property were quiet buyers from
the high price at 81 10 the close at Si1s- This
stock is being held by substantial interests for
much higher prices. In the final trading all the
conspicuous firm features OF the mornings mar
ket registered sharp declines. including severe
losses in the more important railway issues.
Buying Of Texas and Pacific Land Trust receipts
was again active and il was said the Standard
Oil Company in practical control Of the
property. The Standard Oil Company is buying
up all the available oil lands in the State OF
Texas.
II is believed that total geld exports this week
will amount TO upward of 100000. To pay
for the new British bonds which viii be al
lotted 10 American bankers will require heavy
gold exports from here a large reduction in
American credits abroad. Subscriptions to this
loan from America should tend 10 weaken for a
time the price Of our own government bonds.
owing the probability that American sub
ecribers Will sell a certain amount of United
States Government issues. But the bonds thus
sold will result in larger purchases by the Sec
retary OF the Treasury of short term government
bonds for sinking fund purposes. and as a con-
sequence the local monetary situation Will be
considerably eased by payments TO local bank
this account In quarters Of the
Street criticism is heard Of the Morgan syndi-
Gates subscription TO the new English war loan
on the ground that the money subscribed ought
10 be placed in this country. and that our cred
fits abroad should not be weakened. This criti-
cisrn. however, is hardly warranted as the
amount of the bonds subscribed for will be Ut-
tie than an average months excess OF this
country's exports over imports. The effect on
the money market of the British loan depends
entirely the amount Of gold that will be used
in settlement. This country afford to send
ouf large shipments Of the yellow metal this
spring and there is suppose that
the local money market will be affected thereby
The tendency of money should be in favor of
New-York for some time interior operations
while the excess of Treasury receipts over pay
uients should be offset by the purchase Of gov
ernmeut bonds in this market for Treasury ac-
count. After July 1 the receipts OF the Treasury
VIII fall of. owing to the reduction in internal