New-York tribune., 1901-08-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.

I'd THE DAYS OPERATIONS IN SIOChS-
The few adverse factors in the general situa-
zion restrain stock market trading, but they ran
20 induce investment liquidation. In yesterday s
market the effect OF steel strike developments
was reflected in extreme dulness throughout the
list. Prices sagged at times, and Ia some OF the
railway shares fair sized losses were recorded
without however, important selling or large
transactions. The steel stocks were the least
affected OF all by the failure OF the labor leaders
to accept the terms for settlement as pro-
r,osed by the big steel corporation. and II was
thought that traders were afraid 10 put out
short contracts in the issues concerned for fear
of a sudden settlement OF the trouble The
Pittsburg adyices yesterday were not encourag-
sng There was, however, no reason for the
extreme uneasiness that some people professed
10 feel over the chances of satisfactory end Of
the strike.
The granger shares and the Pacific issues were
weak features on a small volume Of business,
while the soft coal shares and some of the an
thracite issues were In fair demand from good
class Of traders. OF the industries Sugar Re
fning presented the only conspicuous weak
ness. the decline in this issue being due 10 re-
ports that new competition would be seri-
Gus than generally expected. The old report
that Mr.. Havemeyer would be succeeded by
little attention, owing 10 the recent denial by
Mr. Havemeyer Of any intention 10 resign. II
IS thought however, that Standard OIL interests
are now large owners of Sugar stock, and that
II they so desired they could force Mr.. Have
meyer's retirement. The proposed issue Of
Sl5O0O00O new Sugar stock is not considered
bull card on the present shares, especially the
proceeds OF the sale are TO be used for working
capital and not for the acquisition Of new
properties The American Sugar Refining Com
pany once enjoyed a big surplus, estimated at
one time at S300O0.O00 but the necessity for
ralsng working capital from a stock sale evil
IDENTIFY indicates that the surplus has been pretty
well used up in fighting the Arbuckles and in
paying dividends
According to the known movement OF money
this week the banks have made further addi-
tions 70 their cash holdings. The gain on the
interior movement was heavy and more than
offset the loss TO the Sub-Treasury. Heavy ship
ments TO out-of-town points have not yet be-
gun, but it will not be long before the tide
begins TO set steadily against this centre. For
eign exchange was again firm on a good de-
,nand for remittance. Stock values closed on
rally. but the greater number Of issues showed
net losses An incident OF the day a sale
of 200 shares of Northern Pacific com
mon at 90 against lis the last preceding sale.
and $50 the settlement price after the corner OF
May g. In 1900 the best price S612, and
that was before the company burdened with
the Burlington acquisition. At % Northern
Pacific is nearer its intrinsic worth than il
has been in many months, but il is still selling
at a fancy figure. II is interesting TO note that
Burlington, in its first month of new control
shows a big increase in operating expenses.