New-York tribune., 1901-01-18
BONDS.
THE DAYS OPERATIONS IN --'.AI

Stock market trading was comparatively light
in volume on an irregular movement of values.
Evidence of liquidation was again presented in
the course OF prices, while increased bearishness
on the part of the professional element was no.
ticed After early weakness quotations ad-
vanced on buying by the shorts. but the failure
Of important interests to support the market
led 10 renewed short sales and commission house
liquidation in the last hour. Net changes were
in many cases large, with losses in the greater
number of issues In number of stocks there
appeared TO be inside buying, notably in South
ern Pacific which was of the conspicuous
firm features throughout the day. The Steel
shares and the local traction issues were erratlc
in movement and heavy in tone. with decided
losses in the fractions and moderate declines in
Federal Steel, American Steel and Wire and
other steel securities. Railway stocks sold for
margin account were taken by a good class or
buyers. but efforts were not made by the latter
named to bring about higher range of values
or TO induce renewed bull activity. In the final
trading a drive made against the local
traction shares, while the whole list declined
under sales for both accounts. Tmd Wall
Street was disposed to develop uneasiness over
the news that the Kearsarge would be sent to
Venezuela.
Trade reports from the iron and steel indus
try do not warrant the pessimism that has de-
veloped in Wall Street over the course OF the
steel and iron market Mr.. Carnegie recently
said that the steel trade was either king or a
pauper In making this remark Mr. Carnegie
unconsciously upset Wall Street sentiment. as
the conclusion YVES made that Steel. hav-
ing been king for the last two years, about
10 become a pauper The iron and steel business
is not likely TO develop a fictitious boom, but
there appears to he no reason for the belief
that the current yea- will not be a profitable
one for this great industry. The export demand
has declined, but the demand for local consump-
ton seems to be well in advance of production
In addition to the remarks of Mr.. Carnegie an
unfavorable effect on sentiment has been pro-
duced by the large dividend declaration of the
American Tin Plate Company and by the
ported intention Of the Federal Steel Company
TO issue bonds. There is no valid reason why,
in the extension of it's business, the company
should not issue bonds. The Federal Steel Com
pany numbers among its directors eminent bank
ers and business men who may be trusted 10
handle the affairs Of the company for the best
interests of the stockholders. According to a
leading director the question Of issuing bonds
has not been formally considered.
Mr.. Gates, his friends and market followers
are attacking the steel stocks. and yet Mr.. Gates
is appealing TO holders of American Steel and
Wire stock for their proxies. 1t will be
fortunate day for stockholders when they
able TO rid their company Of speculative man
agements The so-called Chicago crowd, some
times known the Waldorf crowd. is short OF
stocks. and it is making every effort 10 reduce
values, no matter what the cost may be to
other people or 10 the welfare Of legitimate
speculation.
The market closed with prices at the lowest
Of the day. Tie money market continued 10
exhibit an easier tendency. while the sterling
change market gave indication of extraordi-
nary exports of gold. Money is coming to New
York in large volume from the Interior and the
local banks are still gaining Sub-Treasury
operations. Call money lent as low as per
cent yesterday.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDs.-Market steady. Final