New-York tribune., 1901-04-03
BONDS
THE DAYS OPERATIONS IN STOCKS,

Stock market values met the pressure OF heaNv
profit taking sales and bear attacks wllhou'
noteworthy declines. reactions as rule being
confined to fractions. Realizing sales were
larger than any reported in several weeks ~hlle
rhe hear element was unusually aggressive in
the expectation that money market conditions
would encourage liquidation. Most Of the stock
sold represented profits. There was no hqulda-
ton that reflected weak technical conditions but
the course of the days business naturally served
70 strengthen the speculative situation Early
losses were in most cases recovered before the
close net changes in many instances showing
substantial advances, Burlington. after heaNl-
ness in the morning advanced from 1i0is 10
above lSO while Northern Pacific went up in
sympathy on the theory of speedy announce
ynent of the details Of the proposed Northwest
ern railroad deal. Rock Island was sold by trad
ers and bought by careful operators on the de-
cline All railroad shares were we'll taken on
the selling movement. and industrial shares Of
merit were in demand throughout the day with
further enormous dealings in the new steel Sc
ourities The local traction group was firm on
vague reports Of impending developments and
after early weakness the coal shares, particular
lv the Reading and Erie issues, developed an
advancing tendency. St. Paul and Northwest
were strong features in the afternoon; also the
Wabash and Southwestern stocks. Amalsamated
Copper and Car and Foundry preferred The
market was active excited and generally strong
at the close.
Fuving Of the United States Steel Corporation
stocks continued in heavy volume, while many
OF the industrial issues We're in demand from
speculative and investment interests. The press
ure Of realizing sales prevented material price
Improvement. Industrials. under the lead Of the
steel shares promise TO be the leading market
features in the next few weeks, and, barring
adverse developments affecting the intrinsic
worth OF stocks, prices ought TO work higher
The market Of the last five months has been
made up in great part Of the railroad shares
the industrial issues until recently making
neither important advances nor enjoying sus-
tained activity. Railroad stocks have advanced
owing TO conditions that have added TO their
actual value. The increased worth Of railroad
securities reflects industrial activity and heavy
profits in general business II the railroads are
making money the industrial companies natu-
rally are enjoying prosperity. and a conse-
quence industrial stocks appreciating in in
vestment value. The gain in investment value IS
not measured by current market quotations,
especially in the preference issues Of the estab-
lished dividend concerns.
The tendency TO sell the high priced railroad
issues may become more general, while il is ex-
pected that buying Of the cheaper shares and
the first class industrials viii become a feature
OF the market. 1t may be wise for operators TO
exercise extreme caution in dealing in the high
priced stocks despite the predictions Of further
liberal advances. The big" men may find ii
profitable 20 take profits in the group named
and 10 reinvest their money in the cheaper is
sues without regard for the public that appar-
entity believes that gilt edged railroad stocks viii
advance indefinitely Money market conditions
were unchanged yesterday, but indications
pointed toward a continuance Of easy rates. A
local bond house sold s., 100000 OF short term
government bonds 10 the Secretary Of the Treas
ury for sinking fund purposes These bonds
were taken AT a favorable investment rate, and
the transaction did not foreshadow departure
from the Secretary's recent announcement that
he would not release government money by a
general purchase Of bonds at current high prices
According to the official statement, however
the Secretary will buy from time TO time the |
short bonds at an investment rate realizable TO |
the investor who buys the new per cents |
should the market price of the new 2s remain |
on the present basis"
THE DAYS OPFR ATIONS IN RONnS