New-York tribune., 1901-02-27
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Activity in stocks was confined 10 the steel
shares and q few railroad issues. The hrst
named erorp was decidedly irregular. with the
tendency toward lower Level, and with final
prices showing substantial net losses Traders
were considerably at sea over the question OF
relative values as concerns the existing steel
stocks and the securities to be issued under the
terms Of the steel deal, and the general move
roent Of prices in these shares was apparently
based upon efforts to equalize prices or the dlt-
ferenr stocks to what was called the theoretical
hasis Of the new securities. The idea prevailed
thai the market values of the various COM
nanies' stocks should be readjusted to lower
level. as il was figured by curb experts that the
new stocks would be worth less than 40 for the
common and about So for the preferred IN
easness naturally has developed over the future
position of the new common stock in the mar
ket its dividend possibility and the amount that
will come upon the market from holders, VINO,
under the consolidation plan. receive the COM
mon stock as q bonus. The chances are that
a great many people who receive the common
stock in this way will be willing to convert II
into cash at the first available opportunity, and
as a consequence the market may for a time be
adversely affected According TO current esti-
company securities. will be replaced by $751;
462.674 Of new stock, representing an increase
of s74S 4z4, a good part Of this increased
valuation going 10 the National Tube and Tin
Plate issues.
The effect of the steel negotiations upon the
various steel shares in the last few weeks is
reflected in fall in the price Of Federal Steel
from 81 TO 45 and general reduction IN the
quotations OF most Of the other issues. The
effect has not been marked in American Steel
and Wire, which is about at the price at which
It sold before the negotiations began, while in
Tin Plate the present price is slightly above
the level prevailing six weeks ago. American
Steel and Wire sold off yesterday on reports
that large Western holders would refuse TO ac-
cept the terms offered by Mr.. Morgan and his
associates. 1t is not impossible that certain
holders viii, for speculative purposes, use every
effort TO interfere with the steel deal but there
appears little likelihood that serious obstacles
viii arise TO defeat the plans Of the promoters.
General trading in yesterdays market light.
Commission houses were not active. and the
tendency among public operators was not TO
enter largely into speculation. In the railroad
list renewed buying Of ST. Paul stock led 10
the report that negotiations had been resumed
for the transfer Of the control OF the St Paul
company 10 interests identified with the Northern
Pacific and Great Northern roads. Possibly the
reports that Burlington would hsure in a North
western railway deal have induced certain large
owners Of ST. Paul stock to reconsider their de-
termination not TO part with their securities
While the steel shares declined the railway
issues generally advanced, and at times when
the ground appeared to be crumbling under the
steel issues sharp upward movements were TAX
ing place in various railroad stocks
On Sub-Treasury operations the banks have
lost far this week over 81, 600 600 while re-
ceipts from the interior have shown a consider
able falling off as compared with recent heavy
totals. Money rates ar this centre fail to re-
feet change in monetary conditions but the
situation nevertheless is slowly developing the
characteristics incident TO the spring money
market. II cannot be learned whether or not
last weeks bank statement reflected the end of
syndicate borrowing. II is generally believed
however, that for the present ar least the
banks viii not be called upon TO finance new
deals, although the possibility Of the resump-
tion Of heavy loan expansion later on in the sea-
son is admitted. Higher discounts abroad. ac-
compsnie6 by a firm market for sterling er
change al this centre. were factors yesterday
that led 10 talk Of renewed gold exports from,
here The tendency in the local exchange mar
ket appears TO be toward a higher level. and
II is thought in well informed circles that unlsss
the movement is checked by higher money rates
gold may be exported this spring Money moves
10 that centre where rates are the most attrac-
tive. If Europe needs gold this spring and &c
willing TO pay good rates for loans II will bava
little difficulty in securing the precious metal
in this market, irrespective of ,nternar,on,l
trade conditions.