New-York tribune., 1901-03-10
BONDS.
rHF DAYS OPERATIONS IN STOCKS.

-r,,a s,oc. market was weak in the early deal
ings on the apprehension Of an uhlaNoiaoie
hank statement. Declines were not important
b,,+ thev apparently discounted the bad 1ealuIes
in the statement. the publication Of me a. 10, IA
fc,,res was followed by rally throushuut IN
list which left final prices at net gains III tiIe
greater number Of issues Cash holclhss ol i IN
associated banks declined H4-o-Vu@ III ~ tIle ,t f
while loans increased S4"SO2oo The result oi
on changes was loss in reserve aboEe Ieeil
r-o1frer1euts Of 81 GS3 S25 to Slo,4lI,-ao' winch
compares with S3.6l6.5!3 IN the the SAM ~, MGen 90
,-ear ago and S23.93,ooO in 1853 A ear de
The drop in reserve was followed by per cent
call money market. Conditions thls year, nov
e,,er are stronger than they were last year, the
demand for money is not active, as the coulIlIS
in general is well supplied with 1uhus. anu
bankers have the situation so well IN haho that
20 disturbance is expected. The expansion IN
the loan account last week Was loi eNleA9IaS
in view Of the fact that several large nnahclaI
operations and increased speculation IN stochS
were i-volved IN the weeks course of business.
-Ae demand for low priced stocks was a CON
sricuous feature in the days trading. AcuNe
huving of American Car ana fOunuIy ISSUES
continued and the only explanation Of the IN
qury was found in the remarkably heaN! edIn-
inEs and financial stability Of the company. Inc
common closed at 24la and the preferred at
75l5 or par for the for the first time since
the organization Of the corporation, The au-
thorized capital stock is S30O0OO0O 4 per cent
preferred and S30OG0O00 common, with a par
value Of 500. Since the stocks We're hrst listed
the company's cash working capltal mas IN
creased from 81 100000 TO S5OOoO0O, while or
ders for all kinds Of cars have been enormous
The impression that the company builds freight
cars only is erroneous as il turns out large
numbers of passenger coaches and streetcars,
while doing a large general foundry business.
Speculative and investment attention is turning
the low priced shares that are stln selling
well under their actual value. as reflected in the
dealings In the issues named, Chicago Great
Western. Denver and Rio Grande Hooking VAL
ley. International Pump, kanawha and Michi-
gan. Peoria and Eastern, St. Louis and San
Francisco. and Wabash preferred These stocks
made substantial improvement in yesterdays s
market on an active volume Of business. Other
active strong features were Union Pacific. Anal
ganlateD Copper, AtchisOn preferred, Brooklyn
Rapid Transit and Chesapeake and Ohio The
last named stock advanced sharply the
port Of Pennsylvania control. but reacted the
official denial that any deal was in view between
the two companies. The steel shares, Sugar
Refining and Consolidated Gas were weak, Sugar
Refining losing over > per cent on the reduction
in the price Of refined sugars.
The stock market closed the week with prices
1T net advances as compared with Saturday
week ago. 1t also closed with bull sentiment
general Everything in the trade situation en-
couraCes optimistic views of the future Of specu-
latiOa while the movement Of capital and the
progress Of negotiations involving railway and
Industrial concerns warrant the prevailing feel
ing OF confidence in money and investment cir
c!es. Iron and steel described as buoyant
by trade authorities Bank clearings are heavy
ana railroad earnings continue 10 show surpris-
ING gains over this time a year ago. The i'm
pr5vement in railway gross returns for the last
week IN February amounted 10 Il per cent over
Ire same time year ago. when results were
l1 per cent better than in 1899 The season of
winter wheat crop scares is close at hand but
throughout the winter wheat belt have seldom
The usual weekly table Of price changes for
the more active stocks follows: