New-York tribune., 1901-02-09
BONDS.
THE DAYS OPERATIONS N STOCKS.

The stock market was strong and active
throughout the day with substantial net inn
provement in the greater number Of issues at the
close Wall Street learned overnight that no
serious hitch had developed in the Morgan-Car-
negie steel negotiations. while soon after the
opening OF business timely announcement was
made by the president of the Federal Steel Com
pany regarding the nature and purpose of cur
rent plans affecting the steel trade As original
,v announced in The Tribune, the sole idea OF
Mr. Morgan and his associates Is 10 strengthen
the steel and iron industry by an extension OF
the community Of ownership policy, and not TO
bring into life a new concern with a bllhon
dollars capital. The ahlest and most conseINa-
tive bankers in the country are interested IN
making a satisfactory settlement OF the dan
gers and troubles that beset a great industry,
and il need not be assumed FOR an instant thai
any extravagant or impracticable scheme VIII
be adopted. Harmony in the steel trade IS
promised This may be brought about without q
combination OF the various producing and manu-
featuring interests and without involving the
issue OF an enormous amount OF new securities or
disturbance in the money market The stock
market closed on Thursday weak under the rear
that harmony might not prevail in the steel
trade In yesterdays dealings the market was
buoyant under the reinsurance that came from
the head Of the Federal Steel Company.
Irregularity al times was due TO realizing
sales Declines caused by selling pressure We're
followed by fresh buying movements, with brisk
recOveries before the close. In the morning deal
ings several sharp reactions took place, AMI
bear traders endeaVored to weaken the general
market; but sentiment was Overwhelmingly
bullish, while the demand from commission
houses was heavy enough to force retreat by
the professional element after every attack
The iron and steel stocks, Sugar Refining and
IN the railroad list the cheap stocks. such the
Wabash issues, ST. Joseph and Grand Island,
Wheeling and Lake Erie, Mexican Central Den
Yer and Rio Grande and Colorado Southern
were features. The general character of specu-
lation did not differ from that Of the preceding
days of the week. Commission houses We're the
active buyers. In the bond market the Wabash
debenture Bs made conspicuous advance. At
the close Sugar Refining was the feature, ad-
vancing rapidly on the report that complete har-
mony had been established in the trade. For
the last year the Street has had monthly rumors
companies. and each report has been We'll
believed that insiders have had difficulty in
lifting Sugar Refining stock several points, ir-
respective of general market conditions The
market for refined sugar is unusually active,
and notice has been given TO jobbers that or
oers for delayed shipments at the present guar
anteed prices VIII not be accepted after Monday.
At the present price Of refined and raw sugars
there is profit Of about 81 80 on barrel of re-
fined.
Money market conditions at home and abroad
END the week with no sign OF coming disturb
ance While the local banks have lost money
on Sub-Treasury operations. the receipts Of cur
rency from the interior have been large enough
10 warrant the expectation Of a considerable in
crease in bank cash holdings in to-day's bank
statement Interest naturally win centre in the
loan account, which viii no doubt be Influenced
by the big corporate transactions and stock
market speculation OF the week.