New-York tribune., 1901-03-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.


THE DAYS OPERATIONS IN STOCKS.
Paelizing sales were responsible for ccnsidera-
BILE irregulsrity in yesterdays market and at
tiroes moderate declines from Wednesdays final
level. In the greater part Of the day however,
price changes We're not important while at the
close the majority of issues presented net ao-
,.e,cas Attenpts were made to depress values.
hrt the experiment was not attended by any
important success. Bear pressure was met py
supporting orders, and strong interests were ap-
parently buying stocks. Factors bearing upon
she general market showed no startling changes.
Call money was a trife f1rmer and predictions
of a moor bank statement were made, but the
General money market situation offered no evil
Aence of coming disturbance in rates In the
Ionaon market discounts were fractionaiy
higher. The Bank of England made no change
in its minimum rate of discount, and in Its
weekly statement Of holdings II exhibited favor
able changes in cash and reserve, the percentage
Of reserve 10 liability standing at 4sI4, as
against 1894 per cent a week ago. London
bankers express confidence in their money mar
ket. and in the belief that the progress OF the
British arms in South Africa will soon permit
the onening OF the mines ana exports Of gold 10
England. When that time comes the United
States may begin to take some Of the South
credits abroad
The railroad stocks were taken by good
class of buyers IN yesterdays market, but the
steel shares We're, rule. neglected 1T Is
pointed out by the New-York News Bureau
that an investment in the steel shares at current
prices WIFI result In handsome profits by an eX-
change for their equivalent in the new stock Of
the United States Steel Corporation at the
present hid price. For instance. 100 shares
Of Federal Steel preferred at s9A, or Ss,92o'
could be exchanged for new stock which would
sell for S9.157. profit of S232. The common
stocks present the best bargains OF this Sort but
the public evidently does not recognize the
chances which the discrepancies between the
values of the shares of the constituent COM
panies of the United States Steel Corporation
and their exchangeable equivalents in stocks Of
the new concern offer. As a rule current buy
ers Of stocks prefer TO take the railroad issues
and sound industrial shares that are not mixed
ND in any billion dollar combination The Street
Is apparently satisfied that the big steel deal
will be a success, but enough opposition is ap-
pearing TO induce caution in steel shares specu-
iation. Certain National Tube stockholders pro-
pose TO object forgetting. doubt, that only
short time ago they We're frightened out OF their
senses by the prospects of Carnegie competition
They VIII find a stronger foe in the United States
Steel Corporation than they might have found
In the Carnegie company. and while It may
seem unjust that the big surplus OF the National
Tube Company is not to be turned over to the
stockholders little good will come from opposi-
tion 10 the Morgan plan.
The advance in Tennessee CCal and Iron was
due TO traders operations. and II cid not reflect
any favorable change in the position OF the COM
pany's affairs Indeed, the company IS suf-
fering from the mismauagement OF last year,
and from the bad effects OF the manipulation
which carried the stock TO above par in 1900
Instead OF putting money into the property last
year the directors paid extravagant dividends
and in consequence the company's physical con-
dition is now poor, while dividends have been
suspended. II is admitted that money will have
TO be raised at once. and it is pointed out that
an assessment upon the stock ought to be made
hut the chances are that an issue Of bonds will
he put out Last May the directors OF the Ten
nessee Coal and Iron Company placed the stock
on an s per cent basis paying three install
ments, but now il is announced that the fur
mares and machinery out OF date. that a
floating debt exists and that from So. 100000 TO
S5oooooo must be raised TO place the company
in proper condition. Here is an instance Of the
mismanaged industrial company It offers a
striking contrast TO the Pullman company Cen
eral Electric. American Car and Foundry and
other good concerns. the directors OF which are
not engaged I'm stock market speculation.
The general market closed hrrn with a num-
her Of substantial net gains and few net losses
OF the railroad shares Burlington. Rock Island
and the Atchison issues Were heavy under realiz-
ing and traders sales. In the last hour Re-
public Steel issues were in active demand Con-
solidated Gas and Pullman stocks made note
worthy advances