New-York tribune., 1901-11-12
BONDS.
TIE DAYS OPERATIONS IN STOCKS,

The stock market presented great activity
ers asa r1,Ie a higher range of values. Realiz-
y,z sales were heavy. but the new demand loT
securities easily absorbed all offerings espe-
ctaIlv In the railway shares which represent
xoads connected with the Northwestern railway
Situation There were no definite announce
,neuts regarding the Northern Pacinc selIe-
-nerrt The Street, however. was sallslleo 'lia>
an official report stating that an agreement
had been reached merely waiting 1or lhe
.ranrer,ent OF the details Of the plan The
various parties IN interest have agreed on al
.,,nortsnt points. and the fact that 1t Is gen
eraI,y known that the tangle in the Northwest
is about to be unraveiled stimulates sPecuia-
..,,s activity in the whole market The entire
market would be demoralzed II the leading
csnitalists and railroad men in the country de-
c,ded not TO agree on Northern PACING ahalrs'
Indeed something more than denoGahzalioi
might develop If the Union Pacific anu NOT 'iie
Pacific interests failed to reach an alnlcaDie
se++,enoen. The stocks directly concerned al
ready may have discounted in price advance
Northern Pacific agreement, but the general Tsl
deserves further improvement as result OF lhe
removal of the possibility OF a clash among
e,a,cia, giants over the Northern Pacific situa-
ton.
In the industrial list there were signs OF
coming good demand for the better class or
sssues Active buying was reported in the steel
shares Sugar Refining. Amalgamated Copper
and Car Building Company stocks or the last
named class American Car and Founory STOCKS
made the conspicuous gains OF the day. 'he
preferred advancing points to SO ana lhe
common nearly 2 points to 2e1z- The close was
slightly under the best An enormous car snort
age is reported in various parts Of the country
srd orders for new cars are bigger al present
than ever before recorded The American Cal
and Foundry Company is working its various
7,lar-s 10 their utmost limit and even without
nezy orders for the next six months the company
would be able on full time in hllins pres
ent contracts. American railroads VIII be IN
the market with heavy orders throughout the
r,axt twelve months, while the demand for new
en1,iprpent will always insure dividends by car
building companies. Earnings Of the Anerl-
can Car and Foundry Company at present are
extremely heavy, and warrant much hlsher
price for the Z per cent preferred stock ana
tbe same may be said of Pressed Steel Car
Coupanys securities. The sound industrial
shares are worth buying at current prices In
ternational Paper preferred is one Of the cheap
est solid investments on the list international
Steam Pump issues are valuable securities sell
xne many ryoints under their intrinsic worth
There were no local or foreign money market
developments of importance Rates were, per
haps, g. trife flrmer at this centre but there was
no evidence OF coming material advances The
money situation is being ably handled There
IA no prospect OF disturbance and no 1ndlcatlon
that gold exports will make important reduc-
tions In local bank reserves The Sub-Treasory
paid out yesterday 100000 for gold deposited
sx San Francisco while additional heavy pay
1,ents were made on bond account Further
heavy receipts from the two sources named are
probable while IN the course Of q few weeks an
active return flow OF currency from the interior
should begin Foreign exchange rates were
strong again yesterday. with indications point
ing toward further gold exports this week Com
mission house demand for stocks subsided in the
afternoon dealings. and traders sold quite freely
throughout the list. Declines. however, were
small although final prices were apprecfably
under the best figures OF the day. Investment
and speculative purchases were heavy IN tn',
bond department total business amounting 20
over 100000 par value. Enormous dealings
were recorded in Baltimore and Ohio coHverti-
BE As Third Avenue As. Union Pacific conVerti-
Bile As and Wabash debenture "Bs