New-York tribune., 1901-03-31
BONDS.
THE DAYS OPERATIONS IN STOCKS


The course of values in yesterdays stock mar
ket presented great irregulartty. but strong
undertone Profit taking sales were heavy, and
a few courageous bears worked for lower prices
on the expectation Of poor bank statement
and a selling movernen among commission
house customers. Declines. however, were gen
orally confined to small fractions while at the
close there was long list of substantial net
gains In view of all conditions affecting bank
holdings in the week the statement showing
loss in reserve of over 100000 cannot be con-
sidered unfavorable. The supply of money
available for speculation is larger than it was a
few months ago. and with the exception. per-
haps of the next two weeks the change in the
various iterrs is not likely to have any adverse
effect upon money rates in the rest of the fiscal
year. After the middle of April cash holdings
and reserve should expand and a conse-
quence the stock market will be quite safe frorl
high rates for funds until the fall The increas@
in loans last week was doubtless due TO prepa-
rations for the April disbursements and othsr
operations connected with speculative dent.
ings in stocks. Commission houses are wen
supplied with money. and despite the enormous
transactions in securities the expansion in loars
since January has not been due TO speculation
trial deals accounting for the greater part of tn
increase.
Burlington stock made a new high record prics
the current movement, but sold off real
izing sales. The local traction shares were vel
bought Steel shares were strong and active
with especial strength in Republic Iron anu
Steel and Tennessee Coal and Iron. which ad-
vanced talk of pending favorable develop
ments. Texas and Pacific was we'll bought
Rock Island was the leading feature of the
railroad list. selling up to 136. and closing at a
net gain OF nearly six points. No news develop
ments accompanied the movement in this issu-
but Street gossip connected the advance with
possible deal with the Atchison system The iI,-
vestment shares We're strong throughout tn.
day. and the bank statement had no adveys"
effect upon sentiment prices. In addition
the stocks named substantial advances wera
made by Atchison. Northwest. Colorado Fu-;
and Iron preferred. Lackawanna Lake Erie ar
Western Pressed Steel Car Pullman and Amer
lean Car and Foundry preferred. Buying of tn.
last named issues feature. owing TO the
investment character of the dealings. Activity
in the building company shares Is due to TIE
increase in the actual value of the Issues -
investments Pullman stock pays S per cent.
and returns about per cent at present market
values. American Car and Foundry prefe-rs5
pays per cent. and yields nearly per cent.
Industrial conditions Throughout. the COUNT,
as reported by the commercial agencies sho;
Improvement in about every branch Of the ma
tion's activities. Manufactures are growing
Failures are small bank clearings are larg-
and railroad earnings heavy. Wheat crop
advices are favorable. especially in Ohio, Mis-
souri, and Kansas. Snow in the Northwest has
placed the ground in good condition. while in
creased settlements in that part of the country
promise to add materially to this years acreage
In iron and steel conditions show steady prog
ress both in the volume of sales and in the mat
ter of prices. Structural iron advanced in the
week. and pig irCN was more active than for
many months past. The course of railroad earn
ings is sufficient argument for strong prices in
the stock market Comparison is made with q
period year ago. when traffic returns were
enormous, and the increase this year is there
fore significant of remarkable prosperity among
the railroads and the country in general As
the railroad earnings reflect sound industrial
conditions industrial securities should share in
the upward march of railroad stocks and bonds
Buying of the industrial shares last week re-
flected greater disposition on the part of in
vestors to pick up the attractive shares OF the
last named group. while the heavy speculative
buying in the steel stocks induced increased
speculative operations elsewhere in the indus
trial list. The preferred shares selling under
par and yielding from to 10 per cent will doubt,
Jess work higher before the summer.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDS Market s-,, IT.,