New-York tribune., 1901-03-22
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
Trading in stocks yesterday lighter than
-, tts ,,recAding davs Of the week while prices
were generally strong and higher. Opening
ouotations showed irregularity and hesitancy'
due no doubt TO the weakness in "Wednesday
,,arlse. hut before noon the whole list rallied,
with sharp recoveries in the more active securl-
ties Commission houses We're moderate buyers.
and prominent operators and banking interests
were actively identified with the bull side Of
.neculation Mr. Keene was supposed TO have
bougbt the general list. Morgan brokers were
active in the Erie issues and Southern Railway,
Rockefeller interests bought their specialties'
and brokers who usually act for the Vanderbilt
and Gould parties took round amounts Of their
favorites Profit taking sales in Brooklyn Rapid
Transit did not exert important effect upon
its price The position of the Brooklyn Rapid
Transit Company has been materially improved
by the change that has just taken place in the
company's management, and the chances are
that the market value OF the stock will work TO
a much higher level. 1t is expected that the new
president will increase the efficiency Of the road,
and at the same time reduce the operating cost
thus adding To the strength of the property
without placing an extra burden upon the in
come account. All Of the so-called Flower stocks
We're strong features on an excellent class OF
buying especially International Paper preferred
which enjoyed a sharp advance on compare
lively heavy dealings. This stock sold above 80
over a year ago, when the company was not
nearly as strong it is at present At the
current price the return on the stock is about
3 per cent. Buying Of American Car and Foun-
dry preferred was again feature Of the indus
tr1Pl list. The demand for this issue appears
70 be wholly for investment account. buyers ap-
parently considering that its future value will
compare favorably with Pullman and other gilt
edged issues. Burlington and the Of the
Granger shares were in demand, while the rail-
road stocks in general were bought for both
counts. There was good buying of Minneapolis
and ST. Louis and Iowa Central on talk OF alb
sorption by Illinois Central. Strength in the
Erie stocks the feature at the close Hill
and Morgan buying being reported in the COM
mon and preference shares. The announcement
in London Of a settlement Of the disagreement
between England and Russia in China came too
late to affect the London market but its influ-
marked on the local exchange.
The extension OF the time for deposits Of steel
II securities under the United States Steel Cor
~ poration plan does not reflect obstacles to the
success OF the plan but merely generosity on
the part of the syndicate managers TO those
holders who have failed to turn over their shares
TO the Official repositories. Enough stock has
been deposited 10 insure the success of the steel
and iron consolidation scheme. an average of
% per cent OF the preferred and about 96 per
cent OF the common Of the various issues
having accepted the offer Within short time
the organization OF this giant steel concern yill
be perfected. while the securities will be-
come listed issues on the Stock Exchange with
every prospect OF attracting active speculative
attention. AT the moment there is no valid rea-
son why the United States Steel issues should
not prove profitable speculation. And as far as
the preferred stock is concerned there IS hardly
any doubt that its investment value will win in
stant recognition in conservative investment cir
cles. Dividend requirements for the preferred
should be met in poor years and in ordinary
years the margin for the common shares ought
10 be large enough TO warrant substantial
dividend payments. The common viii naturally
ofer the best speculative opportunities II is
Thought likely that with the listing OF the new
steel Issues the whole industrial group OF secu-
rites viii begin TO enjoy marked speculative
activity, and with this end in view many care
ful operators are buying the industrial issues at
current comparatively cheap prices Investors
are taking the preference shares of the sound
lndnstrai corporations on the basis Of intrinsic
merit and the belief that prevailing Quotations
VIII not continue for any length OF time. Higher
prices are predicted for the industrials.
Many timd holders have sold their stocks hut
the prominent market interests are still sun
porting values Heavy selling pressure or
Meonesoay failed to upset speculation. Moder-
ate oecilnes may be expected in a market that
approaches the two million share mark huf
these fluctuations merely serve TO strengthen
technical conditions, while insuring further nrog-
ress toward higher level Temporary reces-
sions DO not denote radical change in the
course or values or in speculative sentiment
Just as long as stocks remain in strong hands
long as powerful market interests are Inter
ested in plans the success OF which denenas
upon strong prices and easy money and as hons,
conditions governing actual values are favor.
able. no serious break in bull activity is proba-
ble. Some brokers look for higher money over
the April settlements. but leading bankers are
confident that April disbursements will be
financed without disturbance in money or stocks
Substantial financial interests control the money
market and their plans evidently do not involve
higher price for loans.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-Market firm Final
quotations follow;
Bid. Asked BID. Asked
Us. Ss 1905 reg1lIL 11ls Us 1928 1851 1854.
Be- 1905 iIli< Ill4 Us 1903 llIi lioi.
Us. Be 1905 srnIIos US 1905. lIIia II2ss
US. As 1907. ll3 115z US Is. E. ro6 loSIs
CS. ~. 1901. .cOu1is iI4r US 2s. f. .i0Sha
d Dist AZ q