New-York tribune., 1901-03-30
'EN di,idend
BONDS.
THE DAYS OPERATIONS N STOCKS.

Stock market values continued 10 make prog
ress toward higher level. Large profit taking
sales were ca silly absorbed without affecting
prices. the buying pressure being strong
throughout the list and In most cases heavy
enough TO cause material Improvement in quota
tions Opening figures were well above Thurs
DAYS close with sharp advances in Burlington
Northern Pacific and a number Of active specu-
lative features including the United states
Steel certificates. Burlington ran up five points
10 10 on enormous dealings. Northern Pacihc
made a new high record price. and ST. Paul eN-
bihited signs Of renewed speculative attention.
Rock Island opened ex dividend and recovered
the dividend before the close. The coal shares
were animated, with Delaware and Hudson and
Ontario and Western features, buying Of the
last named issues being accompanied by re-
,,orts that efforts would be made TO push the
price 10 50 Sentiment is extremely bullish on
the coal shares. The trade is I'm splendid con-
dition. profits have been large for the last year
and the possibility Of labor disturbance at the
mines this spring is no longer a factor in the
situation. Reading second preferred is beng
bought on the expectation of an important ad-
vance while Delaware and Hudson is in de-
mand on the belief that the stock is now a
permanent per cent issue and that Wander
bilt interests win secure increased repre-
sentation on the Board Of Directors at the an
nual meeting in May Buying throughout the
day was active in the standard shares, in which
many sharp advances were made Lackawanna,
for instance, selling nine points above the final
price Of Thursday. The character Of business
reflected the pressure of investment forces as
well as OF powerful speculative interests. Clos
ing prices We're strong.
N The possibility OF moderate exports q gold
this spring is creating some uneasness in circles
where the true significance II gold shipments is
not appreciated In the first place this country
spare gold TO meet the necessities Of foreign
nations without jeopardizing its own gold ac-
count There is more gold in the country than
ever before recorded. gold production continues
20 add millions TO our supply every year and ex-
ports fail 20 reduce the general holdings Of the
country Then shipments Of the precious metal
do not reflect an adverse trade balance or the
Withdrawal Of foreign capital from American
investments They are purely business opera
lions connected with the money market at home
and abroad. Money goes TO the point where
rates are the highest, and II gold exports should
be made In any quantity from here local money
rates would rise and check The outward move
ment. The United States is a large lender OF
money abroad. Its trade credits are growing.
and payments for foreign government loans
made IN this country ana other offsets have not
eliminated the balance in our favor. When the
South African mines resume operations Ameri-
can credits may he liQudated by gold imports
but until the London market receives help from
the Kafiir country the United States will be
called upon at times to send gold 10 Europe
Al the moment the quarterly settlements in
London and Berlin have caused considerable
pressure on the money markets al those centres
Rates have risen in response 10 this demand. but
after the first Of the month conditions are ex-
peoted 10 change for the better.
Holders Of good stocks need not worry over
possible downward fluctuations due to money
market developments. All conditions governing
the actual value OF securities are favorable. and
as rule they warrant stin higher prices on the
Stock Exchange Profits Of the railroads are
enormous, and increased distributions TO the
shareholders viii be q feature Of the investment
situation this year The big" men may sell
the market before long, but on any decline thew
VIII take on new lines unless there should be a
radical change in the country's industrial ac-
tivities. The fact that conservative market in
terests are talking higher prices reflects thar
prominent financial interests do not look for
any extended bear campaign at present In
dustrial issues are growing more active and
higher quotations should he recorded before
values sell much lower. Cash bids Of IL nar
cent 10 call such stocks as American Car ana
Foundry preferred, international Faper pre-
ferred and International Pump issues several
points above the current level were made YES
terday. In Car and Foundry and international
Paper preference issues the recent advance OF n
points in each stock is said TO be merely n
prelude 10 the bun movement in these issues
AS this bun movement is founded upon ip,,es,-
ment buying based on sound investment conai.
tiOns, II ought 10 be particularly successful In
dustrial issues paying and Der cent en5
selling under par are bargains when ,bay g.
known 10 be sound investment securities
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BONDs -NarLo, e.