New-York tribune., 1901-03-01
BONDS.
THE DAYS OPERATIONS IN STOCKS.


stock market values made little important
progress in either direction in yesterdays trad
ing Irregularity marked the course of prices.
while a further reduction in the volume Of
business was recorded. Indeed. transactions in
the greater number Of issues declined to the
proportions of midsummer market AT the
close quotations generally slightly under
Wednesdays final level. Current dulness In the
stock market is due to several reasons but,
perhaps. the most important influence in the
falling off in dealings compared with the
business OF few weeks ago comes from the
uncertainty that is felt over the effect Of the
big steel combination upon money and stocks.
This enormous scheme has been launched. but
It has not been completed while already rumors
Of objections from different companies included
in the deal are heard in the Street. Weakness In
the steel shares yesterday was due to a report
that the proposed consolidation might be upset
by certain objecting stockholders. Wall Street
is still at sea regarding the proper valuation Of
the steel shares under the terms OF the syndi-
cate managers and 1t is uneasy because Of the
n possibility that the market may be flooded with
the 81. .o00oO0.000 trust shares. Big commissions
will be paid to the promoters Of the deal-pre-
sumably in stock. and the chances are that the
promoters will convert their stock commissions
into cash as quickly as possible. All years are
not good years IN the steel trade, but dividend
prospects appear infinitely better under one big
consolidation than under individual corporations.
Dulness in the stock market is helped by the
absence from town of many prominent financial
interests, by money market uncertainty and by
lack Of public operations Conditions govern
ing real values. however, continue favorable TO
higher prices. Railroad earnings return progress
sive increases in the three weeks OF February
far reported, while net returns for the month
Of January now coming to hand show encour-
aging gains, despite liberal expenditures out OF
earnings Investors find in trade conditions
satisfactory reasons for holding their securities
Spectators on good margins hardly 1ust-
fed in taking losses good stocks. for the
very excellent reason that values have not yet
reached the top. Dulness IN stocks Is not ex-
traordinary in March. and higher money rates
this spring vii, only be in line with normal
conditions. The banks have lost about s.. 100000
TO the Sub-Treasury far this week. and unless
a big contraction in loans has taken place to-
morrow's bank statement is not likely TO make
a favorable exhibit. Uneasiness over the money
market because OF the steel deal is not war
ranted, as the financial side Of the project is TO
he handled by the strongest financial syndicate
ever formed. Mr.. Morgan never made a failure
and he evidently did not undertake the present
deal with the idea OF not being successful II
is probable that the actual cash to be used in
the operation mas already been provided.
II General Botha has surrendered the end Of
the Boer war may reasonably be said to be at
hand To the English markets the end Of the
Boer resistance will mean much and Indirectly
our own financial markets will be benefited
The sub5ugatiOn Of the Beers Will be followed
by the opening of the South African mines the
influence of which upon the worlds money mar
kets will be Of the utmost Importance In improv-
ing conditions that have been somewhat strained
ever since the Wiswatersrand mines shut down
In January, 1899 London received over SO OO0-
600 in gold from South Africa as against about
slo.eeo in January, 1901. The London market.
especially for mines" reflected favorable news
from South Africa. and confirmation OF the
downfall OF General Botha's army should serve
TO impart buoyancy TO all departments on the
London Exchange to-day Foreign operations
in the local market were uninportaut vester
day. and outside of the leading speculative
faVorites there was little demand from env
source 81. Paul was active. but il was not
known until after the close that the company
had decided TO issue 10 per cent additional stool,
al par. The steel shares were generally lower
with marked weakness in the last hour when
the whole market was weak under selling for
both accounts i'i
THE DAYS OPERATIONS IN BONDS