New-York tribune., 1901-04-27
BONDS.


According to the standard recently established
on the Stock Exchange, yesterdays volume of
business in securities comparatively light.
Total sales amounted to upward Of 100000
shares, but in view of the operations of the last
few days this record was considered unusually
small Wall Street in a reminiscent mood,
owing to the fact that it was the last day of
trading IN the present Stock Exchange building.
1t was probably due to this cause more than to
anything else that the days operations in secu-
rites fell well under the enormous records of the
preceding days Of the week The general course Of
values throughout the day was in the direction
of higher prices, and at the close many substan-
tial net advances were recorded. Higher prices
In the London market and continued buying
for the account Of Western speculative interests
shaped the course of business in the morning,
while in the afternoon the reactions from the
best prices amounted TO little more than frac
fional recessions. There was nothing in
the general news affecting the value of securi-
ties, trading again being based on the factors
which have for many months been RESPONSE
bic for the upward movement of quotations.
The railway shares were again in demand from
the Western speculative contingent, while the
industrial stocks, as a rule were neglected. Ex-
ceptions in the industrial list found in
American Smelling and Amalgamated Copper
both stocks being active and unfavorably af
fected by new legal proceedings against the two
companies. The general industrial list presents
many opportunities of which conservative in
vestors are taking advantage The preference
issues Of a number of money making concerns
are selling we'll under their actual value, and it
is contended by the friends Of these stocks that
prices must materially advance before they
reach the level warranted by their intrinsic val
uation. Stocks such as American Car and
Foundry preferred and International Paper pre-
ferred are bargains at the current level. This
cannot be said Of the greater number of rail-
road securities which have been advanced well
beyond their true worth. The advance in Bur
lngton stock carried the price within one point
of the 200 mark. In St. Paul, Rock Island and
other high priced railway shares proportionate
advances were made. The advance in BurIing-
ton was helped by the strength in the curb mar
ket Of the new ( per cent collateral trust bonds
which are to be issued in exchange for Burling-
ton stock There was no general gossip attend
ing the advance in the various railway issues
Apart from the railroad list there were few
noteworthy transactions in the market The
local traction shares presented fair degree of
animation and in Brooklyn Rapid Transit inside
buying was reported. Early strength in this
stock, as well as in Manhattan and Metropolitan
was followed by reactions before the close. Sugar
Refining and United States Steel stocks were
strong and moderately active features, espe-
cially Sugar Refining which made net gain
Of nearly three points. Final transactions in
the general market showed advances in the
greater number of issues. In a few stocks
brokers were interested to an extent that en-
couraged dealings after the official close of the
Exchange. The closing Of the market was at
tended with cheering and great enthusiasm op
the part Of the members and their friends
The money market was again comparativelv
easy, but there considerable difference of
opinion in banking circles regarding the prob
able showing Of the banks in to-day's weekly
statement. According to the known movement of
money in the week, the banks have made a
slight gain in cash holdings but the unknown
movement in loans and deposits makes a trust
worthy estimate Of the reserve showing i'm
possible.