New-York tribune., 1902-03-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

An erratic course pursued by the STOCK
market yesterday. The closing was fairly firm.
There were not a few substantial gains in prices
as a result OF the days operations while there
were no specially important losses The busi-
ness was on q good scale. but in the main was
of a professional character. In several stocks
there was unconcealed manipulation 1t was
essentially traders market, and by reason Of
wide and often rapid fuctuati tions offered ex-
ceptional opportunities for the purely specula-
tive element The developments of the day were
interesting but they were. for the most part,
disregarded, or, at any rate. they seemed 10
exert no influence on the movement of stocks
There was a fall in sterling exchange which was
accompanied by the cancellation of some en-
gagements of gold for export and was thought
TO presage an early termination of the outgo Of
gold TO Europe There has been more or less
question as to the real reason for the recent
shipments of gold TO Paris Paris has not ap-
parently been actually in need Of gold and why
the cost Of carrying il across the ocean was IN
Cured is something yet TO be ascertained-
There was moderate increase in the rates
for call money. as a result of the rather heavy
loss in cash by the banks this week This loss
has been caused. in part, by the gold exports
but principally by differences in favor of the
Sub-Treasury in its transactions with the
banks More money has come from the interior
10 New-York than has gone the interior, but
not enough 10 reduce materially the deficiency
resulting from other operations. The net loss
in cash is estimated at not far from S4,OoOOOO.
The bank statement to-day hardly be other
wise than a poor one. It is not believed that
there has been any great curtailment in loans,
and if this proves to be the the case surplus re
serve will have been cut down to medgfe pro-
horizons In the week the banks have PAID
nearly 100000 TO the Sub-Treasury for the
retirement of circulation. The limit OF contrac-
tion in circulation for March has now been
reached and there will be further payments
visit of the Secretary Of the Treasury to New.
York may be preliminary TO the release OF
money from the Treasury.
News that the papers in the government case
10 test the legality of the Northern securities
Company had been transmitted TO st. Paul E-as
without apprecia bic influence on the stock mar
ket There was a slump in Colorado Fuel and
Iron which Thursday accomplished a pyro-
technic ascent in price. No information was
furnished as 10 the authenticity OF the report
that the company was to be absorbed by the
United States Steel Corporation The United
States Steel stocks themselves were very quiet
There was liquidation in Tennessee Coal and
Iron which sustained a fall in price Bl1STing of
American Cotton Oil and Virginia-Carolina
Chemical stocks with advance in their prices
led TO a revival of the story that the two COM
panies were TO be consolidated. A good demand
appeared for American Grass Twine and it
moved UP rapidly. There We're heavy purchases
of the Mexican National stocks with a corre-
spending gain in price. The readjustment of the
finances of the company has been successfully
accomplished and the property placed on a
sound basis. Baltimore and Ohio freely
traded in.