New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-02-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The favorable influence the stock market
of the decision by the United States Supreme
Court in the Northern Securities Company case
was more pronounced yesterday than on the
day before. The volume Of business was not in
creased but it well distributed. and a ma
terial enhancement in values was accomplished.
It seemed to be considered that the Northern
Securities matter had been in a great measure
eliminated as factor in the speculative stua-
ton. inasmuch as the final determination Of the
legality of the merger of the Northern Pacific
and Great Northern railroads now. presum-
ably a long way off. 1t has been understood
that arrangements were practically complete for
the formation Of other securities companies for
the purpose of matchmaking important rail-
road lines, and that the contamination Of them
depended on the outcome of the Northern Sc
curities proceedings in the Supreme Court. Since
the Northern Securities case has taken on a new
phase. there is an expectation in some quarters
that the announcement of additional consoda-
ton schemes may not be much longer withheld.
Continued strength in sterling exchange here
and an easing in sterling exchange at Paris
seemed TO make IT probable that gold would he
forwarded to Paris by to-morrow's steamer. No
apprehension however. was excited by the pros
pective outgo of gold. There Curtail-
ment Of the supply Of money either call or
on time, and rates displayed tendency to
harden 1t is said that considerable amounts of
money that are tied up in syndicate operations
viii he released in a short time with the effect
perhaps. of making money supera bundant. The
natural course Of money is from the interior TO
this centre, and the inflow is likely more than to
o1-set gold shipments and the absorption Of cash
by the Treasury. 1t is not. any way, the policy
of The Treasury Department TO let currency pile
up in the Treasury TO the detriment of the gen
cal money market. Other elements in the stu
a'ion are at present satisfactory. Railroad gross
earnings maintained. and the belief is that
traffic win retain its full proportions for an in
definite period. The net results of railroad oper-
ations are particularly good
In the dealings on the Stock Exchange Brook
Ign Rapid Transit developed strength and &C
tivity in a surprising degree. The report was
circulated that control of the company was
sought by the new Metropolitan Securities Com
pany, but no authentic information was impart-
ed as to whether such was the fact There was
no corresponding animation nor Improvement
in Metropolitan Street Raii.5ay stock Nor was
there any unusual movement in Manhattan
Railway stock. 1t is regarded as probable that
the purpose of the Metropolitan Securities Com
pany extends beyond the mere acquisition of
control OF the Metropolitan Street Railway Com
pany and the providing of funds with which to
pay for the electrical equipment of the lines that
still are operated by horse power. Despite the
somewhat uncertain outlook in the copper trade.
there a liberal demand for AmaIgamated
Copper and a substantial improvement in its
price. Although not largely dealt in, the United
States Steel stocks exhibited strength There
a fair business in Southern Pacific. Union
Pacific and Reading second preferred and COM
mon.