New-York tribune., 1902-03-20
BONDS
THE DAYS OPERATIONS IN STOCKS.

There was much irregularty IN the course Of
stocks yesterday. There were important gains
IN prices but there were equally important
losses. The consequence was the creation Of
feeling of more or less uncertainty IS to the
immediate future Of the market. While manipu-
lation was apparent in not few stocks il s
noteworthy that there was no particular amount
Of liquidation. The only really adverse develop
ment in the day was distinct stffening in the
rates for call money. The high rate as on the
DAY before. was = per cent hut the rate at
which most of the loans were made was ~ per
cent which was one-half ner cent higher than
on Monday. There was no difficulty i'm obtain
ing money. It was a question Of paving the rate
asked. 1t seemed to he conceded hat a further
advance in money was almost inevitable. It
was thought in some quarters that il might go
10 per cent this week
II looks as if = reduction in the cash holdings
Of the hanks would he shown in the forthcoming
hank statement. Pension disbursements at New
York are large, but they likely to he ex-
ceeded by payments OF customs duties and in
ternal revenue taxes to the government In ad-
dition. the interior movement Of currency is
for the time being at least. against New-York
A transfer Of 100000 10 Cincinnati disclosed a
shortage in money AT that centre. as well as al
Chicago. which has lately drawn rather heavily
on New-York for funds. Apparently there is ac-
tive employment for money in the Middle West
IN general business affairs. The expectation is
that additional lots Of gold will he transferred
through the Sub-Treasury TO san Francisco in
carrying out the consolidation Of street railway
companies in that city
While the trading in Sugar Refining was larger
than in any other stock. the feature of the mar
ket was Colorado Fuel and IRON stock. the
fluctuations in which covered a range Of :
points. A gain for the day Of points was
recorded. Activity in this stock was stimulated
by the announcement Of the successful mar
keting Of the Company's dehen1ure bonds which
are convertible into common stock par. II
IS presumed that the ownership Of these bonds
Will determine the control Of the Company.
about which there has been and. for that mat
ter. Stlll is doubt The SO-Called Gates con
tsnEent has sought asCeudanCy in the concern.
but whether il has attained il has not been
established by an exhibit Of voting power. The
fotarion or the bonds has been in the hands
Of the interest that has hitherto directed the
management. The bonds de@lt in in the
outside market. and arc quoted at about the
same price the common stock.
There was liberal buying Of Tennessee Coal
and Iron. which was supposed 10 be for the pool
that has been operating IN the stock recently.
There was a moderate Improvement in the price
Of the stock The transa ctions in the United
States Steel issues were on a COmpa lively
small scale, aud effected no charge in the COM
mon and only fractional change in the pre-
ferred stock The prices Of these stocks have
been almost fixed for weeks. Amalgamated
Copper accomplished moderate advance.
Strength impaired Sugar Refining by
the news from Washington in regard the
Cuban tariff and by the improved conditions in
the sugar trade. 4 renewed inquiry for Chi
csgo, indianapolis and Louisville revived a re
port 0f a probable change il the ownership Of
the property. AtChison conspicuously
strong