New-York tribune., 1902-02-25
BONDS.
THE DAYS OPERATIONS IN STOCKS

Until the receipt of the information of the de
cision by the United States Supreme Court that
IL lacked Jurisdiction in the Northern Securities
Company case the stock market yesterday was
quiet. but was firm. The general expectation
had been that the decision would be favorable
10 the company, and when this expectation
was officially confirmed expansion in deal
fngs followed. with material enhancement In
values. The Improvement continued with little
interruption to the close. While other efforts
will be made to test the legality Of the merger
of the Northern Pacific and Great Northern
railroads. which was effected through the
medium of the Northern Securities Company,
the action Of the Supreme Court consid-
cred to have removed the matter as a domi-
nant factor in the speculative situation. Future
proceedings are likely to be protracted. and un-
I'll they approach conclusion other affairs will
intervene to shape the course of securities.
A further advance in the price of sterling ex-
change seemed to assure shipments of gold to
Paris this week, despite upward turn in ster-
ling at Paris The gold will. of course. be for
warded for London account, so that the opera
ton viii be a triangular For weeks the
supply OF grain and cotton bills has been
meagre and the foreign exchange houses have
not been able to provide in the usual manner
for their maturities abroad. In addition, owing
TO the somewhat tense situation the other
side, great many American stocks and bonds
have been returned to this country and the
result has been TO increase the demand from
remitters here. Yet the prospect Of an outgo
OF gold which may attain fairly liberal proper
tions has not ezerted any perceptibe influence
the money market. There is no difficulty IN
obtaining funds call time at compara-
lively low rates. The interior movement of
money is in favor of New-York. The Sub
banks, but no apprehension is felt on this ac-
count for :t is known that money will be lib
Grated from the Treasury whenever occasion
requires.
There were again heavy dealings in the com
stock Of the Colorado and Southern Rail-
road. The purchases were supposed to be for
the purpose of obtaining control, and it was re-
ported that they were made for the Gould in
terests. Evansville and Terre Haute stocks
moved up sharply not large transactions,
and the rumor prevailed that the road had
passed into new hands. sharp rise in Chicago.
Indianapolis and Louisville stock was succeeded
by an abrupt fall on statement that owner
ship of the road had not been acquired in behalf
of the Southern Railway. There nevertheless
a belief that the road would not long re-
main an independent line. The business in
Union Pacific and Southern Pacific was large
but il resulted in only fractional net changes In
the prices of these stocks. The activity in Read
ing second preferred and common continued
but the fluctuations in these issues not
wide Tennessee Coal and Iron was freely
bought for the pool that exists in the stock and
Il gained considerably in price. The United
States Steel stocks were not specially active
but they were steady. There buying on
good scale in United States Leather. Sugar Re-
fning developed weakness.