New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-02-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

stock market values were generahy strohs vi
a small volume of business The. approach OF
the three day holiday naturally restricted specu-
lative operations, but in a few issues there was
considera bic evidence of activity, especially IN
g Louis and San Francisco, Metropolitan, Erie,
Wabash preferred and Amalgamated copper
Rising values in the greater number of stocks
were due almost entirely TO professional opera
lions. made up, as a rule. of covering OF short
contracts and buying for a turn on the long
side. transactions OF the last named character
including purchases by a number OF brokers'
who usually operate for the account of substan-
,ial Wall Street interests. Builish sentiment
Mas stimulated by official denials Of the sensa-
7ional stories regarding the Metropolitan Street
Railway Company, by the absence OF engage
nnents Of gold for export. and by remarkaoie
strength IN the St Louis and San Francisco is
sues. the last named factor being responsible for
the theory that most important developments in
the Southwestern railway situation are pending
These stocks enjoyed advances of per cent for
the common, 554 per cent for the hrst preferred
and + per. cent for the second preferred Lead
are most favorably disposed toward the secur-
,ies of the Southwestern railroad companies,
and II is believed that the striking gains made
Inv the Frisco stocks will be followed in due
time by conspicuous gains in Missouri, Kansas
and Texas Texas and Pacific. ST Louis South
western and Missouri Pacific. A few years ago
ST Louis and San Francisco common sold at $40
a share against SS4 to-day, and at that time the
people who thought prices we're too high were
disposed to continue the predictions that Frisco
common would sell near par in the not distant
future Important railroad developments are
vet to come. and some of them will embrace the
Southwestern companies.
The Gould shares. especially the Wabash is
sues New York Central, ST. Paul and Hooking
Valley were strong features in the railroad list
while the industrials generally showed net ad-
vanoes Amalgamated Copper and Sugar Rein
ing were helped by nprovem mt in trade condi-
tons copper market reports indicating better
trade position. and prices for refined sugar en-
joying a further advance. Metropolitan and
Manhattan recovered Thursdays losses. Specu-
Iation III general reflected d disposition the
part of the hear party TO reduce its commit
rl7ents over the triple holiday and tendency
among some spectators 10 take advantage Of
current cheap prices to accumulate securities
London was not factor n the market. There
no important change IN money or foreign
exchange conditions. and there definite
Indications Of gold exports next week. Accord
ing 10 the known movement of money in the
week. the local banks have lost over s.. 600 600
in cash holdings gaining interior operators
but losing heavily 70 the Sub Treasury. Gus
toms collections in this city amounted to S4,3S4,
200, the heaviest for any week this year. Bank
statements seldom are in line with Fridays pre-
dictions. but Wall Street apparently believes that
to-day's exhibit Of the Clearing House will show
q reduction in reserve above legal requirements
Bank reserves generally decline in February and
March.