New-York tribune., 1901-04-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Notwithsta nding many Irregular movements
IN yesterdays securities market, speculation as
a rule presented fl N tone, with long list Of
substantial net advances at the close. Buying
OF the high priced railway shares was again the
leading feature dealings in st. Paul Burlington
and other standard issues amounting 10 large
totals. Business. however, was not confined to
any one group of stocks, and in the greater part
Of the day transactions were heavy in the
Pacific shares Atcfison issues, Missouri, Kansas
and Texas preferred, and all the medium priced
securities The better labor outlook among the
steel companies, easier rates for money and the
practical closing Of the Burlington deal con-
tributed to higher prices and bulsh sentiment.
Selling of stocks was in great part for the ac-
count Of speculative interests. AS yet there is
no indication of investment selling in the mar
ket. and long conditions affecting values
remain in their present satisfactory condition
the chances of important liquidation are ex-
trernely small. The supply of high class stocks
is becoming lighter every day, and as conse-
ouence the cheaper issues are gradually assum
ing leading position in the market
Buying OF the Atchison shares, especially the
common was in enormous value throughout the
day. The demand for The common stock was
based upon the expectation of a dividend at the
rate Of 4 per cent a year It is generally under
stood that dividend will be declared before the
company have not yet decided whether or not the
rate will be 3 or per cent Details regarding
the Burlington deal not officially pub
lished. but 1t was reported on excellent authority
that the terms included a price OF 200 in per
cent bonds. instead of 900 in 315 Per cent bonds.
as originally proposed. The bonds will
doubtedly be underwritten par. and in view
Of the nature OF the security. the price in the
open market should be quoted at from 105 to
Ae info Sc
ing regarding the reason for the big advance
IN Rock Island stock. although Street opinion
bases the movement on the speculative opera
tions of certain Western market interests. The
probable election of Pennsylvania interests to
the board Of directors of the Atchison creates
the belief that Rock Island may figure in a deal
with the Pennsylvania and Atchison companies.
The stocks Of the companies named possess suf-
fcient value to warrant their purchase at ruling
quotations. irrespective of any advantages which
may accrue to the properties through the ex-
tension of the community of control policy.
Pool buying was reported in both Atchson and
Pennsylvania in yesterdays market. The Steel
securities were strong and higher on buying
from insiders and public traders who were ap
parently convinced that there would be gen.
eral strike in steel and iron trade circles.
Further case noted in the money market.
call loans averaging AZ per cent throughout the
day Time funds We're offered in liberal amounts
at per cent for sixty days and AZ per cent for
longer periods mixed Stock Exchange col
lateral. The movement Of money far this
week has been heavily in favor Of the banks
Sub-Treasury operations. while receipts from the
interior have added a fair amount of cash to
local holdings The outlook in the foreign ex-
change market is not altogether clear the
moment. but the tendency appears to be in favor
Of higher sterling rates in the course of the
next three weeks. 1t is likely that the proposed
British loan Of f60000Ooo will be heavily
subscribed for in this country. and even if local
subscriptions should not amount to important
total London will be forced TO borrow money
in this market in order to make the loan a
success. In either event gold Will undoubtedly
be exported from the United States.