New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-05-14
BONDS.
THE DAYS OPERATIONS N STOCKS,

Postponement of the delivery time for London
short contracts in Northern Pacific stock due
yesterday was an effective factor in importing
strength TO the local market in the early deal
ings. Active buying OF the stocks in which
prominent interests are supposed TO be heavily
concerned a feature. This especially
pronounced in Union Pacific. which made a sen
sational advance TO 1882, although in the Sub
sequent transactions a sharp reaction
corded. Throughout the list early strength was
succeeded by declines. and at the close net losses
were shown in many issues The advance in
Union Pacific received various interpretations.
but news regarding the property developed.
In some quarters of the Street the theory was
put forth that insiders were buying in order to
protect themselves against a possible campaign
in the stock by Morgan-Hin interests, while in
many Offices il was thought that the operations
were for the account Of the Northern Pacific
crowd as represented by the last named in
terests. General strength at the opening was
followed by rumors OF a compromise between
the contending Northern Pacific factions. and
il was said that plans would be adopted hy
which the Union Pacific interests would be
amply protected in the sale Of the Burlington
10 the Northern Pacific and Great Northern
II is, of course. too early say that the warning
financial powers will reach a compromise, out
IL is reasonable 10 suppose that with what they
have at stake all efforts will be devoted toward
an amicable settlement of current difficulties
+ II such an arrangement is not made the stability
Of investment values will certainly be seriously
affected
There was no general public response TO the
mornings advance in values. The public has
been seriously crippled and horribly frightened
by the developments OF the last week IN Wall
Street, and there is as a consequence no i'm
mediate prospect for a genuine public buying
movement in securities. Good stocks however
will doubtless be picked up by investors AS
so many people have been injured in this market
| and as so much uncertainty exists in financial
l circles over the outcome Of the Northern Pacific
squabble many traders are looking forward 10 a
bear campaign in the course Of the next few
weeks. This view may be correct but at the
moment II does not appeal 10 commission houses
who are particularly anxious for a resumption
OF the bull movement. in order 20 offset the
losses made in Thursdays market Publfc
traders do not operate the short side of
stocks. and bear market is not profitable for
T brokerage houses. II looks like good time for
conservatism and extreme caution time for the
poor man to husband his resources. a time for
big margins and cool hea6s Many of the in
dcstrial shares are attractive at the current
level. The decline in the industrials save in the
N~SS VI the sleei shareS, was not
Thursday, but only a Few OF this group took
part in the recent bull movement their failure
70 break last week was not surprising At cur
rent prices the preference shares Of a number Of
industrial concerns are worth holding
Total dealings were well under recent heavy
totals and outside OF Union Pacific and a few,
Of the more prominent issues there was little
lie In the market. The steel shares were well
supplied throughout the day The Atchison is
sues, Baltimore and Ohio. Rock Island Con-
solidated Gas, Erie stocks, Metropolitan. New
York Central. Pennsylvania and Texas and Pa
cine sustained prominent declines. Northern
Pacific was dealt in TO the extent Of eight hun
ored shares al an advance Of ten points 10 100
Union Pacific closed at us. a net gain OF six
points. Call money ruled at per cent. Large
receipts OF currency reported from the
West and IL thought that money conditions
would become normal this week Strength in
sterling exchange yesterday afternoon led TO
reports Of large gold exports this week Lom-
bard Street evidently needs assistance