New-York tribune., 1901-01-08
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
Wide price fluctuations on an enormous volume
OF business lover two million shares) marked
the course of stock market trading yesterday
Opening quotations showed irregular changes
from Saturday, and in the first fifteen minutes
a range Of from / TO points was covered by
the more active issues, sudden declines follow
ing; sharp advances. In the greater part Of the
day values moved toward a higher level, while
at the close substantial net improvement
shown in the greater number OF issues. The
rapidity with which prices up and down in
the early trading reflected the enormous proper
tions Of the market and the necessity for big
margins. It is still bull market, but there are
many sold out bulls who are anxious for lower
prices A settled tendency toward a cheaper
price level appears out Of the question, but
sharp reactions may be counted on. The trader
who believes himself safe on 3 per cent margin
Will in most cases lose his money. Take Rock
Island stock for instance: On Thursday this
issue sold down TO 1171z and in Fridays open
ing to 1868, against 1901 on Wednesday, while
before the close Friday the price rose to 122
on Saturday to 124s4 and back to I'D before the
close. And then ST. Paul on Saturday 70
162 in the first dealings, with a decline TO 1861
before the end of the day. Unusual markets
ouire unusual caution.
terday. wish enthusiastic buying in Burlington
and Rock Island. Now that st. Paul has passed
into Great Northern-N Northern Pacific hands
Street ideas naturally involve the other big
granger companies in deals of equal significance
II is said that Burlington. Union Pacific and
Baltimore and Ohio will enjoy closer relations
through new stock ownership, while a combl-
nation between Rock Island and Atchison IS
talked of. The latter named scheme has, il IS
believed, something than rumor behind il.
But irrespective of deals involving the Rock
Island the company's securities are attractive
purchases ar the ruling level on their merits
Burlington and ST Paul have gone ahead OF
Rock Island in market quotations, but not in
intrinsic worth Rock Island stock was bought
yesterday by insiders and important banking
interests. In the last few days the stock has
moved in a manner that has created the susr
picion that powerful operators are accumuIat-
ing il for big rise in market value. Burlington
3s a 6 per cent stock. and with ST. Paul it may
become a guaranteed per cent stock Indeed
Il would not be surprising development IL IN
the present year St Paul. Burlington and Rock
Island, three great trading favorites in specu-
lation, should become guaranteed investments,
and as such pass entirely away from the specu-
lative arena.
Industrial stocks continue to lag, but they
Ia speculation it's course. There is no rea-
son why solid dividend paying preferred indus
trial stocks should not sell higher. Trade is
growing. and profits in 1901 promise 10 be heavy.
Iron and steel stocks, especially the preference
Issues, are attractive at going prices. Republic
Steel preferred is strong intrinsically, and SITS
dividend return and prospects entitle il to a.
better price. American Car and Foundry pre-
serred IS well thought Of by conservative I'm
vestors and recent sales Of this stock have
passed into the hands Of one Of the most
cautious capitalists in the country international
Paper preferred is selling under its actual worth
and about 20 points under it's best price in 1899
when its actual value less than it is at pres
snt- Tennessee Coal and Iron stock suffered
sharp decline yesterday, owing 10 the passing of
the dividend. Here Is instance of an industrial
company in which dividends We're started at
q rate which there was no chance of maintain
ing and i'm which stock market manipulation
was an active feature. There are many good
Industrial concerns. and all should not be con-
oenned for the offences OF the few. Last prices
we're under the best OF the day, and final trad
Ing showed considerable irregularity In the
rrst four hours OF business total transactions
exceeded the record for any FIVE hours in the
history Of the Stock Exchange, and in the full
day the total dealings amounted 70 q 100 Az
shares Sterling exchange strong, with
rates near the gold exporting point Ii is gen
orally believed i'm banking circles that ship
ments OF the metal viii soon be made AS
money is pouring into New-York from the in
effect upon money rates.