New-York tribune., 1901-04-10
RONDS.
THE DAYS OPERATIONS IN STOCKS

& 9S2. - y wis Cen gen As. s9a. - =
THE DAYS OPERATIONS IN STOCKS.
The sharp losses made in Mondays market
were generally recovered in yesterdays specu-
lation AS a rule prices We're strong through
out the day, with substantial net advances at the
close and renewed buying by commission house
traders for a rise. Early advances were due in
great part to active covering of short accounts.
while the afternoon upward movement was
backed by public buying and support from
prominent market interests. Rates for call loans
were firm, with the greater part of the business
under per cent The better labor outlook on
the Jersey Central and the settlement OF the
American Smelling Company differences were
effective factors in inducing caution on the part
of the shorts and in offsettng market in
fuences the exaggerated reports regarding the
rate situation among the Western roads. Rock
Island stock was again a leading feature on
enormous dealings and at advance to l49 as
against l411b the low level of the day before.
Renewed talk of a St Paul deal heard. but
nothing definite on this line came from official
sources. while no actual news developed regard
ing the Burlington. The stock was we'll bought,
however. as were also Northern Pacific. At
Gibson and all the Pacific issues. General Elec-
trio advanced about - points and with Anal
gamated Copper supplied the conspicuous feat
ures of the industrial list in point of activity,
the whole list showing substantial price i'm
provemenI In the afternoon Texas and Pacific
at an advance of points a striking feature
Fluctuations were wild in the last half-hour and
evidence Of manipulation reflected in the
course of many stocks especially in the high
priced railroad issues.
The greater number Of Industrial shares are
not selling level that represents their actual
worth. Bull activity of the last few months has
been confined in great part to the railroads, and
liquidation in the railroad shares should not be
followed by an important selling movement in
the industraIs OF course, a stock such as
Tennessee Coal and Iron. which was recently
forced to suspend dividends cannot be included
in the list Of attractive industrials but when
the merits of the preferred steel shares. Inerna-
tional Paper preferred, American Car and Foun-
dry preferred and other first class issues are
compared to ruling market values wide mar
gin is seen between market quotations and in
trinsic worth Efforts are making in some quar-
ters to raise the market price of Tennessee Coal
and Iron but good reason is presented to
substantiate the assertion that this security
should advance Dividends were paid last year
at the expense of the property, which is now
burdened with a large floating debt and with
the srievous results of poor management in
the last few years. The company owns extensive
opment will require all surplus earnings for a
long time AS a non-divdend payer with no
prospects of dividends this year, Tennessee Coal
and Iron stock is selling at fictitious level. It
is not likely that investors are placing money in
unnroductiye issues of this kind, but it is GER
tain that investment funds are taking up the
sound 6 and per cent dividend paying pref
erence industrials at current bargain levels.
The cheap railroad and first class industrial
shares will be taken on all recesslons by a
good class of buyers on the basis of merit.
Ton prices have not been made for these Sc
curities and holding them through speculative
reactions and bear periods ought TO result in
handsome profits later on in the year. While
the bull market may rest for time it is well
70 hear in mind that the factors upon which in
yestment values are based continue to reflect
a sound position of affairs in the country s
money and business. a per cent rate for call
money is not an indication of adverse develop
ments In view of the industrial activity
throughout the country and the enormous deal
ings in the speculative markets, a higher rate
for loans should be expected. From the stock
traders point of view the local money market
is controlled by q few institutions that repre-
sent interests who manipulate money rates to
further their stock market plans If this is
so there is no reason to expect that rates will
be pushed up, as the plans of the leading
financial and railroad interests regarding vari-
properties have not all been carried through.
There are apparently several large deals
under way, the success of which might be en-
dangered by disturbance in money stocks.
The market closed irregular. with sentiment
again intensely bullish Prominent brokers and
conservative bankers were generally disposed to
predict higher prices.