New-York tribune., 1901-04-25
SEX dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Enormous dealings on an extremely irregular
movement of values marked the course Of stock
market trading yesterday. In many respects the
days speculation was of the most remark
able that the current bull movement has
perienced. Total dealings fell under the heavy
record of Monday, but in a number of individual
stocks the volume of business amounted to
totals never before reached. This par
tcularly true in the case Of Union Pacific stock
an which the transactions amounted to more
than 100000 shares with an advance in the price
OF the stock of nearly nine points The upward
movement in Union Pacific was accompanied by
reports Of Vanderbilt buying, and trustworthy
Information warrants the belief that a good
part Of the dealings in this issue due to
information that the so-called Vanderbilt inter-
ests were heavy buyers Of the stock. 1t may be
said the very best authority that the Union
Pacific Railroad is controlled absolutely by
W. K. Vanderbilt and his associates. In the
last hour. when the general list was declining,
Union Pacific maintained its extraordinary
strength, closing only fraction under its best
price of the day
The movement Of values throughout the day
was extremely irregular. with many sharp ad-
vances. followed by still greater declines. In the
last hour speculative selling enormous, and
prices broke rapidly throughout the list. In the
initial operations foreign buying i'm
portant factor in shaping the course of values.
Under the influence Of this buying prices ad-
vanced in the first few hours of business and
on the advance a large number of commission
house orders were executed. Public traders were
again extremely enthusiastic, but oldtime brok-
ers in the Street advised caution in all specu-
lative operations for higher prices. In the fore
dealings extensive ad
by Burlington, Northern Pacific. St. Paul, Union
Pacific common, Louisville and Nashville Mis-
souri, Pacific and Texas and Pacific. In the in
dustrial list there We're few noteworthy move
ments. although Amalgamated Copper Ameri-
can Linseed. Sugar Refining and the United
States Steel issues supplied moderately heavy
proportion Of the total business
The course of business IN the last three days
has reflected purely speculative operations In
vestors apparently have left the market on the
theory that prices Of the high class railroads
have reached a point at which conservative
buyers make a mistake in judgment in taking
securities on their present investment return
There are very few high priced railway issues
that now yield more than 4 per cent, and in
view OF the price Of money, this return is too
Low to be attractive to the ordinary investment
interests The Western crowd Of spectators is
not buying stocks for permanent investment
but merely for speculative profits. Prices are
being put up by the power of Western capital
and not by legitimate banking interests. Well
Informed Wall Street operators place little con-
fdence in a market that is supported by gam
bling methods. The present buyers Of stocks in
commission house circles would better bear in
mind that the people who are in control of
speculation are not phlanthropists, and that
while there may be advances in one stock sales
in other issues may be enormous.
Evidence of this kind of trading was pre-
sented in yesterdays market. The market has
advanced for so many months that few people
are willing 10 predict that the irregularity Of
the last few days indicates an end of the bull
movement. At the same time, however 1t does
not require extensive Wall Street experience
TO that the market is in an extremely dam
gerous condition.
Money market factors are moving in favor of
lower rates Despite the fact that large gold
exports are expected this spring local bankers
agree that the course Of the money market in
the next few months viii tend in the direction
Of easy lending rates. II is expected that local
subscriptions TO the new British war loan will
be followed by a considerable shipment of the
yellow metal from this side but the point is
made that the supply of gold in this country is
large enough to admit of enormous gold ship
ments without exerting any appreciable effect
upon the monetary situation in the United
States. City banks marked down their rates on
call money yesterday from to per cent, and
IN many funds were offered over the
counter at 31z per cent. In the time money
department loans were made for all periods at
per cent good Stock Exchange collateral
While the Sub-Treasury has lost money to the
banks far this week. the prospects do not
favor poor bank statement on Saturday owing
TO the large receipts of money from Chicago
and other Western points. The money market
has apparently ceased to worry stock market
traders.
THE DAYS OPERATIONS IN BONDS