New-York tribune., 1901-01-06
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market records We're again broken yes
terday. Total dealings We're larger than on any
preceding Saturday, and opening prices pre-
sented the most remarkable fluctuations ever
recorded. A big crushing of shorts took place
in the first fifteen minutes while in the late
dealings heavy profit taking sales were made.
On the reaction buying was persistenty good,
especially in the granger and anthracite coal
shares. II was not known until the close of
business that the Reading had secured control
OF the Central Railroad Of New-Jersey, but the
coal stocks were bought as If something Of i'm
portance was expected The granger shares
sold off from their high prices under enormous
realizing sales, with local and Western houses
active buyers. particularly of Rock Island,
which. according 10 common report, VIII be one
of the next stocks to receive the serious atten-
Gon Of the financial powers that are now inter
ested in speculation. The pressure OF realizing
sales reduced early advances, and in many cases
net losses were shown for the day. Buying on
the reaction good, and prominent banking
interests were heavily engaged In all parts Of
the market.
Buying of the granger shares and the coal
stocks will doubtless continue TO be the leading
market feature this week. ST. Paul is in for
more sensational movement. according to
Street opinion, while ii is believed that Burling
ton and Rock Island will close the week many
points above the prevailing level Rock Island
stock has not enjoyed material improvement so
Tar in the bull campaign. Its earnings how
ever, which amount TO twice the dividend
quirenlents, entitle the stock to q better market
value, especially as other standard cent
issues selling higher. Rock Island may
make an extra dividend distribution this year
and in some quarters II is thought that the rate
VIII be raised TO per cent basis. Burlington
stock was bought refunding rumors. This
is per cent stock that ought not to lag be-
hind ST. Paul. The latter named issue went TO
162 yesterday, but declined TO 1861 before the
close ON heavy realizing sales. Denials that inn
pOrtant developments pending affecting ST.
Paul, Northern Pacific, Great Northern and Erie
carry little weight at this time There are deals
and rumOrs Of deals in the air. and financial un-
deTtakings that year ago appeared chin ri
cal are being put through with ease and
confidence. Mr. Morgan announced yesterday
that he had secured control of the Jersey Cen
trial and had disposed OF the company to the
Reading. Mr.. Morgan secured the Pennsylvania
Coal Company for the Erie, and il begins TO look
as II he had secured the ST. Paul company for
the Northern Pacific and Great Northern. Mr..
Morgan and Mr. Hill are working together on
operations that will add millions 10 American
security values.
The bank statement showed, expected,
big gain in cash holdings and a further addi-
ton to reserve above legal requirements. The
increase in loans and deposits not abnor
NAL n view Of the financial operations Incl
dent 20 the opening of the new year. Money
is moving TO this city from the interior, and
the supply of funds at this centre should con-
tinue TO improve throughout the rest OF the
month, while lending rates ought TO remain
easy in the winter and spring The chances of
gold exports are fair, but New-York can easily
spare some of the metal Trade reports for the
week show expanding business markets. Rail-
road earnings heavy, bank clearings are
enormous and 5ll lines of trade and industry
give promise OF further activity and prosperity
This wear. Stocks going up because con-
ditions are improving, because capital is seek
ing investment and because great deals involy
ing railroad and industrial corporations are inn
pending IT is quite generally believed that to-
lnorrow's markets viii be accompanied py ris-
The usual weekly table of price changes for the
more active stocks follows: