New-York tribune., 1901-03-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.


THE DAYS OPERATIONS IN STOCKS.
Strength and activity marked the course Of
stock market trading in the greater part Of the
day. At times prices exhibited a reactionary
tendency under the influence Of heavy profit
taking sales, but, a rule, declines were
checked by active support from banking in
terests and commission houses who had buying
orders FOR most shares on all setbacks. Burling-
ton was again the leading feature. The Street
continued to buy this stock on the theory that
the company had been secured by Hill Harrt-
man interests and at the top price, 16S, the
shares were IN good demand from people who
evidently know something about the future Of
the property. Explicit denals made yes
terday by Great Northern interests that the
control of Burlington would pass to the North
western railroads. and the idea that an Eastern
trunk line might desire to own lease the
burlington system apparently received scant at
tenton in speculative circles. A report that
the Pennsylvania would secure the Wabash road
was put out: also one that Rock Island and
Atchison in a deal involving a single
control for the two roads. Rock Island is en-
titled 10 higher price on its merits as a sound
investment security, while Atchison preferred.
which is also a per cent issue, should logically
toward more advanced position. Louis
willie and Nashville sold at par for the first time
in many years, and the friends OF the road pre-
dicted a further advance TO 125. If conditions
governing real values continue favorable Louis
Vile and Nashville ought TO seek a higher level.
but it may be well to look forward to a
price of 125 at once. Union Pacific will probably
sell above 125 some day. Rock Island Union
Pacific preferred, Atchson preferred and Louis
willie and Nashville stocks Of rare merit. The
traction shares suffered sharp declines in the
afternoon reaction, and the whole list sold off
on the belief that prominent interests were TAX
ing profits. Prices rallied again before the close
and sentiment remained intensely bulsh. The
labor situation the hard coal fields the posi-
bility of a clash between England and Russia
in China and the rejection of the peace plans by
the Beers We're not effective in disturbing bull
enthusiasm.
The strength Of financial conditions at this
centre and throughout the country is reflected
in the indifference Of the money market to the
enormous transactions that are taking place in
the railway and industrial world. A few years
ago the mere suggestion OF a billion dollar steel
combination would doubtless have thrown the
money market into a state of acute alarm At
the present time, however the billion dollar
combination is being effected without a ripple
in the loan market and without causing alarm
among the most timid operators in the Street
Gigantic plans for the Capitalization Of railway
turbance IN money or stocks Plans involving
more money than the entire deposits Of the New
York banks reaching a successful terrnina-
lion without the actual employment OF any large
amount Of funds Credit and confidence are
sound. Conditions favor the promotion of deals,
and IL is not unlikely that advantage will be
taken OF these conditions TO work out further
plans for the unification OF American railway
and Industrial concerns. The fact that the
money market has experienced no disturbance
from the operations of the big railway and in
dustrial syndicates supplies bull argument on
stocks that spectators are now beginning to
appreciate. The people who holding aloof
from speculation on the theory that prices are
too high find little encouragement In the cur
rent OF values
Prices viii not continue to advance indef-
nitely but just as long the leading Wall
Street interests maintain their present attitude
on stocks material decline Is possible The
temper Of Wall Street does not suggest that the
high point in the current movement has been
reached wall Street can always find a reason
for higher prices If speculative enthusiasm is
active, and at this time it has many good rea-
sens. any one Of which warrants a further rise
in quotations. The high priced investments
are becoming scarce. Demand for this class OF
securities is greater than the available supply
and as consequence buying Of the cheaper
priced issues is more marked than il was several
months ago. Investment buying of the shares
OF the reoreanized railway properties is heavy,
while quiet demand for sound industrfals is
reported The ineustrials have been gaining In
real value in the last year. but their market
prices have failed fully TO reflect the improve
nent, especially the preference shares, which as
rule are as safe and more profitable than
railroad investments. The record OF business
mortality among industrial companies In the
last ten years has been no greater In proportion
than II mas been among the railroads and in
dustr1al Investments have proved to be lust
as safe as the average railroad stock or bond
The railroads depend upon the industries of the
country for their earnings. and current large
traffic receipts are direct indications of ths
growing value OF Industrial company securities
Sound industrial concerns should not be made
TO suffer in reputation because OF the losses In.
CURED in salted mines sprinkled oil lands and
enterprises such as the late International Zi0s
Company.
sJ-ryUs n.y.C npER ATOMS IN nnNno