New-York tribune., 1901-04-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Mex Cen As. 81 - =
THE DAYS OPERATIONS IN STOCKS.
On an enormous volume of business stock
market values made further progress toward
higher level. All records for activity were
broken total dealings running well beyond the
high record of January Z and amounting to over
2150OO0 shares. Prices advanced without ma
terial interruption throughout the day. At the
close there long list of substantial net
advances, with a number of issues showing SEN
sational gains. The prospects of a good bank
statement to-day induced active commission
house buying while attracting renewed opera
tions for a rise by important speculative inter
ests Otherwise there was development
affecting the general investment and speculative
situation. With the chances Of stringency in
money rates removed. stock market values nat
urally do not look so dear as they appeared
short time ago. when the outlook in the money
market was not at all clear. Traders took this
view yesterday, and they in market condi-
tions every reason for encouragement on the
bull side OF speculation.
Money is moving to this centre in response to
the higher local lending rates. In the week
ended last night the banks gained on operations
with the interior over 50 100000 while from the
Sub-Treasury the net receipts were over So
100000. The influence OF the gain in cash hold
be reflected in a considerable increase in the
latter named item, but, Of course, accurate es-
Inmates are Impossible, owing to the unknown
movement of loans and deposits. Domestic ex-
change at interior points has turned in favor of
New-York in the last three days. receipts from
Chicago and other Western cities amounting
TO substantial totals on Wednesday, Thursday
and Yesterday While there were no new fac
tors affecting the general value Of securities, the
Street apparently bought stocks on the theory
that the ease in the money market would con-
tribute to the success of pending railway and
industrial company deals
An unusually heavy buying power was evident
IN the railway list. New high record prices
were made by number of issues, including
Union Pacific common, which advanced 20 par
for the first time since the reorganization of the
company. The so-called Vanderbilt stocks en-
5oyed striking improvement, especially the
cheaper priced shares, such Canada Southern.
''Big Four" and Nickel Plate issues. Canada
Southern made net gain Of over 10 per cent,
closing at 7S15. Buying of this security
based on reports that the stock would be taken
over by Michigan Central the basis Of 100
shares Of the stock for $500 in new Michigan
Central 31z per cent collateral trust bond The
present contract Of Canada Southern with the
Michigan Central does not expire until 1904, but
IT is believed that before that time readjust-
uent OF the relations between the two companies
will be made. Earnings Of this road show an
improvement, and the chances are that higher
dividend rate Will be paid in the course OF the
next twelve months. Throughout the day there
were persistent rumors Of important develop
ments which might affect various railway prop
critics. but these reports We're based a rule
imagination rather than fact.
In the last hour Of trading commission house
business heavier than ever before known
IN the history Of the Stock Exchange. Buying
OF the favorite railroad shares in large lots
Union Pacific. for instance, being taken in two
thousand and five thousand share orders with
the last sale ten thousand shares at par This
stock. with St. Paul and Amalgamated Copper
supplied the heaviest dealings Of the day. Buy
ing Of ST. Paul was said to be for interests
identified with the property. but the ordinary
Wall Street speculative element was undoubtedly
the chief factor in the advance At the close
this issue had a net gain Of nearly z points to
its credit. while Rock Island had 31s points and
Burlington only j point. Speculation in Burling-
ton stock was comparatively light, owing no
doubt, to its high price and the practical COM
pletion Of the deal with the Northern Pacific and
Great Northern interests. Western houses were
heavy buyers throughout the day. while large
amounts Of stock were also taken by Boston and
Philadelphia firms
In the industrial quarter Of the market Amer
lean Sugar Refining and American Smelling
were features. United States Steel stocks while
extremely active, moved within a narrow price
limit, the common showing small net advance
and the preferred small net decline Further
sharp advances were made by Colorado Fuel
Consolidated Cas- Amalgamated Copper and
Peoples Gas Buying OF Peoples Gas repre-
sented purchases by interests that are well in
formed regarding the gas situation in Chicago.
Profit taking sales in the final trading caused
small declines from the best prices of the dav
but the undertone was strong throughout Good
buying continued until the close. This was esne
cially noticeable IN Union Pacific Atchison and
Southern Pacific.
THE DAYS OPERATIONS IN BONDS.