New-York tribune., 1901-05-24
BONDS.
THE DAYS OPERATIONS II STOCKS

THE DAYS OPERATIONS IN STOCKS.
The general course Of values in yesterdays
market was not significant Of important specu-
lative movements Dealings We're in great part
for professional account only few stocks re-
fecting the presence of public operators in the
Street. Investment purchases were reported in
various issues while commission house orders
were generally for the account Of people who
pay cash for securities in duh DAYS, TO sell in
periods Of activity. Prices We're firm in the
morning, but weak in the afternoon. with net
losses in the majority of issues at the close.
In a number of shares substantial early ad
vances We're made, as in Lackawanna, which
went up nine points; Erie Missouri Pacific and
the copper stocks. The strength in Lacka-
wanna and in the so-called Gould issues revived
the rumors that Gould interests had secured an
Eastern outlet for the Gould system through
the Delaware Lackawanna and Western. The
stock of the latter named company has always
been closely held by investment interests. and
II hardly appears probable that George J. Gould
has secured control, although il is possible that
he has a large enough ownership of the
stock entitle him 10 a voice in the companys
management Vanderbilt and Pennsylvania in
terests would doubtless make vigorous opposi-
ton to extension Of the Gould system to the
Atlantic seaboard. and unless the much talked
OF harmony and concentration Of control policy
is to go TO pieces the proposed Missouri Pacific
combination viii acquire a New-York ter
minus.
The fact that there are still left some un-
fortunate shorts" in Northern Pacific was re-
iected in an advance in the stock from 100 TO
205 small transactions In the London mar
ket lS5 paid. but the London Exchange
ceased TO make official quotations for the stock
In way the Union Pacihc-Northern Pacific
matter hangs over the stock market tending to
restrict securities trading. owing to losses re-
Gently sustained in the Northern Pacific corner
and TO the fear that the Northwestern railroad
situation may not be as satisfactory as surface
conditions indicate. Many speculators natural
Iy wonder whether il is merely a truce or a
lasting peace between the Morgan and Harri-
man interests. While in doubt over the railroad
outlook il may pay the investor to centre his
attention upon some of the sound industrial
shares which are selling at remarkably cheap
prices and returning a better dividend yield
than the railroad issues. The record of indus
trial companies as money makers will stand
comparison with the railroads, while sound in
oustrial securities viii prove as investments
Just safe in the long run as the railroad
shares. The greater number of Industrial con-
Germs have little or no mortgage debt. and as a
consequence their preferred stocks are in most
OF the railroads carrying an amount of
bonds that may some day become a serious
burden
The advance in Northern Pacific stock was
followed by short selling elsewhere in the list.
Liquidation OF many recently formed bull
counts was noted, and in the more active shares
prices declined steadily until the close. Erie
common was again the leading active feature
advancing in the morning TO 42%, but closing
at 39SZ, net loss of 15s points. Prominent
houses were buyers and the impression pre-
vailed that the activity OF the stock in the last
two days was due 10 buying by interests repre-
senting the present management Of the prop
erty. With the exception OF Erie. Missouri Pa
cific the copper shares Reading issues, Union
Pacific. Wabash. Ontario and Western, Atchison,
ST. Paul and Continental Tobacco. dealings were
small. the total in all issues of over $4,000
being supplied in great part by the stocks
named. Money rates remained unchanged, but
foreign exchange was strong and higher. There
are few commercial bankers bills in the
market. and further gold exports are expected
for to-morrow's steamers