New-York tribune., 1901-05-03
BONDS
THE DAYS OPERATIONS IN STOCKS

Another day Of enormous business was re-
corded in the stock market. Fluctuations in
prices were again wild and uneven. with final
changes. however. at net losses in the greater
number Of active issues. Buying orders came
from all parts Of The country. Heavy Western
and Southern buying was met by extensive local
realizing sales. but in the end the force Of the
first named movement swept much of the op-
position 10 higher prices aside. This espe-
cially true in the railroad stocks that have been
leading features in the last few days. Union
Pacific again attracted attention by moving over
q wide price range on furious buying and selling
operations amounting in the aggregate TO
100000 shares. The Atchson issues, particu-
larry the common, were active features. and it
was generally believed that their life and ad-
vancing tendency We're due 10 buying by Penn
sylvania interests. Pennsylvania insiders deny
that the company is seeking the control Of the
Atckison. Oenials that stock movements Of
gigantic proportions are significant of important
developments carry little weight in Wall Street
at present. and for this reason official evasions
OF the facts in the Atchison movement are not
effective in influencing the stock. 1t is natural
10 assume. in view Of the railroad situation in
the Northwest that the Pennsylvania system is
anxious to secure a Pacific Coast outlet And
for geographical and business reasons it is easy
10 see why the Atchson road should go TO the
Pennsylvania.
Evidence Of the prevailing industrial pros
perity in the country is reflected in the Penn
sylVania Railroads statement Of earnings for
March. This company handles traffic that is
representative of the industrial activities Of the
nation, and a gain. therefore, in gross earnings
for the month Of 100000 indicates the substan-
tial basis Of current enthusiasm in business
circles. For the first three months Of the year
TennsvlyaOip's cT0ss earnings have FnCraa sed
over 100000 while net earnings have in
creased over 81 .000000-results particularly re-
markahle. in view OF the fact that comparison
Is made with a period year ago. when the
y traffic business was heavier than ever before
recorded. March reports Of railroads in various
parts OF the country all tell the same story Of
progress and development And in the weekly
statements now coming 10 hand no falling off
IN earnings is shown All the material factors
upon which the bull market is founded remain
sound. but of course there are many securities
that have advanced even beyond the level war
ranted by actual worth. This fact, however, is
not safe indication that the bull speculation
has reached its limit. The market is in the
hands OF powerful capitalists. 1t is a rich mans
revel In which the ordinary mortal cannot safely
afford to take part
Notwithstanding the heavy buying in yester-
days market. there was enough in the char
acter Of selling to warrant predictions of
coming setback in values. In some quarters OF
the Street il was thought that certain power
1ul speculative interests would welcome a
action. in order 10 accumulate stock at cheaper
prices. A reaction accompanied by lighter
dealings would be welcomed by brokerage
houses and by the banking community in gen
eral. The present terrific pace may be brought
TO a halt by breakdown in the Wall Street
machinery, and suggestions were made yes
terday that the Exchange should be closed
every Saturday during the current movement. in
order TO give commission houses a chance to
catch up with their work Wall Street authori-
ties. Russell Sage excepted. do not believe that
the present wave OF bull enthusiasm VIII end In
distress and destruction. owing TO the fact that
the movement is founded On substantial factors
and supported by the wealth of the country
Predictions OF this character however, do not
mean that a smash" in values is impossible
Russell Sage talks about another BLACK Fri
Day" but he fails 10 take into consideration
the vast difference between general conditions
In 1869 and 1901. With money in good supply
throughout the country. with foreign credits
heavy and with prosperity general. no panic
need be looked for at present But some big
margins may come in handy before long.
Reactions in stocks in the day attracted heavy
buying. and declines that early in the session
promised 70 reach important proportions were
checked by the same force that has checked de-
clines every day this week. Total sales in
Atchison common amounted to over 100000
shares. and in the preferred TO about III 900
shares. ST. Paul also a strong feature
making new high record price. Union Pacific
after selling at 133 closed at 12S5h a net loss
of 1ss per cent 1t reported In the day that
Union Pacific would be controlled by Northwest
and St Paul. Gail money was at per cent, and
predictions were made in some quarters of
higher rates. The banks have lost upward OF
100000 10 the sub-Treasury this week
THE DAYS OPERATIONS IN BONDS.