New-York tribune., 1901-04-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Dealings in yesterdays stock market were
heavy while the movement of values was un-
usually irregular Opening prices were at ad
yances in the greater number Of issues. but in
the first few minutes Of speculation fluctuations
rs a rule were in favor of lower prices. Excep-
lions to the declining tendency in the early deal
ings were found in Missouri Kansas and Texas.
ST Paul and the st. Louis and San Francisco
issues. Active dealings IN the last named stocks
were stimulated by published reports that the
St Louis and San Francisco Railroad had Sc
cured control of the Mexican Central Railway
This report subsequently denied by officers
Of the Frisco" company. Dealings in Pennsyl-
vania stock We're for the account of people who
had excellent information regarding pending de-
velopments affecting the company. 1t may be
said on trustworthy information that interests
identified with the Pennsylvania Railroad have
secured a large stock ownership IN the Atchison
company and that at the next annual meeting
Of the latter named corporation Pennsylvania In
terests will receive a representation on the
Atchison board of directors.
The Burlington directors met yesterday. but
10 announcement was made up to the close of
business regarding the Northern Pacihc-Bur-
lington deal. Delay in the announcement OF the
transfer of control of the Burlington road to
Hill-Morgan interests was in part responsible
for the afternoon decllne In slochS Inc PROS
poets are that the details regarding the Burling-
ton deal will be known to stockholders to-day.
All the granger shares weak in the after
noon dealings, with sharp declines in Burlington
Northwest and Rock Island. A decrease in the
ST Paul earnings was not effective a market
influence on the stock Railroad earnings for
the greater number Of companies reporting for
the second week in April show advances and
the decrease in st. Paul and few other COM
panies merely represents conditions affecting in
dividual properties and not the general railway
situation ST Paul stock, with the rest of the
Western railway shares. ended the day at net
declines from Tuesdays last quotation. The
general railway list declined in the last two
hours Of trading, and at the close a long list of
net losses reported. The general market
presented tired appearance, and commission
houses We're sellers.
General conditions affecting the actual value
Of stocks continue in favor Of firm prices, but
technical market conditions suggest extreme
caution on the part Of public traders Advances
in the railway stocks have carried many issues
beyond the level warranted by their actual
worth. According to the opinion of well in
formed brokers, the market has reached
dition where wide fluctuations may be expected
and where large margins are necessary.
Buying Of the industrial stocks in the last two
Gays mas DeeH lOr the account OF important
market interests. 1t is generally believed that
this class of issues Will gradually seek higher
level especially the preferred stocks OF the steel
sn6 iron companies American Car and Foundry,
International Paper and International Pump.
In the last few weeks buyers Of these shares
have represented Of the most important
financial interests in the country.
The money market is working in favor of bor-
rowers. Rates for call loans in yesterdays
market Were under 51a per cent, while time
money was comparatively easy, with liberal Of
ferings at per cent mixed Stock Exchange
collateral. So far this week the banks have
gained on operations with the Sub-Treasury,
while receipts Of currency from the interior have
been in excess of shipments. The money mar
ket was not an important factor in securities
operations reports affecting various properties
supplying the basis for the days irregular
movement in values. The labor outlook among
the steel companies induced selling Of the steel
shares and short sales throughout the market
by courageous bears. Stocks appeared to de-
cline easily in the last hour. and as a conse-
Quence the trading element bearish the
close. The market closed excited and irregular
with indications of sharp speculative contest
under way
THE nANsS ODEp <rJnNS DnNnc