New-York tribune., 1901-04-22
High Low. apr 20 Apr IL Ch'sr Sales.
THE WEEKS OPERATIONS IN STOCKS

THE WEEKS OPERATIONS IN STOCKS.
All records for activity and price Improvement
were broken on the Stock Exchange last week.
Both the transac ctions for the week and for in
dividual days made new high records. with the
dealings on Friday amounting TO over 2.166,eO0
shares Following the enormous transactions In
Fridays market speculation in the two hours or
business on Saturday exceeded all past records
for half holiday trading. Buying OF the rail-
road stocks again the leading feature of the
week, with particularly heavy operations In the
Western and Southwestern shares. At the end
of the week interest in Burlington stock
transferred to ST. Paul. in which it was said
buying represented the prospects Of i'm
portant alliance between the st. Paul and Union
Pacific properties A noteworthy incident Of the
week was the advance OF Union Pacific common
stock to par for the first time since the reorgani
zation of the company. This issue is now SELL
ing about II points above the preferred. but the
difference in price is thought TO foreshadow an
increase in the dividend rate on the common 10
3 per cent before the end of the year The
Union Pacific is one Of the best railway proper
ties In the country. and it's securities are prime
investments for all classes Of investors. The
common stock at its present price yields about
per cent to the investor while the preferred
stock Yields considerably over per cent. In
terests identified with the company regard the
convertible bonds the cheapest security Of the
kind in the market
The upward movement of the stock market
and the record breaking activity continue TO
astonish the oldest operators in the Street. Few
traders willing to make predictions regard
ing the probable course Of prices in the rest of
the fiscal year but the general impression in
commission house circles, especially among this
years crop Of public buyers is that the
movement will continue for several months to
come. 1t often happens in Wall Street that
sharp declines in values at a time when
speculative enthusiasm is rampant and when
general conditions affecting the value OF secur-
ties apparently in favor OF higher prices.
The prediction is not made in this column
that the top has been reached; indeed ii is be-
neved that there many securities that
still selling under their actual worth.
at the same time, however there num-
Der Of railroad stocks which have reached
level which certainly measures their intrinsic
valuation And in few there are stocks
which selling beyond their true worth.
Large blocks OF stocks have been taken out OF
the market by investors and large corporations
for permanent investment account and il is due
TO this fact that shrewd traders are confident
thdt no lN4pDflaul lauloallO0 VIII take piace
until some development arises to induce invest
ment liquidation. Bear traders have apparently
given up all hope of lowering values at present
There are. however. few courageous individ-
uals In Wall Street who assert that operations
on the short side at this level will be profitable
il the operators rich enough and patient
enough wait for few weeks or perhaps a
few months The cheap railroad shares and the
industrial issues OF merit being absorbed by
a good class Of buyers. and the prospects are
that these securities will move toward better
prices in the course OF the neN few months.
Many of the low priced railroad shares in
lire for substantial dividends, while most OF the
industrial shares make handsome returns on the
investment When high priced railway shares
can only be bought at level returning from be-
tween and ~ per cent It seems reasonable to
take in preference the cheaper class Of railway
shares and the preferred industrial shares. which
cheap only in market value. Their actual
worth is well above current quota tons and dis
eliminating buyers who buy this class OF stocks
al prevailing rates VIII certainly increase their
assets with good investments.
An interesting feature in the current money
market is a tendency among the banks to ac-
oept good industrial stocks as collateral on a
more even basis with the railroads This tend
ency should exert an important effect upon the
market quotation of the various Industrial issues
OF recognized standing. The growth in the IN
trinsic worth OF securities in the last year has
bsen effective in squeezing out the water in
tie capitalization. All industrial shares will not
reach the level OF gilt edge railway securities
but the prediction is made that a number of
the preferred stocks OF recently organized COM
bnat.ons viii some day outclass in market price
present day high grade railway investments
In connection with this, II is interesting to note
that the highest priced security In the country
and perhaps the safest dividend payer Is the
Standard OIL issue. industrial security Cen
erai Electric. another Industrial security ia run
ming well ahead OF the railroads In market valu-
stions. The movement last week in industrial
stocks was not especially active save in Anal
gamated Copper and Colorado Fuel and Iron in
which special developments affecting the prop
critics were responsible for the advance and ac-
tive operations
Local money market conditions changed in
favor OF the borrower last week Rates showed
u weaker tendency. and conditions governing
the market indicated a reduction in quotations
In the course OF the next few weeks The recent
advance in money at this centre has attracted
liberal offerings from Western points. while the
purchase OF short term government bonds In this