New-York tribune., 1901-05-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading light in volume
with insignificant fluctuations N the majority
of issues in the greater part OF the day. The
nervousness that developed In Thursdays deal
angs was not reflected in the days business. al
though further efforts made to induce
liquidation and lower prices Early firmness
was followed by small recessions. but subsequent
transactions We're generally at advancing values.
with marked strength in the last hour. st.
Paul and Union Pacific We're sold by traders
the theory that the Northwestern railway situa-
1ion was not as satisfactory indicated by
reports from banking houses. but, with the ex-
ception Of these issues, bear success was not
important in other parts Of the list And in
the stocks named recoveries were made before
the close The so-called Gould stocks were
again in demand at advancing quotations espe-
cial strength being shown by Missouri Pacific
and Wabash. Speculation in these shares is be-
ang conducted the theory of a big consolda-
ton OF Southwestern railway properties with
an Eastern outlet through the Wabash and
Lackawanna systems.
In the last five weeks trading in Lackawanna
stock has amounted TO 31,670 shares out Of
total share capital of 500 900 shares of the par
value of $50. The Gould party may have Sc
cured some Lackawanna stock, but unless il has
bought large amounts at private sale II certainly
Is long way from the control. At the current
S90,0O0,00O to get majority of the stock if
holders would sell. The theory that the Rookie
1eller and Gould interests nave united to fight
The Vanderbilt and Pennsylvania Railroad con-
troll in the East is being worked up in certain
Wall Street circles, but there is little reason to
believe that any such disturbance in the East
railroad situation is contemplated The
fact that many traders are now industriously
working on railroad disruption stories, while a
month ago similar energies We're directed
toward railroad harmony stories may indicate
that great many Wall Street spectators are
endeavoring to bring about a substantial bear
campaign in stocks. There is nothing in cur
rent rumors that should lead to investment
selling. Stocks may be forced lower in the in
terests Of people who want to accumulate at
cheaper prices, but general conditions do not
suggest the sale Of good securities a loss
The markets chief strength and activity yes
1erday were in the final dealings
The known movement of money in the week
indicates gain in bank cash holdings, while
the chances are that reserve above legal re-
qrirements will show a considerable increase
through further reduction in deposits Loan
liquidation has, it is believed, continued this
week Bank statements however, generally
furnish surprises. so it may not be wise to make
estimates OF to-days showing surface indi-
cations Money market factors are apparently
moving in the direction Of ease in lending rates
and it is probable that an abundant supply Of
money will be held at this centre throughout the
summer season. If the present light volume OF
business in stocks is maintained there will be
no need Of big accumulations of money in New
York. At the moment active summer in
stocks does not appear likely. Resumption of
bull activity may develop. nevertheless, before
the vacation period is over, and bearing this
possibility in mind many careful traders are
buying stocks on all reactions to hold for higher
prices. Outside Of labor troubles the business
situation is clear, and strikes are de-
Helopments Of prosperity there is no reason AT
present TO predict that the general Industrial
position OF the country will be adversely af-
feoted. The outlook is not clouded with election
uncertainties. Money market prospects are en-
couraging and all conditions governing the real
worth Of securities sound. Naturally there
are many people who would like to see a bull
movement start from a lower level than that
now ruling