New-York tribune., 1901-04-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS
Actual recorded transactions in yesterdays
market amounted to 2553715 shares. but the
chances are that the total dealings, including
the unrecorded operations, approached the s.
100000 share mark. It one of the most re-
naarkable days in the history Of the exchange.
The advance and activity Were not accompanied
by anything new or novel in the general news
affecting the value Of securities. the days up
ward movement being based upon unparalleled
buying orders that came from all parts of the
country, as well from London and other for
eign financial centres. The buying for foreign
account was heavier than it had been for many
weeks especially IN Union Pacific and the other
Pacific shares. Remarkable advances in several
Of the granger shares and in Union Pacific and
Northern Pacific were attended by many reports
concerning the various properties, but there was
no definite announcement from official sources
to account for the activity in these securities.
When stocks advance from s TO 10 points in
q day on transactions running into enormous
totals something more than speculation is re-
sponsible for the movement. In the case Of
Union Pacific it is generally understood that a
conflict for control is waging among number or
financial giants. It Is still believed that the
Vanderbilt interests practically own the prop
erty but in the last day there has been
reason TO believe that other interests have been
making violent efforts to secure the road. Union
Pacific made net gain for the day of IL points,
while Northern Pacific made net gain Of over
10 points the latter stock crossing Union Pa
cihc at the close. In the course Of the day.
however Union Pacific sold at 30. while the
highest point reached by Northern Pacific was
119 The prediction recently made in The
Tribune that Union Pacific would sell at 40 is
repeated. Strength in the stocks just named
accompanied by q similar movement in
Rock Island, which closed points above
Fridays last quotation. At time it
reported that Union Pacific had acquired control
Of Rock Island, while another report placed the
control of Union Pacific in the hands OF North
Pacific interests 1t begins to look as If there
would be number of further important railway
developments that until the last few days have
seemed improbable. 1t said yesterday in
\ well informed circles that comprehensive plans
y were under way involving a number of large
railway concerns. and that public announcement
would not be made until stock values We're N
siderably higher. In addition to Rock Island,
Northern Pacific and Union Pacific, sharp ad-
vances on a heavy volume Of business
made in st. Paul. Baltimore and Ohio, Illinois
Central Louisville and Nashville. New-York
Central and Southern Pacific The entire list
closed at substantial Improvement, with heavy
buying orders in all departments of the market
and with sentiment again intensely bulsh.
The most active stock on the list United
States Steel common, dealings in this security
amounting to over 100000 shares. while in the
preferred about 175O00 shares were traded in.
Heavy London buying the feature of the
dealings in these stocks Activity in the steel
shares should be followed by heavy buying
ders throughout the list Of industrial securities
II is natural and extremely sensible for con-
servative people to show timidity over the pres
ent price level Of most railroad stocks but
there is little for bearishness on the in
dustrials. Industrial shares represent the in
dustrial activities of great and growing
ton. The railroads cannot be prosperous with
out prosperity in industrial circles and appre-
oiafion in railroad stocks is based upon the very
factors that add value to the worth of in
dustrial securities. There are many attractive
industrial issues selling we'll under par, and it
is only reasonable to look forward to materially
better prices in The course Of the next few
months Even sharp reaction in the market
value of railroad shares ought not to cause
important recession in industrial quotations.
Such issues as International Paper preferred
and American Car and Foundry preferred
entitled TO better prices. These stocks are
sound dividend paying issues and the nature
sures dividends in years OF Industrial depression.
In the low priced railway shares Toledo St Louis
and Western common and preferred are max
ing active steps toward a high level. 1t is
understood that the preferred stock will sell well
above the current quotation in the course of a
few weeks
Heavy engagements Of gold for export were
made yesterday. but they not effective as
an influence stock market trading. Nor
did they have any effect upon the money mar
ket Gold TO the amount of 50. 10000 will be
shipped 10 Germany tomorrow. and it is under
stood that shipments VIII be made to London
at the close of the week. In the local movement
of money 1t should be noted that interior
change on New-York IS again moving against
this centre and 1t may also be well to note that
yesterdays payments by the banks to the Sub
Treasury were heavy Stock market specula tors
are not worrying over the money market, and
even In banking circles it is not thought that
there will be any for alarm The bank
statement Saturday showed further addition
10 the reserve and cash holdings, and it was
due partly TO this thar traders were so enthusi-
aetc at the opening In yesterdays market