New-York tribune., 1901-05-02
-Ex dividend
BONDS
TIE DAYS OPERATIONS IN STOCKS.

Further extraordinary gains were made by
many stocks in yesterdays market. While the
total volume OF business was under the big rec
ord OF Tuesday. there were many instances in
which transactions We're more remarkable than
on the preceding day. and IN respect TO strength
speculation presented one Of the most decided
exhibitions far seen in the current bull move
ment. Despite enormous realizing sales and re-
peated efforts TO break prices substantial gains
were shown throughout the list. AT times values
would sell down under the pressure Of huge
profit taking orders. but recoveries We're re
peatedly made. with each advance carrying
prices we'll above the former level. There We're
no new factors governing the days course OF
business. trading again being based entirely on
an enormous speculative demand from all parts
OF the country. Buying orders from the South
and West were particularly heavy.
Union Pacific stock the leading feature.
Transactions in this issue amounted TO over
100000 shares, with net advance for the day Of
13 points. Buying again thought TO repre-
sent vigorous efforts on the part OF prominent
financial interests to secure control Of the prop
erty, but bankers and railroad men identified
with the Western railroad situation refused TO
make any statement regarding the probable
result Of the contest in the stock. There is no
reason 10 change the opinion frequently ex-
and Chicago Northwestern interests are in con-
troll OF the Union Pacific Railway. Union Pa
cifc stock. after rising - points. broke points
or more under heavy realizing sales. Yet be-
fore the close the entire setback was recovered,
the price advancing to a higher level than the
record figures made in the morning. A few
months ago many operators in Wall Street were
selling Union Pacific short" around 80 while
now the same operators are anxious TO buy the
stock around $50. The prospects are that the
price will move 10 at least 40 before the move
uent eliminates. In connection with the ad-
vance in Union Pacific IL should be noted that
New-York Central rose points and Northwest
points in yesterdays trading. New-York Cen
tral is selling at 169 and in comparison with
many higher priced railroad issues of less merit
the present quotation seems cheap. II Burling-
ton is worth 200 New-York Central is certainly
q bargain at its current level. while the same
may be said Of Pennsylvania, which is now
quoted at 15S. The directors Of the Pennsyl-
vania company declared the regular semi-annuaI
dividend Of 2i2 per cent at their meeting yester-
day. and the fact that no extra dividend distri-
button was made tended TO depress the market
quotation OF the stock In well informed quar-
ters, however. only the regular rate was ex-
pected, although II was thought that at the fan
dividend period the stockholders would receive
something IN the way Of an extra payment.
The few stocks that declined in the early trad
ing recovered their losses before the close, many
Of these issues making noteworthy net improve
ment. Atchison common sold down on the an
nounoement that only IL per cent would be
paid although in the later dealings the price
advanced TO a new high record figure In the
industrial quarter of the market further enor-
nous dealings were transacted in the United
States Steel issues, which closed strong after
more or less irregularity. Elsewhere in the in
dustrial department there were few important
transactions and noteworthy price move
ments. Speculation is centred entirely on rail-
way shares and on the steel issues, but the
time viii doubtless come when the first class
industrial stocks will enjoy activity and price
Improvement. Purchases of the preferred
stocks of solid industrial concerns may now be
made at bargain levels When the big decline
comes in the railways the industrial issues
ought not 10 be materially affected
Further heavy engagements Of gold for export
had no effect on the money market or on
stock market sentiment Call money was in
liberal supply at per cent. with exceptions at
per cent Time money was in fair supply
but the demand was not urgent The local
banks have lost large amount of money on
sub-Treasury operations this week, while the
receipts Of currency from the interior have not
been so heavy as they We're week ago. Ac-
far this week it is hardly probable that the
bank statement on Saturday win be a par
ticularly encouraging exhibit
THE DAYS OPERATIONS IN BONDS.