New-York tribune., 1901-01-29
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Onarirp nrioes in Yesterdays stock market
were generally above Saturdays final hsuresa
fut throughout the course Of trading great II
regularity prevailed Realizing sales were heaNy
and prominent interests did not extend material
,unrort 10 prices The trading was uneven and
poorlv distributed In the granger shares early
speculative enthusiasm carried St. Paul. Bur
lington and Rock Island higher, but buying
was apparently for the account OF ordinary
sneculators rather than for the account of sub
stantial banking interests. Banking interests
doubtless bought ST. Paul when it recently de-
clined to 146 but ii is hardly probable that they
are loading up with the stock at going prices
The so called St Paul deal. by which st. Paul
stock may eventually cease TO be an active
issue has been pretty well discounted on the
Stock Exchange and. although speculation may
carry the price higher, it would hardly seem
advisable 10 accumulate amount of the stock
in the expectation Of enormous profits. Rock
Island at I'D is a more attractive proposition
Burlington at IA is not dear and q per
cent stock it ought TO cross 100. There are many
promising shares that should appeal to investors,
and il will doubtless be investment buying that
will carry meritorious low priced issues to a
better level.
In the Southwest the railroad situation is
constantly improving, and stock market move
rnents indicate that something of importance is
going among the controlling interests in the
various properties. Missouri Pacific, a non-divi-
oend paying stock would not have reached its
present high price on manipulation alone. Mis-
souri,. Kansas and Texas preferred is acting in
a similar manner, and it looks if the people
who bought Missouri Pacific were buying Kan
and Texas. too. Texas and Pacific has been
taken by several prominent banking houses.
The Southwest is making rapid strides in busi-
ness growth. and the railroads are accommodating
large surpluses instead of the big deficits that
were so common few years ago. The cheap
Southwestern stocks will doubtless sell higher
but of course Missouri Pacific is no longer in
the cheap class. Southern Pacific is scheduled
for an advance, and 1t is said on excellent au-
thority that the recent buying Of the stock
represented interests not actively identified with
the management Of the road-interests that
hope, perhaps TO become connected with South
ern Pacific through stock ownership. The low
priced coal stocks are inactive at the moment.
but there is no reason 10 believe that they have
seen their best prices Indeed, it would be ex
traordnary if Ontario and Western, for in
stance, did not sell much higher. The Reading
and Erie issues are well held, and they should
not be sold at a loss.
Disappointment at TIL absence of heavy pub
lie buying caused realizing and bear pressure
throughout the list in the afternoon trading,
with net losses in most Of the active issues at
the close. Washington houses were heavy
sellers, and il said that several important
operators we're working for lower prices. The
market was Influenced by the uncertainty over
the Steel and Wire directors meeting and by
the lack Of official confirmation OF the ST. Paul
Northern PacihC-Great Northern reported deal
The Steel and Wire directors met at noon and
adjourned until to-day at il o'clock, after doubt
less deciding the dividend policy for the
common stock. Outside OF the Stock Exchange
the most important developments Of the day
were the advance in spot cotton to II cents
and further hardening in sterling exchange.
The outlook favors a continuance of easy money
this week. There will doubtless be further
ports OF gold, but in view of local bank
diuons little interest VIII be taken in the out
ward movement OF the precious metal. CONNER
cial paper is in good demand, and the banks are
doing a heavier business in this department OF
the loan market. Loans last week were infiu-
enced by the factor named and by the buying
OF sterling for investment