New-York tribune., 1901-03-29
rHE nAYs orERATIoNs IN sTOCKs.

Notwithstanding heavy realizing sales the
greater number Of stocks made further progress
toward a higher level Trregularity marked the
course Of values but the result Of all changes
was an improved quotation level at the close
Burlington again striking feature on an
active volume Of trading. with an advance that
carried the price above III. and within ten
points of the record made in 1881, when the
stock was paying dividends Of s per cent. Bur-
lington is earning over 10 per cent, il has large
accumulated surplus. and il viii prove valu-
nble investment TO the Great Northern Northern
Pacific interests even on an per cent guaran-
tee II is generally believed that official
nouncement will he made regarding the pro-
posed Burlington deal until the stock sells ma
terially higher. perhaps around 1871. at which
price 81 is said the security will he exchanged
for 49, per cent bond-1S1la for each 500 at
par Of Burlington stock The granger shares
were in demand throughout the day. while the
railroad list in general. particularly the anthra-
cite coal shares. again bought by sub
stantial market interests. In the last hour de-
clines from the best prices were due to realizing
and bear pressure, induced by the loss in Amer
ican Smelling shares following the decision con-
tinuing the injunction against the proposed in
crease in the company's capital stock. This, Of
course. not a sound cause for selling the
general list. but IT made to do service at a
time when technical conditions warranted a set
back. The weakness. however lasted for a
short time only the close was strong on
heavy buying. Lackawanna was a feature. at
advance Of per cent, and the steel Sc
curities. which were dealt in for the first time
were the leading speculative favorites. North
N ern Pacific. Erie. Burlington and Western Union
followed in the order named.
" Reactions in stocks bring cut a demand that
prevents any noteworthy decline in prices
Every time the market sells off point or more
the resultant advance carries quotations higher,
and, as consequence, speculative sentiment IS
strengthened In proportion Even the traders
who are anxious for lower prices admit that
under present conditions a material decline in
securities is improbable and that their only hope
or success lies in the possibility of some ad-
verse development affecting the factors govern
ing the intrinsic ~alue Of investments. The bear
element VIII be ready TO take advantage of anv
opportunity that may induce liquidation but
meanwhile II confines its operations TO olick
turns on the short side Of speculation Much
money has been lost in Wall Street in the last
three months by people who have endeavored
TO oppose the rising tendency And II is likely
that any attempt at this period TO move con-
trary 10 the current tendency Of values VIII re-
suit in serious financial trouble. The men who
go with the market secure the profits The
men who are in control Of the money market
and the stock market will not release their grin
until their plans affecting railroad and indus
trial companies have been perfected and until
factors outside the Stock Exchange warrant a
campaign for lower prices. Speculative reac-
uons and irregularity do not foreshadow an i'm
mediate breakdown in bull operation The
market has doubtless reached the point where
the small margin trader stands chance Of los
Ing his money hut far investors and sub
stantial Spectators are concerned the prosnects
do not favor losses.
An interesting feature Of the current money
market is the tendency among lenders to accept
good industrial stocks as collateral on a moro
even basis with the railroads. There is no good
reason for discrimination against solid invest
neht Industrial shares, The tendency in favor
or ms class Of security is a development that
promises 10 have an important effect upon tba
market value Of the various industrial issues Of
recognized standing, and ii should helm to re-
move the unwarranted prejudice that has oh
tanned so long In the banks against the new in
austrlal securities as collateral. There are
many attractive industrial shares that are sel,-
ing Wen under their actual worth and while the,,
may not all reach the Standard on level ,ba
chances are that their market prices win sell
many points above the prevailing range a fev,
months hence. II is well to bear I'm mind tho.
the water in all classes of securities &c ba,r,,
squeezed out by the growth in intrinsic vaI,e
Foreign money rates remained unchanged ,,as
terday. The Bank OF England's weekly stata-
ment showed a decline in the proportion of re
serve TO liability from 504 10 4ee. and ster,irs
exchange al this centre firm
THE DAYS OPERATIONS IN BONDS