New-York tribune., 1901-04-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Strength and activity again marked the course
of securities trading. The fancy priced rail-
road shares made further progress toward a
better level while the list in general reflected
vigorous campaigning for higher prices. From
the movement Of values in the last two Gays
81 is apparent that the speculative interests rep
resented bv Mr. Keene are still actively engaged
IN operations for the rise So-called bear fac
tors in the situation have little effect upon quo
fations when capital is behind speculation, and
1ust as long as the important market interests
maintain their present attitude toward STOCK
trading the chances OF protracted decline will
be extremely small. No one can say when the
market will turn. 1t appears safe. however to
count upon the current tendency Of values until
the various plans for the extension Of the COM
munity Of control scheme among railroad and
industrial corporations have run their course De-
velopments along these lines are reported nearly
y every day. and at the moment there is no reason
20 suppose that the movement is nearing its
limit. Conditions favor big corporate deals Re
suits obtained and expected from combinations or
corporations improve the actual value of secu-
rifles while they supply solid inducements for
speculative activity I'm stocks.
Call money lent as high 4 per cent, with
the greater part Of the days business well under
that figure. The position Of the money market
was not effective in restraining speculative
thusiasm IN stocks nor did il suggest to many
minds the possibility OF stringency at this centre
The money market is likely 10 be active for sew
eral weeks but A squeeze is not expected. So
far this week the banks have lost nearly 5000
600 to the Sub-Treasury, and according TO esti-
mates. much to the interior. week ago the
loss in cash offset in part by material
contraction in liabilities. and the chances are
that this weeks statement will show similar
results Corporations and commission houses
are well supplied with funds Commission
houses, despite their large business. are not
heavy borrowers at present. as their require
,nents are taken care Of by time loans made
earlier in the season, while good part Of their
buying orders in securities represent investment
purchases. Investment buying was reported in
the low priced stocks yesterday, the advance in
the high priced issues being due to speculative
operations Burlington talk suggested figure
better than DO in bonds in the Northern Pa
cifc-Great Northern deal. and there were reports
OF rights" for Northern Pacific stockholders
Good buying was noticed in Union Pacific, Erie
sssues and the Southwestern stocks. with espe-
ciaI strength in Texas and Pacific New high
records were made by several issues notably in
burlington, which went TO 1872, and Northern
Pacific. which sold at $685. on the Stock Ex-
change and par on the Consolidated Exchange
sensational advances were made by Northwest
Consolidated Gas anu EFdtsNllle anu leiic
1Iaute The advance IN call money to per
cen. caused some selling in the last half hour
Final prices were under the best OF the day
Wild fluctuations in the high priced railroad
stocks are taken by some operators as signals
of manipulation rather than evidence Of a
.genuine bull movement. AS q general proposi-
;sion the standard investment railroad shares
sare selling at level that measures their invest
-rnent value but, OF course this fact does not
necessarily preclude the possibility Of still higher
prices Prices may work considerably better. as
.n the case OF Burlington, for instance, which
Street gossip says is scheduled for 200 Indeed
there have been many surprises in this mar
ket that the bull movement in the railroad
issues may continue for many weeks to come.
while with only ordinary reactions the market
may maintain its current position throughout
the summer. These are possibilities Of specu-
lation founded upon extraordinary conditions
In view, however Of the great appreciation that
has taken place in the railroad stocks, IL would
seem that buying OF the solid industrial issues
would result in the best profits and safest specu-
lation- The prejudice against industrals in gen.
eral is not warranted by facts and the day Will
come when attractive industrial investments Will
The prediction is made that many Industrial
shares now under par Will sell much higher in
the course OF the next few months
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BoNDs.-Market strong. Final