New-York tribune., 1901-04-12
BONDS.
THE DAYS OPERATIONS IN STOCKS

Opening prices were at advances over Wednes-
dav's closing. but in the greater part Of the day
irrarularitv was the leading feature. Liberal
realizing sales were made throughout the list,
and in the case Of Burlington. Northern Pacific
and few other shares the force of this selling
was effective in causing substantial recession
in prices While Burlington and Northern Pa
ciic declined Northwest. Union Pacific, South
ern Railway and the Reading shares showed de-
cided strength on an excellent class of buying.
In the greater number Of issues however, prices
were inclined toward a lower level. with note
worthy weakness in the last hour. when the
granger shares. Missouri Pacific and Northern
Pacific suffered severe losses from the high
prices Of the opening. Liquidation did not rep
resent important accounts. nor was ii significant
of any change in Wall Street sentiment. Money
market uncertainties doubtless received more at
tention than on the preceding days. especially
among commission house operators, who are
forced TO depend upon borrowed funds for their
operations in the .ecurity market There Were
however no developments in the monetary situ-
alton that warranted uneasiness in investment
circles. Apart from money market consider
ations there was nothing in the general specu-
Iative position that encouraged bear sentiment
although in the last hour report that the Bur
iington deal had fallen through induced snort
selling by courageous traders. There were many
excentions TO the downward tendency and many
net advances at the close. noteworthy gains
betng made by Northwest, Sugar Refining, Colo
rado Fuel and Iron, Consolidated Gas, lnterna-
tional Power and Mexican Central
There were no developments affecting the real
value Of securities. but in the absence Of actual
news various rumors We're circulated for effect
upon prices and sentiment. Reports that
Northwest would absorb Omaha COmaha is al
ready controlled by Northwest, that st. Paul
would build a line TO the Pacific Coast, that
Baltimore and Ohio would be paralleled by
new line along the Chesapeake and Ohio Canal,
that Rock Island would go to the Pennsylvania
and that New-York Central stockholders would
receive stock dividend were among the few
fancies that worried or pleased traders brains
1t is admitted that number Of railway deals
are pending, but no trustworthy person VIII be
responsible for the mass Of nonsense that is now
going the rounds as truth. The fact that so
many rurnors based on imagination only are be-
ing used TO attract outside buying serves to in
duce caution among operators Of experience.
The hish priced railway shares look dear COM
pared 10 the solid industries that selling
under par, but according to Street opinion. the
interests back Of the railroad stock speculation
are not yet ready to change their position. 1t is
not safe TO make predictions in this extraor-
dinary market The oldest operators in the
Street have confessed their inability 10 foresee
the breadth and extent Of this years specula-
tion and they are not disposed TO make fore
casts upon conditions which in ordinary times
would lead TO lower prices.
Money market factors suggest caution in oper-
ations that require the assistance Of loans. but
despite higher rates and falling bank reserves
stock values refuse to break. This situation
nat ci
PIES. II is not believed that the present position
Of the local money market viii prevail for more
than two weeks. and stock market traders ap-
parently have no fear OF collapse in the bull
movement in that time. Call money lent 8
high per cent yesterday. with the ruling
rate at that level. In London discounts were
q trihe irmer. The Bank of England made no
change in its minimum rate while its weekly
statement showed Improvement in holdings
Prospects Of further gold shipments from here
have been somewhat weakened by the rise in
local money quotations. but sterling exchange
market conditions will, il is thought. be in favor
Of shipments later on in the month