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

THE DAYS OPERATIONS N STOCKS.
The high priced railroad shares made further
material progress toward better level. while
the market in general presented striking evil
dence OF the strength Of the current bull move
rnent Burlington, Rock Island and Delaware
and Hudson made sensational advances. all
three stocks selling at new high record prices
on an enormous volume Of business. 1t IS gen
orally understood that the Vanderbilt interests
will receive an increased representation in the
Delaware and Hudson board AT the annual meet
ing in May, and predictions are now made that
Delaware and Hudson stock will sell at 200 be-
fore il registers any material setback. The
rapid advance in Burlington stock in the last
two days doubtless reflects that the Northwest
ern railroad deal has been successfully effected.
1t now seems that the Burlington stockholders
will get very big price for their stock. price
that will work out at least 5000 in cash for
each share. With the Burlington disposed Of the
question Of possible deals involving ST. Paul and
Rock Island arises especially in the case of St
Paul, which originally slated TO occupy the
position held by the Burlington. 1t is an
easy matter TO plan a future for ST. Paul, as
there are various big possibilities for the COM
pany. but Vet there is no basis for the state
ment that this road will figure in a railroad
deal in the immediate future. st. Paul stock
holders profess TO be satisfied with the situation
-es regards the Burlington deal. despite the fact
that opinion in general takes the ground that ST.
Pauls refusal TO accept the recent proposals
from the Great Northern Northern Pacific inter
a serious blunder. Rock Island re-
corded the greater part of its twelve point ad-
vance in the last hour. This stock has an in
vestment value Of great merit, and Irrespective
OF possible developments affecting the Rock
Island road purchases at the current level are
warranted by the intrinsic worth Of the Sc
curity
An engagement Of 100000 gold for export
did not upset speculative sentiment check
the rising tendency in stocks. The few adverse
factors in the money market are offset by the
disposition of the Treasury Department to buy
short term government bonds for sinking fund
purposes operation begun Tuesday by the
purchase OF 100000 of bonds. and continued
yesterday by further purchase amounting TO
S672 600 Interest in speculation was not con-
fined to any one stock or group of stocks. deal
ings being well distributed over a large number
OF active issues. Burlington, Delaware and
Hudson, ST Paul. Rock Island, Lackawanna.
New-York Central. Pennsylvania. Louisville and
Nashville. Erie common and first preferred
Northern Pacific and Texas and Pacific were
the leading features.
II the industrial list Peoples Gas was con-
spicuous at substantial improvement. the steel
shares were inclined toward heavness on a
lighter volume Of business. and International
Paper preferred resumed its upward movement
on an excellent class OF buying Buying Of the
last named stock is based its investment
value which is many points above the current
market quotations A year or more ago the
issue sold at 80 as against 81 yesterday, but the
prospects are that on the current movement
price better than 30 will be recorded Sound
and Z per cent industrials cheap under par,
and unless the general market changes its pres
snt tendency much higher quotations should be
made by this group Of securities. Reactions in
the day were not important, while the close was
strong and excited.
Bank conditions this week point toward
favorable statement on Saturday. The Sub
Treasury continues TO make large collections
on internal revenue account. while the banks
have lost 81 100000 on gold exports. but despite
these factors cash holdings should show a slight
increase, owing TO government disbursements on
interest account and receipts of currency from
the interior. There was due on April ! interest
on government bonds amounting 10 S4500O00
and Of this sum about S3,J00000 was paid out
by the local Sub-Treasury. 1t is also likely that
in addition 10 this item the payment by the
Secretary Of the Treasury for bonds bought in
this city viii figure to some extent in the weekly
bank statement Call money is held a Shade
closer, but there is no material change in time
loans A few transactions have been made this
week at per cent for six months. but a rule
81 per cent mixed collateral has prevailed.
A little uneasiness was felt in the Street on Mon
day over the money market, but this condition
has been succeeded by renewed confidence and
a disposition in commission house circles to
Danish all thoughts Of the possibility OF de-
cline in stock values. The upward march Of the
high priced railroad stocks in the face OF heavy
realizing sales and repeated efforts by the bear
element 10 break prices has inspired an abiding
belief among public traders that prices are still
far from the top. 1t is well TO notice, however.
that many careful operators are selling the high
priced railroad issues. reinvesting their funds
an the attractive industrial shares and cheap
railroad stocks that have not yet measured I'm
market value the Improvement that has taken
place in their actual worth.
The gold engaged for export yesterday will go