New-York tribune., 1901-03-27
R0NnS.
THE DAYS OPERATIONS IN STOCKS.

Great irregularity marked the course OF
,-ol,,as in Yesterdays securities market. Firm
ness in the first hour dealings was followed by
weakness throughout the list, with declines of
I 10 . per cent in many issues. while in the last
hour smart rallies left final prices for most
stocks at unimportant changes from Mondays
final level The borrowing demand for stocks
WAS active Buying on the decline by operators
who sold in Mondays market was feature Of
the trading but the general commission house
operations were comparatively light traders. no
doubt holding off on the possibility Of further
recession in values. The selling movement was
not accompanied by adverse developments or by
liouida lion for the account Of substantial market
interests. declines representing sales OF weak
holdings and operations by the bear element.
Last hour transactions reflected renewed bull
activity throughout the list. with especial en-
thusiasm in Northern Pacific and Burlington.
which advanced on buying induced by reports
that an early announcement would be made
garding Northwestern railroad deal Burling
ton closed at net gain of AZ per cent and
Northern Pacific at a net gain of AS per cent
Northern Pacific made new high record price
at 9ls4. The traction stocks after early selling
closed on a rally, while the whole market, which
was very much oversold, responded promptly TO
last hour buying for both accounts. The market
closed excited and buoyant.
In the industrial list American Car and
Foundry issues continue 10 attract attention
owing TO their activity and advancing prices.
The preferred stock is being bought by investors
and by careful traders. who made 10 points by
buying this issue when it sold at 30 a few
weeks ago. AS per cent stock of undoubted
merit 50 is manifestly too low a price, and il is
raa mai lie m
alton in the quotation 10 par at least. Inter
national Paper preferred has been advancing on
the kind of buying, and good market
Judges believe that this issue will sell at par
this year. 1t sold at 90 year or more ago when
the company's condition was not as favorable
as IL is at present. The prejudice against indus
trial stocks is passing away because their in
vestment values are beginning TO be recognized
and because investors realize that sound in
dustrial selling under par and returning from s
10 10 per cent is more attractive than and 6
per cent railroad stocks selling on q basis that
returns from 3 10 4 per cent. :lrst class
preference issues Of industrial companies are, as
q rule. first lien on earnings after expenses. as
few OF the new industrial concerns carry a
bonded debt. The investment railroad stocks
have advanced more rapidly than the Industrial
Issues, and il is therefore reasonable to expect
a proportionate expansion in the last named
shares before any material decline sets in
Advantage was taken Of the decline in Mon
days and yesterdays market by many sold out
bulls TO renew their interest On the long side of
speculation. Just long as conditions outside
the Stock Exchange remain strong and as long
as prominent bankers and railroad owners con-
tnue TO work on plans the success of which
requires market stability. sentiment on the
Stock Exchange will remain bullIsh. while on all
reactions stocks win be absorbed by confident
operators Perhaps the market has reached the
point where frequent reactions are probalg
II this is so then speculation has the prospect Of
running in a healthful bull channel for some
time TO come, Bull markets need frequent and
sharp setbacks such as noted IN Mondays final
trading. BY this process the weak accounts are
eliminated and the soft spots OF the speculative
structure made as good as new Foreign
money and political developments are not likely
10 exert an adverse effect on the local market
owing TO the controlling position which the
American money market now holds among the
money markets OF the world and the dependency
OF foreign nations upon this country for food
stuffs and other domestic products BANKING
interests are carrying out their plans without
regard TO possible adverse DEVELOPMENTS abroad.
they are engaged in works that do not call for
assistance from foreign capitalists and they
stand ready TO help European countries with
money whenever il may be needed Discounts
are growing hrmer abroad. and local sterling
rates have gone up in sympathy. The National
city Bank is considering the advisability Of
sending some gold TO Paris and Berlin but IL is
not expected that important shipments win he
mace thls spring After the quarterly settle
ments abroad have been made ON April ,,,s-
counts in Berlin and London should seek a
lower level.
THE DAYS OPERATIONS IN BONDS