New-York tribune., 1901-05-04
BONDS
THE DAYS OPERATIONS IN STOCKS.

A much needed reaction took place in yester
days market. Early prices were generally
under Thursdays closing, exceptions being
found in St Paul. Rock Island Missouri Pa
cifc. Baltimore and Ohio, and a few other active
issues In the subsequent dealings, however,
the whole list declined with considerable vio-
lence. and, although sharp rallies were made
before the close, final prices were at substantial
net losses. The extent Of the reaction in the
leading issues was not large compared with the
advances of the last few days. on the decline
heavy buying orders were executed throughout
the list for both accounts and it said that
the more important speculative interests were
active buyers Of their specialties. Support was
noticed in the steel shares, which showed fair
strength in the face of heavy selling elsewhere
in the market. The railroad issues were under
the influence of enormous liquidating sales, with
especial pressure in Atchison, New-York Cen
tral, Northern Pacific, Pennsylvania, Union Pa
cifc and the local traction group Last hour
rallies were followed by further sales at the
close. but final prices were above the lowest of
the day. An advance in call money to per
cent and a per cent rate in the greater part
of the day We're in part responsible for the
days decline in values, although the chief fac
tor in the speculation was the overbought con-
dition Of the market The days course of val
ues doubtless reflected a check TO bull opera
tions rather than end Of the bull market.
The movement of stocks continues to reflect
enormous financial transactions affecting the
control of various railway properties. By the
absorption Of the Burlington the Northern Pa
cihc and Great Northern interests effected an
important change in the railway map in the
Northwest, while the same may be said Of the
acquisition Of the Denver and Rio Grande by
the Missouri Pacific in relation TO the railway
situation in the Southwest. The Burlington deal
has naturally induced activity the part OF
Vanderbilt and Pennsylvania interests. 1t has
opened the eyes Of the Eastern trunk line own
ers TO the fact that self-protection demands
ownership OF a Pacific Coast outlet, and, in
der TO have transcontinental facilities that shall
not be dictated by other people, the Vanderbilts
have, il is believed, secured the control OF Union
Pacific, while it is generally believed that the
Pennsylvania is now the chief owner Of the
Atcbison. Control Of properties such as the
Union Pacific and the Atchison had TO be
Quired in the open market, and as a consequence
sensational movements in the stocks took place.
In yesterdays early market st. Paul and Rock
Island advanced on a similar kind of buying and
It naturally inferred that both roads would
be included in big plans now supposed TO be
maturing. This is a reasonable assumption.
The two properties cannot be disregarded in
transcontinental railway schemes, and the pros
Union Pacific-Northwest combination, while
Rock Island Will doubtless go to the Pennsyl-
Vania-Atchison line. 1t is understood that in
the advance in Rock Island from 125 TO $50 the
so-called Moore crowd Of Chicago secured the
property Such control would be merely for
speculation, and not for permanent investment.
1t is evident that the plans OF the railway and
financial magnates involve further important
combinations. A move by one company forces
move the part Of another company, and
combinations that recently We're not thought OF
are now being made by the force Of circum-
stances. The time is Favorable for deals. The
public may pay the cost later on, but at the
moment such thing cost is not being con-
sidered. Money is in abundant supply through
out the country, and despite the weeks appar-
ent loss in bank holdings al this centre there is
an ample supply Of funds for legitimate market
purposes. The amount Of money in general cir
culation May l was So 195, ,304, ,235, an in
crease OF 3477S772 over the same time a
year ago. According to the known movement
OF money this week the banks have lost upward
OF S300.o00,o0o in cash holdings. Russell Sage
continues TO repeat that money is scarce and that
panic is coming, but as Mr.. Sage is not a
phianthropist and as he has a large number of
stock calls" outstanding, the general public is
not likely 10 accept his advice as unbiased Sew
eral large loans were called yesterday, and II
was thought that number of extended stock
accounts had been forced on the market through
the refusal OF bankers to finance the operations
further.
THE DAYS OPERATIONS IN BONDS.