New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Early trading in stocks presented animation
and higher prices throughout the list, but IN
the afternoon irreguarity developed. with
roarked falling off in the outside demand Inc
disnosition TO sell stocks in the later dealings
Was apparently due to uneasness created by
further sensations advance in Louisville ana
Nashville. Opening from 12ol2 TO 12l7s, this
issue advanced steadily throughout the morning
while in the subsequent operations a price OF
122 WAS recorded with the closing at IDS, net
gain of 81, points. There no news concern
ing the property No announcement was made
M to the close of business regarding the pass
ing of the control of the company, but the West
ern element. that apparently thinks no more
of buying railroads than the ordinary trader
does of purchasing one hundred shares Of stock,
WAS again credited with holding the majority OF
the roads securities. No doubt the furious
advance was connected with buying both for
the account of the old interests in the company
and for the so-caTed Gates crowd of specula-
TORS II Mr.. Gates owns the controlling interest
in Louisville and Nashville he will doubtless
he willing to dispose of it to the highest bidder
II Is thought that control may be secured in
this way 10y J. P. Morgan & Co. and II TINS
proves to be so it will be most fortunate de-
yelopment for the property. Conspicuous ad-
vances were made by Chicago Indianapolis and
Louisville. Northwest and Des Mones and Fort
Dodge. Among the very cheap shares Detroit
Southern was in demand at advancing prices
The broa dening inquiry for this stock began last
week and it is said in well Informed quarters
that buying for control is under way. In the
industrial list International Power and Amer
lean Locomotive were active features There
was investment buying in American Grass
Irvine and Virginia-Carolina Chemical The
chasing was irregular with more net gains than
losses.
Reports from Western railroad centres reflect
an enormous volume of westbound traffic over
the various lines. There is heavy demand
throughout the West for manufactured articles.
and the movement of this kind of freight Is
heavier than ever before recorded. Indeed, the
traffic is so heavy that congestion is developing
at different distributing points. Prosperity in
The iron and steel industry is indicated by the
large shipments of rails and structural mate
rails all over the country and by the contracts
for iron delivery as far ahead as April I'oo'
1t is a fact worth recording that the Uniteo
States Steel Corporation recently placed an or
der for o2a 600 tons Of Bessemer iron TO be de-
livered between October l, 1902. and April i.
1903 at a price lower than the price of No :
foundry iron for delivery this year The main
tenance of a reasonable level of values in the
iron and steel industry is an encouraging sign
of the times and it Will prove a powerful factor
of trade All departments of business are on
a strong foundation. There is practically no
snecrlation and no overstimulation. The gen
eral position of trade is far more healthful than
it was at this time year ago, and there IS
nothing in the situation that foreshadows adj
verse changes This wave of prosperity should
not be Judged by precedent.
OFFICIAL advtces from different railway man
ayers in the winter wheat belt reflect the BELIEF
in that section that winter wheat crop conditions
arc hetter than those indicated by the recent
Government report At all events, an average
cror, is pronnieed The railroads in the South
west are not disposed TO worry over crop posi-
hili+ies owing to the growth Of general merchan-
disc traffic in their territory in the last few
wears on the Santa Fe, Missouri Pacific, Texas
and Pacific and other Southwestern lines train
loads are enormous. and in most cases the vol
urne Of business offered is greater than current
car capacity AS a consequence of the increase
in traffic in the last two years railway equip
Ynent has been largely added to. and current or
ders AT car and locomotive building companies
run for many months ahead. The American Car
and Foundry Company and the American Loco
motive COMPANY continue to handle big orders
and Il heavy output for years to come appears
probabie Railway development in the West
and Southwest Will doubtless be active in the
next ten wears The building of new roads, the
extension OF existing lines and the favorable
prospects for increasing railway traffic are en-
couraeing factors for the holders of carbuilding
cor1panies' securities.
THE DAYS OPERATIONS IN BONDS