New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-17
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stocks were again heavily dealt in, while prices
were generally firm. with an advancing tend
ency Transactions were better distributed IMAM
on the preceding day, when Southern halfway
supplied one-haif Of the total business Deal
1ngs IN this security were heavy, but they were
not attended by the violent price fluctuations
or speculative excitement that marked TIE
course OF the security in Tuesdays market IN
deed the price moved within a range OF 112
points, closing at a net loss of g points Inc
question of Louisville and Nashville control is
definitely settled and the Street is now trying
to interpret the meaning Of the buying of South
ern Railway shares, the idea being held In some
quarters that foreign interests identified with
Louisville have been heavy purchasers Of the
stock in order to prevent the absorption Of the
louisville t,y the Southern. The Southern Rail
WY evidently does not seek the control or the
Louisville but II may be willing 10 buy IL IL
Mr. Morgan suggests such a proposition A re-
organization Of the Louisville board Of dfrec-
tcrs with Southern Railway interests in place
of prominent present directors, would not s'1r-
prise Wall Street Profit taking sales were
heavy both IN Louisville and Southern Rail
way. while in the afternoon trading the whole
list reacted under the influence Of realizing op-
erations. Final prices were ct ret gains, how
ever. in most issues with the heaviest az
Paul, big Four" Colorado Fuel and Iron. Iowa
Central preferred Metropolitan. Reading. Texas
and Pacific Wisconsin Central and International
Power The last named stock advanced over
IL points without any explanation, save tie
declaration Of 6 per cent dividend on the pre-
ferred stock Reading issues were heavily
bought and all the soft and hard coal shares
were In demand Selling of Arnalgamated stock
On the reduction of the Anaconda dividend had
no effect on the general list Total dealings In
al stocks were ,012 shares
Current buying Of stocks apparently reflects
belief among powerful financial interests that
conditions in general warrant an important bull
campaign on the Stock Exchange Rich men are
buying securities Investors heavily inter
essed In the 1narke: because OF the strength of
factor. governing the actual worth of securities.
Throughout the country stock operations are be-
coming more popular, and il IS likely that when
the unloading time arrives there viii be a large
public following In the market ready 10 buy at
expensive prices attractive stocks that are now
being accumulated by pools and individuals
Much OF the present buying is for Investment in
terusts. and for this reason the market Is not
burdered with an over extended long account,
or threatened with collapse in speculative
values Increased operations IN the low and
medium priced issues viii doubtless develop, as
IL is generally recognized that in the greater
number OF cases prices selling at level that
does not measure intrinsic value or discount
Draspect;ye Improvement in the dividend out
hook Many OF the low priced railway shares are
being taken by strong financial interests, and it
is possible that prices viii enjoy a gradually
advancing tendency for some time to come. The
cheap dividend paying industrials should also
share In the upward movement
Active puy-ine OF Texas and Pacific and othe-
<,ouId stocks represents accumulation by inter
ests that are well Informed regarding the vari-
Gus Gould properties. Improvement work on
the Texas and Pacific is moving rapidly. and
the conpany's line from New-Orleans TO FL Paso
is now In better physical condition than ever
before IN its history. Ard the same may be said
OF the Missouri Pacific and Iron Mountain
routes. From all indications 1t is reasonable TO
believe that the Southwestern stocks will reach
q higher price level on their merits. Wabash
securities continue in demand, and It is evident
that current buying foreshadows developments
that Will exert 8 favorable influence the
actual value OF the Wabash stocks and bonds.
II is generally believed that the cebenture B
bonds will be retired. and that per cent issue
VIII be put out instead. The debenture Bs are
entitled 20 6 per cent. and. OF course, the sub
stitution Of a per cent bond Will bring the pre-
ferred stock nearer 10 the dividend column. 1t
is likely that the Wabash company viii come in
for favorable public attention in a way other
than that involved in a possible readjustment Of
the roads bonded debt, and for this reason
many operators buying the common stock
with view of large speculative profits Other
low priced railway stocks that are showing un-
usual activity are Detroit Southern. Wisconsin
Central and Kansas City Southern. Buying OF
the first named suggests operations for control.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDS--Market steady. Final
citations follow