New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-30
BONDS.
THE DAYS OPERATIONS IN STOCKS

r,,,ircS in ,-nrtardav's stock market were
lighter than any recorded in a week or more
hui rrices for the active issues were genera
firm with number Of net advances al 'ne
close The more important interests were ~
actively engaged in speculative operations i'
she dsv although in some stocks buying TOT 'ie
account Of the Western element was apparent
esnecially I'm Union Pacific. Reading, ~. faui
.n6 Atchison There were also moderately
heavy buying orders in the Wabash secn1llies'
purchases Of these issues evidently being in
duced by the practical acceptance by the balu-
more City Council of the offers of the so-ealleo
77,,1far syndicate for the ownership Of the West
e-n MARYLAND Railroad. The Fuller syndicate
-enresents the Gould or Wabash interests. ana
the control by the Goulds Of the Western Mary
land doubtless means that the Gould railroad
system will extend from the Atlantic TO the "a
oifc Ocean The Wabash in connection Win
the Wheeling and Lake Erie. Western Maryland
and West Virginia Central will have an outlet
on the Atlantic Coast The Wabash connects
with the Missouri Pacific at st, Louis, The MIS-
sor1ri Pacific connects with the Denver and Rio
c-a,sA which is controlled by the Goulds. at
Denver while the Denver and Rio Grande VIII
connect with the Los Angeles and Salt Lake
route. which is being built by senator Ilarh
presumably for the Goulds.
The citv of Los Angeles, Cal, promises to be-
co,ne one OF the largest commercial centres west
Of the Mississippi River The policy, therefore,
Of pushing a road from Salt Lake TO that point
shows common sense and foresight on the part
of its promoters In the last ten years the IN
crease in population in Los Angeles showed a
greater percentage of gain than that OF any
other city in the United States. In the course
of the next few years the harbor Of San Pedro
which is practically the harbor of Los Angeles,
will be improved to the extent Of S5oooooo by
an appropriation recently made by Congress
Los Angeles will therefore soon become an i'm
portant shipping point for coastwise and orien-
sal trade while 1t already is important rail-
way centre. Bearing these points in mind. IL
may readily be seen that the future of the
Gould system of railroads appears particularly
bright and promising. 1t was reported yester-
day that much OF the recent buying of Reading
stock had been for Gould interests, but, of
course there was no confirmation Of the rurnor.
1t is a pleasure to record the fact that on the
Wabash Missouri Pacific. Texas and Pacific
and Denver and Rio Grande improvement work
has been carried TO q point where the proper
ties named can vie with the great trunk lines
of the East IN physical efficiency.
The Granger shares We're actively bought
throughout the day, while in many other rail
road stocks heavy profit sales were reported
Buying of the Western shares was reduced by
a favorable weekly government crop report and
by direct information showing improvement il
winter wheat conditions. Atchison gained over
] point, while st. Paul closed 81 points up
Rock Island 3 points. and Northwest 80 points
Chicago Great Western strong at ad
vance OF IL points. Louisville and Nashville
gained over ] point; also Kansas and Texas pre-
ferred. New-York Central was heavy, but
Canada Southern and Michigan Central were
strong and higher. in the industrial grour
there Were few important features. The loca
traction group was reactionary. The close wa:
irregular and somewhat confused. with few
more net losses than gains Money marke
conditions remained unchanged. The most i'm
portant development of the day in the financia
community was the announcement by the New
York Clearing House of set Of rules which II
the future will govern the operations Of tn
trust companies that enjoy the privileges of thu
Clearing House. In the interests OF sound anC
conservative banking it is well that the Clear
ng House has decided that trust companie
Mould maintain in their vaults safe percent
Age Of cash reserve to their deposits As th'
trust companies have entered largely into tn
banking neld, il is eminently proper that thel
should be required establish and keep a re
serve of fair proportion.