New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading active throughout
the cay with prices generally higher, despite
heavy profit taking sales. Interest was fairly
well distributed q large number of issues,
the heaviest dealings being in the current specu-
lative favoritec, including the anthracite coal
shares and Atchison issues. Buying of Atchison
common comes from a substantial class of OPP
orators who are we'll informed regarding the
condition Of the Santa Fe company. on the
company's line from Chicago to Los Angeles and
San Francisco active Improvement work con-
tinues especial attention being paid TO grades
and curves A large amount of stone ballast
has recently been put various parts OF the
system, while in many places double tracking is
being pushed. In the neighborhood of Raton
Pass where the grade reaches 1000 feet. many
miles of double track have about been COM
plcted The Santa Fe is such a big system,
1raversing its main line alone seven large
States that it is not dependent any one crop
or any one particular branch Of industry. This
IS an important fact to remember in periods of
certain crop failures The Atchison, Topeka and
Santa Fe management has been criticised at
times for increa sing the companys bonded debt,
but such criticisms have been made without a
thorough acquaintance with the property, Its
earning power and its prospects
Interest in the Reading shares was again
feature of the market and the activity in the
common materially helped by large pur-
chases for foreign account. II was estimated
that London bought $4,000 shares of this issue,
while foreign houses bought throughout the in
ternationGl list upward Of 10000 shares In
creased foreign buying in the local market re-
fleets no doubt Improvement in financial condi-
tons and sentiment abroad, due in part to the
prospect Of peace in South Africa Well in
formed men believe that the end of the Boer
war will have most enlivening effect on all
the European markets. and indirectly
own. With the resumption Of active gold min
ing operations in the Rand, Englands gold sup
Ply VIII rapidly increase, the necessity of draw
ing gold from the United States will cease and
the supply of money available for investment
and speculation viii grow. The war in South
Africa has cost England enormous amount
of money but the country's credit is as strong
as ever a reflection of which is in the heavy
subscriptions the new British war loan. It is
yet known IN what form payment for the
American subscriptions viii be made, and few
people care as the Willingness Of American in
vestors to subscribe shows that there is plenty
of money here for home and foreign invest
ments
Southern Railway and Louisville and Nash
vile did monopoze attention in yesterdays
market. Both shares were Irregular. although
Louisville advanced sharply in the afternoon.
Announcement from Mr.. Morgan's Office that
j P Morgan & Co control absolutely Louisville
and Nashville naturally served 10 strengthen
confidence in the situation by removing all fear
OF financial disturbance over the Louisville cpl
sode Louisville and Nashville viii rot be turned
over 10 the Southern road, according TO an Of
fetal statement, q Morgan road il will
he operar cd in harmony with the uIhern and
on a basis that VIII strengthen the future of the
last named company. Southern Railway COM
mon VIII doubtless remain popular market
favorite and after ii RECEIVERS from its recent
excitement and violent fluctuations it ought
gradually 20 work higher. The cheap price shares
were active features throughout the Gay. with
esr.ecially good buying in Wabash common and
Wisconsin Central. Illinois Central advanced in
the late trading on rumors that control OF the
road would be purchased for the purpose Of COM
pleting the community of railroad interests in
the South Canadian Pacific and stocks of sub
sidiary companies were strong features. In the
Industrial list investment buying reported
in American Grass Irvine. American Locomotive
stocks were strong in sympathy with a further
advance in International Power. Colorado Fuel
and Iron enjoyed q maximum advance of i
points while enormous dealings were reported
in the convertible ; per cent bonds The move
ment in these issues was accompanied by re-
ports that the company would be absorbed by
the United States Steel Corporation The stocks
Of the last named company were strong and
tive. being helped perhaps by the announce
ment OF the details OF the stock conversion plan.
The reduction in the Amalgamated dividend had
no important effect on the stock.
THE DAYS OPERATIONS IN BONDS