New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Heavy dealings throughout the list marked
Yhe course of stock market trading yesterday
Total transactions amounted to 1.510,244 shares
with the heaviest business in the current specu-
lative favorites including Union Pacific ano
Southern Pacific in which renewed operations
for higher pr>ces were apparently under way
Although there considerable irregularlty IN
the movement of prices further progress was
made toward a higher level, final quotations
showing net gains in the greater number OF
issues Buying Of Union Pacific and Southern
Pacific was evidently from the same source. and
doubtless from people who are well posted re-
gardfng the two companies. Southern Paclnc is
considered safe stock to hold for long price
as 1t is practically certain that the issue VIII
eventually become a solid investment security.
The company could pay a dividend at once, out
the policy Of the management is TO spend
large amount Of money the property out Of
earnings rather than to distribute its surplus
10 the stockholders at present. The property
needs the money, and the stockholders will bene-
at from current expenditures by permanent
future dividends. Improvement work on the
Southern Pacific is strikingly illustrated on the
oompany's Ogden route where vast amount
Of time labor and money are being expended
In reducing grades and eliminating curves. Ten
years ago the Central Pacific Railroad, now an
important part Of the Southern Pacifs system,
was little more than rusty rails on rotten ties,
with ANTICIPATED equipment. A ride over the line
to-day reveals conditions just the opposite Of
those named
The wonderful development of American rail-
ways in the last few years has added millions Of
dollars to the actual worth of securities, but in
many cases market quotations fail to reflect the
actual Improvement. Buying of the cheap priced
railway shares, however. doubtless indicates
that substantial interests realize that the small
roads, as well the large roads, have ad-
yanced and have added worth to their securi-
ties Stocks such Wisconsin Central Des
Moines and Fort Dodge, Chicago Great Western
Kansas City Southern and Detroit Southern are
cheap at going prices. Further activity in Read
ing issues was reported yesterday, and renewed
reports that Pennsylvania interests might Sc
cure control Of the road were circulated Per-
heps the strong possibility that the second pre-
ferred stock will receive dividend of per
cent In the fall induced some Of the buying of
Reading shares. 1t was suggested in some quar-
tiers that Mr.. Gates buying the common
and the creduous part Of the Street was ready
to believe that another big railway deal. backed
by the so-called Gates crowd, was under way.
1t Will be a long time before the Street will re-
fuse 20 believe that Mr.. Gates is not connected
with every active movement in the stock mar
ket The so-called Gates element will doubtless
be prominent in the market for a long time. as
its operations are based on theories that are
backed by the prosperity of the country. The
men who have come out of the West to Wall
Street are certainly well informed regarding,
and great believers in, the prosperity Of the
United States
There was a good commission house demand
for stocks yesterday, and holders who had Sc
c,rrities to sell found the public ready to buy.
Realizing sales were extremely heavy, but prices
held up remarkably well until the close, the
market showing great power of absorption, and
Increasing breadth. In addition to the stocks al
ready named conspicuous strength shown
In the railroad list by st. Paul Canadian Pacific,
Chesapeake and Ohio, Kansas and Texas issues.
the Gould shares. Colorado Southern, Illinois
Central and Mexican Central Louisville and
Nashville closed under Thursdays final price.
after moving over a range of points. South
ern Railway up fraction. In the indus
trial list further investment buying report
ed In American Grass Irvine. On small trans
actions American Car and Foundry advanced
nearly point Colorado Fuel and Iron and the
Steel shares were strong, while International
Power advanced again under the influence of
bull manipulation. This stock is now selling at
a price that suggests sharp speculative set
back before long.
According 10 the known movement Of money
In the week. the local banks have increased
their cash holdings, but estimates regarding the
surplus reserve are impossible. owing to the I'M
certainty the loan item The activity in
stocks in the week may cause an increase in
loans, although IL is thought IN some quarters
that the larger part Of the loans made in the
week Were outside the associated banks. Many
sterling bills have been drawn in the week
while many loans have been Hquidated.
THE DAYS OPERATIONS IN BONDS.