New-York tribune., 1902-05-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

c+ocr roarl.e, values were generally firm on a
small volume of business. Commission houses
were not active factors in the market while the
more important speculative interests were not
disposed TO enter extensively into securities op-
erations In A few issues, however, buying by
the leading Wall Street houses was reported
and II was generally believed that quiet accumu-
tation Of good stocks was under way. Profess
sionaI traders apparently were timtd in selling
the market short as in the greater number or
cases operations resulted in advances. especially
In Chicago and Alton, ''Monon" Illinois Central
Kansas City Southern Lake Erie and western
New-York Chicago and st. Louis. Virginia
Carolina Chemical and Wabash. The advance
In Wabash common stock was accompanied by
reports that new interests were endeavoring to
secure control of the property. The Goulds and
their friends hold control of the Wabash sys-
tenn and as they have just perfected plans by
which the company will have a udewater Ter
u1inal and form important link in the Gould
system of transcontinental roads. IT is not likely
that control will be turned over TO outside in
terests.
Wabash has a great future, and its securities
offer splendid opportunities for profit. Many
wears ago. back in 1881, Wabash sold above 80.
INT the condition and prospects OF the property
were not really as promising at that time as
they are to-day. Coal strike possibilities were
without effect market values. save IN re-
stricting trading in the anthracite shares. Local
money market rates were easier, crop reports
were favorable and railroad earnings showed
heavy gains over the same time year ago. For
the first week in May railroads throughout the
cgxnnry present large increases over the same
period in 1901, when, 1t may he remembered
traffic returns broke all records for May. The
railroads in the United States are in better con-
difion to-day than ever before in their history
and people who worried over the current So
called high prices Of securities will derive much
information and profit from careful study OF
these conditions.
The larger railroads throughout the country
are actively engaged in operations that VIII
strengthen their physical and financial position
A vigorous progressive policy has developed
and as q consequence, the railway map Is
changing rapidly. showing the effect Of the con-
centration Of control plans and the influence Of
new lines that are now building or being pro-
jected. This tendency means much for Invest
ors. II means larger earnings. greater stability
of rates and increased investment values. In
the last few weeks control Of the Louisville and
Nashville and the "Monon" systems has passed
IN interests identified with the Southern Rail-
Nay the result OF which will be heavier earn
tngs for all these properties. Rock Island is
aggressively pushing its lines into new territory,
the Goulds have just secured roads that VIII
give them a direct line from the Great Lakes
10 tideWater and practically line from the
Pacific TO the Atlantic. In Colorado new line
IS TO be run from Denver TO salt Lake CITY, ana
from Salt Lake 10 Los Angeles Cal. two new
roads are now in course Of construction Move
rnents are going in the East that evidently
have for their object closer control OF the ROADS
in the so-called Vanderbilt system, while the
recent heavy buying of Reading shares suggests
that the Pennsylvania will at no remote period
be the dominating factor in the Reading COM
pany.s ,,,,
There are doubtless pending many big railway
deals OF which the public is not informed, and
which NAV not develop until after decision has
been given in the Northern Securities case. A
few wears ago the idea Of the Union PACING ouy-
ing the Southern Pacific or the Great Northern
and Northern Pacific buying the burlington
,vould have created little more than laughter
hut these deals have been accomplished never
theless and other schemes that now appear I'M
nossible to many minds will undoubtedly be car
ried through successfully as the TWO named.
The growth and prosperity Of the country have
created new conditions in the railway world:
THESE conditions are appreciated by railroad
men and hnancers, and as they are based on
such substantial foundations, there is no reason
10 expect collapse in the railroad situation.
THE nays OPERATIONS IN BONDS.