New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-20
THE WEEKS OPERATIONS IN STOCKS

THE WEEKS OPERATIONS IN STOChS
Desn,te the attitude that many important
,oa~ke, interests and professional traders have
taken in favor OF a further reaction in the stock
market prices are steadily creeping higher. and
re,euad nublic interest is again becoming
factor in speculation. The bull movement APP
narentlv is not over IT has taken a refreshing
recess since January. and now presents every
evidence Of marching along with Increased
strength and vigor Easy money and confidence
IN business conditions are factors which stimu-
,ate q speculative spirit. And long as these
factors continue in a state Of expansion It VIII
he extremely difficult to repress the speculative
desire 10 operate in the securities market LOOK
AT a few facts underlying market values-bahk
statistics never before equalled in the history oil
the country; heavy railroad earnings and bigger
exports than ever before recorded. The Treas
ury and the banks are filed with gold. while the
domestic production Of the precious metal was
never larger. Local and interior banks never
had so much money to lend as at present, and
the country never before held a bigger credit
balance abroad. Notwithstanding recent enor-
nous liquidation Of fOreign-held American Sc
curities February in former years has not been
q bull month But February. 1S'D. finds the
country and the peoples bank accounts IN bet
shape than
wears. and it finds the position of business and
commerce so inspiring that many market ioI-
lowers see higher prices ahead TO take advan-
tage Of which they are now absorbing the dlNl-
dend-paying stocks and those issues whose
prospects warrant the belief that they, too, must
make returns TO their owners at no distant
period
fresh impetus was given TO stock-marKe'
trading last week by the thrteenpo advance
in Chicago. Burlington and quincy and by the
presence in the market OF interests whose plans
involve important financial transactions Inc
dealings in Burlington in the week resulted III
Il noteworthy change i'm the ownership OF tha'
stock and it is now believed that the controi OF
the company is in the hands OF banking inter-
ests who favor the refunding of the ROAD Dohu-
cd debt in a bond bearing interest at the rate
Of 3D. per cent The saving in interest charges
on the outstanding bonds including those OF
controlled roads maturing from 1900 to l"l"' al
this rate would amount TO S2oll,42N' ana on
The bonds maturing from 1918 10 l"26 to Sl,4Sl'-
613 a total saving Of $3493Oil, or about per
cent on the stock In the last fiscal year Bur-
Nagton showed a surplus Of S1.392G66. after all
charges. including ~ per cent in dividends and
81 900 600 set aside for the renewal fuhd. Inc
company is now paying per cent end earning
dend rate the price Of the stock will doubtless
sell higher on the substantial character OF the
investment That confidence In the company IS
rapidlv Increasing among Investors Is reflected
in the current Increase in the stock. due TO the
exchange Of its convertible bonds FOR Stock the
amount outstanding of these bonds having been
reduced by about SGOOOO0O with correspond
ing Increase in the share capital. The advance
in burlington has attracted renewed attention
10 all Of the granger railway securities. and 1t
is not improbable that Rock Island ana 81 faui
Will make striking advances toward hlsher
level on the same kind Of buying that has ad-
vanced Burllngto to its present quotation Ohl-
caro Grea; Western is one Of the smaller West
ern companies that promise 10 follow the root
steps of it's bigger companions
In the Southwestern group Of roads Atchison
continues 10 occupy the leading place as candi-
date for a higher market value Tor us STOCKS
ana bonds The growth Of business along thlT
line has been phenomenal the CONSERVATISM
and Intelligence Of the companys management
have placed the road in splendid financial ana
nhvscal condition. and with increasing franc
receipts and lower cost OF leIauoh avon, ii Pii,S
level FOR the common and preferred stocks much
above their present quotations is pracucaHy as
sured St Louis and san FRANCISCO, once
mart Of the Atchison system. Is making money
and paving dividends on its first ana second pre-
ferrel stocks. As speculative poSSlDhlty the
common stock IS very attractive. Ana thefe i
hat
which is sharing in the TeVlVinB prosperity ~
tho Southwest and which Will also share IN the
market improvement promised foT the railway
stocks representinC the properties IN mat par
Of the country. This Ioad VIII ueHeit sIeauS
Nv he chicago and Alton deal, which is now as
sured Of success. as the holders or Chicaeo ana
Alton stock are gradually realizing that thei
best interests lie in accepting the generous terms
offered 70 them for their hoIdlhgs by 'he III
terests concerned in the deal
The rapid increase in industrial stocks. due &c
,he formation Of countless combinations IN al
parts Of the country. may have an adverse IN
axanca ON the stock market at some future
- md for this reason discrimination and
car,ion should be exercised 10y all purchasers OF
,be securities Of industrial concerns a Well
managed Industrial company. however, ought II
be as safe channel for the INVESTMENT OF IuhdS
as reI-n,anaged railway. and it will he found
,non examination that the records Of substantial
tndustrial companies in times OF business De
nression have been as good as the RECORDS OF
large railway corporations nave been in me
sa,De neriods There are bad railroad Stocks
"a ,bere are bad industrial stocks In the long
MN market prices bear a strong relation 70 in
,rinsic merit despite manipulation and Imitation
~ Temporary duration. and II "A stock mas merit
q ,,ii stand on that merit seeking the level
warranted by dividend returns. and not selling
for any length Of time at a level induced 10y
rn,nipulation for a rise or a fall. The market
rrice Of gas companies reflects that they have
intrinsic worth as investments. The rapid for
ward strides made by the steel and iron bust
ness in this country show that the steel and
iron business must make profitable return on
money invested in II. And so II is in all or the
important Industries which are supported by
The growing demand and consumption Of great
and growing country. Peoples Gas stock IL
constantly attacked by the bears, but IL Is
gradually seeking a higher level on It's dividend
record. The Federal Steel securities are seek
ing higher level because their value is based
upon one of the greatest and what promises t.
be the most profitable business in the country