New-York tribune., 1899-02-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

,rba atock market was active and irresulaI'
with a strong undertone and small net gains III
MANY of the more important issues. SPecuid-
,,on IN the steel iro1 and wire shares WAS
heavy notable advances being made IN AmeF-
can steel and Wire and Federal Steel on ouY-
ing bv some Of the leading commission -houses
IN the Street Adequate explanation or the rise
in the price of the stocks named Is renec'e" in
trade statistics and IL IS therefore ho' un-
reasonable 10 believe that the iron ana steer
securities will sell we'll above their current
level before the year IS over The rapid prog
ress making in the iron business In TINS country
is almost phenomenal and the tehdehc| u
consolidation 50 general in the trade, ny "hlch
the smaller companies are placed upon he'ter
basis and the larger companies enabled 10 eN-
tend the field Of their activities. is consldera-
tion in the current etock market movement OF
the securities concerned that is daily receiving
Increased attention from capitalists ana specu-
iators Traders however should provide WIDE
margins I'm dealing in stocks of this character
ss they are subject 10 extensive fluctuations
and Will not advance without interruption.
Ontario and Western was again am active
strong feature on heavy local and foreign huy-
ing II IS said that the Nanderhilts have been
large buyers of this stock. while il IS known
that two ~ the leading hanking-houses In the
Street have acquired substantial holdings OF
the security within the last month. II Is gen
orally believed that the stock will be CLASSIFIED.
and that the preferred thus created viii he
placed on dividend basis With the current
Improvement in the coal trade and the com
panys recent acquisition Of valuable coal lands
the outlook for Ontario and Western Is certainly
bright and II the stock is ID he diViled into
common and preferred its price should sell
above its present level
London bought about 1000 shares Of on
tario and Western. and Flo"er brokers were
among the heaviest purchasers OF the stocR
while public buying Of this issue was more
marked than in any other stock on the list
The granger shares We're strong and the gen
eral railroad list frm throughout the day
Manhattan being feature. AZ early advance
IN Sugar 0~hniug was followed by decline IN
which most Of the gain was lost TIRE are
v,Irious opinions in the Street reear.'ng the
probable action Of the Sugar directors on the
dividend question next week but apparently
there IA only one opinion on the question Of the
Trusts current earning5. and that is that earn
,ngs al present are not up 20 dividend require
,nents Third Avenue Railroad stock Metro
politan American Tobacco and Consolidated
Gas were weak features The market closed al
reactions from the best figures of the day ant
at small irregular changes. As compared viii
Saturdays last quotations.
In the bond market interest las well dis
tributed. and the buving was 'ubstantal IL
character. especially in the promising issue.
that are selling under par Transactions in SaI
Antonio and Aransas Pass is were again heavy
amounting I'm par value To $31Ion, and II
well-informed circles % was predicted for thi
issue before the end of the week In the refer
ence recently made IN this column to thes
bonds they We're inadvertently classified as gen
eral mortgage bonds, when. I'm fact. they ar
first mortgage issues, the principal and interes
of which are Internationally guaranteed by th
Southern Pacific company. From the know
character Of the bonds and the earning powe
Of the road which they represent. it would seen
that their present market value was much to
low. especially in view of the benefit that VII
accrue to the company from the Central Paci6
readjustment plan.