New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-09
RONDS.
TIE DAYS OPERATIONS IN STOCKS.

.ha s,ock market was strong and moderately
,o,i,e under the lead Of the Anthracite Coal
shares Sentiment was favorahly impressed
With the ease with which prices responded 70
che ughtest sort OF buying demand while trad
ers were inclined to take the bull side OWNS
"a the prominence Of the coal stocks which
according H. the traders way Of thinking, re-
fected the presence Of Morgan buying in. the
market In addition to the factors named an
easier money market and the declaration or the
usual quarterly sugar dividends materially as
sisted the upward course Of values Only those
tn the confidence Of the Sugar Trust managers
can say with certainty whether or not the diVl-
oends declared have been earned. but as the
GENERALLY accepted view 81 the question In the
Street Is in favor Of the theory that earnings
have fallen below dividend requirements, il
would seem that the buying of Sugar stock is
not consistent with current popular convictions
Speculation IN this stock Is 50 erratic, however,
thai It is never safe to draw a conclusion re-
earding the ultimate course Of tho security
merely from passing fluctuations. The easier
tendency IN call money was due no doubt to the
Increased inflow Of currency from the interior.
the higher rates of the last few days having at
tracted considerable amount of funds from
the West and nearby points TO this city.
bAolllt-S
animated and strong There Was aggressive
buying in all the important issues. and specu-
lation presented every Appearance Of enjoying
d renewa Of the extensive operations for
rise that have so often characterized trading
within the last two months The much-talked-
about coal deal. the details Of which are still
TOO vague to admit Of disc ussiOn. was magnIded
into a factor of enormous Dimensions furnish
ing palataole food Tor commisslon-nouse opera
tors. who readily accepted as a fact everything
they heard or read about the coal situation
The best reason for buying the coal shares Is
10 be found in trade conditions that have been
wonderfully improved by the long and cold
winter The Central and Southern Pacific stocks
rose over I'VE points and the railroad list in
general showed decided net advances. In
bonds there was an important increase in the
volume OF business. pronounced gains being
made To- many issues. New-fOrk- Susquehahha
and Western general 5s rose sharply buying
based upon the Improvement in the coal trade.
The sharp decline IN International Paper
stock was apparently due entirely to reid by
traders and selling by weakly marglned holders
There is nothing in the condition Of the com
pany thAt warrants lower prices for It's securi-
ties. while as a matter Of fact the earnings OF
the properly. It's comparatively light capitalza-
ton and its dividend record seem 10 justify the
expectal lions Of ,he real ovrers of the common
and preferred stocks that higher prices are as
sured as the result OF intrinsic worth There
are many good Industrial stocks, aud the iaci
that some bad industrial stocks are coming on
the market should lot deter investors from BUY
Ing tn shares OF those companies whose meIl'
has been proved % earnings DISCRIMINATION
should be exercised IN operating in railway
81 )cks 10 the same extent as il is opposed 10
r.lftf Ea -
'Therr are doubtful railway stocks ana there are
doubtful Industrial stocks. The sweeping criti-
cisms mace about the industrial stocks in gen
era. IL 1e cd. would lead those not &C IudInied
win the facts 20 tnirt. that industrial progress
in this country Is based upon little eise than
talk.