New-York tribune., 1900-04-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Strength and activity marked the course Of
dealings i'll yesterdays stock market. London
bought stocks here and local banking houses
were buyers of the standaId d shares. New York
Central and Pennsylvania were in good demand,
and throughout the list of attractive dividend
paying shares the best kind OF buying was re-
ported. Interest in the railroad stocks is al
ways an encouraging indication of substantial
bull market. and in the present case It reflects
not only buying by investors but speculative
demand from an important class Of operators
who dsgusted with the stock jobbing meth
DDS as revealed in certain recent industrial COM
pany developments Many industrial shares are
we'll worth buying, but at the moment many is
sues of this class are in dsfavor because of the
developments affecting few. When the time
comes for a striking advance in the Industrial
stocks issues such as American Car and Foundry
preferred and American Cotton Oil will doubt
less enjoy the Improvement to which they are
entitled by their actual worth and by the nom
speculative and good management of the COM
panies which they represent. In the late deal
ings activity in the Pennsylvania stock in
creased and the price recorded striking ad-
vance. AS an investment proposition Pennsyl-
vania is one of the best on the list.
Activity in the Pacific issues was feature
III yesterdays market and new high records
made by Northern Pacific common and
Union Pacific common. These stocks have been
moving toward higher level for several weeks
in response to their growing actual worth, and
it is probable that they will make material fur
ther Improvement before the current movement
its course. Union Pacific common will
doubtless be placed upon a regular per cent
basis this year, and if the company continues
to share in industrial activity the future In
vestment position of the stock may be on a j
host into Do
entitled to more than 4 per cent. and a 4
per cent stock of recognized merit 1t ought to
sell in the neighborhood of 90 or better South
ern Pacific Is candidate for dividends this
year. and 1t is generally believed that it will be
placed In the dividend column in the coming
summer. The Western and Southwestern rail-
roads returning traffic receipts in unprece-
dented volume. The movement of freight Is
enormous and rates are we'll maintained Atch-
ison has already made its entire years in
terest charges and earnings indicate sub
stantial surplus for the common in excess of
. per cent on the preferred. Conservative esti-
mates do not encourage the expectation that the
gain in net earnings in the rest of the year will
be as heavy as in January and February but 1t
is considered probable that over per cent will
be shown on the common. Atchison is essen
tally corn road, and 1t has already engaged
its biggest movement of grain traffic for the
year. 1t is more than likely that the surplus
for the year above preferred dividends will be
used on the property rather than as a pay
ment to the common stock holders. On the as
sumption that Atchson will show monthly in
creases in earnings in the rest of the wear
equal to the February increase the common
stock will earn over per cent, but such an as
sumption is not warranted at present.