New-York tribune., 1900-11-10
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was again heavy and
prices as a rule, made further progress toward
q higher level Opening quotations were ro-
lowed by a short period Of reaction, but losses
made were soon recovered, and in the greater
part OF the rest of the day values showed
strength. despite enormous realizing sales'
Commission houses were active buyers. Sub
gtantial interests continued to buy their special
Ties and room traders took profits Commits
sion house selling orders were also heavy. but
sales thus made were quickly taken by new
buyers In the afternoon dealings the outside
buying surpassed all records for activity, and
total sales for the day were heavier than ever
before recorded save on January % and Janu-
ary &C. 1899. Trading included a large number
of generally inactive issues. feature Of the
DAVIS business being the wide distribution Of
dealings throughout the list There were 1Io
different issues traded in, the largest number for
any one day in the history Of the Stock Ex-
change The Industrial stocks the chief
features but in the afternoon the railroad list
became strong and active with particular
strength in the granger shares. Southern Rail
way preferred. the soft coal stocks. Union Pacific
and Reading first preferred Reference to the
detailed tables of transactions will show the
enormous activity and great price Improvement
registered in the day.
The advance in stocks has been warranted by
the results of the election. and the effect of
those results upon the Nations industries will
justify a still higher level for securities prices.
l Disturbing influences have been swept away.
Business feel free to go ahead with projects
involving enormous amounts OF money. and con-
tracts that held in allegiance pending the
election VIII now be developed. Healthful
growth in money and business is expected, and
in consequence rising market values pre-
dicted. 1t should not however be assumed that
speculation will under pressure every day
and that the present bull movement will not be
free from sharp reactions. A reaction is due
already. and decline Of point or more would
not upset the market. The heavy demands
upon the money market may yet cause some
passing disturbance in rates, which in turn
would affect stock quotations. but 1t may be put
down as certainty that on any decline due to
money factors the best kind Of buyers will be
ready to absorb securities. Stocks will be cheap
reactions. Stocks not dear now, despite
the big advance Of the last few days. Secur-
ties that selling above par and below par
have had good advance In the last four years.
but they will sell higher in the course of the
next four years, and probably reach history
making level
In the stock market industrial stocks of merit
are rapidly becoming leaders The new stocks
have gone through a period Of probation, and
they being bought their merits.
Value has taken the place Of water in many
industrial issues And the march of industrial
expansion which the sound money victory in
will add greater intrinsic value to in
dustrfal securities before the end Of the current
fiscal year. The industrial stocks have been
tried and tested. and the good issues will
move to a level more in proportion to their
actual worth. Steel and iron stocks should
naturally appeal 10 capital because OF the i'm
portance and magnitude OF the steel and iron
industry in this country. Earnings of the Fed
eral Steel Company are enormous and. notwith-
standing the decline in iron and steel prices
this year and the check to trade, profits will ag-
gregate. 1t is thought, about 20 per cent on the
common stock for the year. Profits Of the in
dustrial companies will not always be excessive,
because natural periods Of business depression
viii develop. but in the poorest Of years the
representative concerns should not find 1t diff
cult to pay dividends their preferred stocks
Few of the new industrial companies have bonds
ahead of stocks. and in consequence the greater
y hsmber OF preference issues occupy a position
equivalent to railroad bonds. International
Paper preferred is in demand from investment
sources. and it's intrinsic worth is far above the
current market value OF the long established
industrial properties Peoples Gas, Of Chicago,
IS coming into well deserved prominence. AS
g per cent stock its current market price is we'll
under its actual worth.