New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-04-03
BONDS.
sex dividend.
THE DAYS OPERATIONS IN STOCKS.

sex dividend.
THE DAYS OPERATIONS IN STOCKS.
The stock market active ard generally
higher in the early dealings Realizing sales
were heavy. and inside liquidation was noticed
in many issues, but the force of new buying
was powerful enough offset the selling
pressure until the last hour, when prices fell
off throughout. A break in Federal Steel COM
mon in the afternoon led to liquidation and
bear pressure elsewhere in the list, which. with
g reduction in commission house buying, re-
suited in net losses in the greater number of
active issues. London was again active
buyer and commission houses had large orders
from their customers. The steel stocks and the
railway shares, particularly the Western group,
were in good demand; also Peoples Gas, which
made further striking Improvement. Chicago is
not suffering from q gas The Peoples Gas
Company trade opposition has not been i'm
portant. as the only outside company. the Og-
den does not possess the resources necessary
to dangerous competition. The Ogden company
may, however. grow in time. and 1t Is there
fore natural to assume that the Peoples COM
pany will absorb it before 1t has the oppor-
tunity become troublesome. The advance in
the price of Peoples Gas stock has been due in
part TO the reports that the Ogden company
would be absorbed, but no small proportion of
anxious TO secure a good per cent stock at
bargain prices. The so-called Flower group of
stocks is increasing in public favor and the
buying Of Peoples Gas Federal Steel preferred
and Rock Island represents the best class of
operators.
II is believed that Rock Island will sell much
higher in the current movement Compared
with other ) per cent railroad stocks, Rock ISL
and is selling too low. its present price being
eight points under its best quotation Of year
ago. Rock Island has become of the stand
ard shares The property is ably managed. its
earnings are heavy. and its position a steady
investment payer is assured The railroads in
the West attractive speculative propositions
and the greater number of Western railroad
securities good investments. The West is
growing up to its railway mileage, and little
new railway building is under way. The West
ern roads We're constructed at rate in excess
Of the country's requirements at the time of
building but the present day records the de-
velopment and progress in wealth. population
and industry upon which the pioneers of West
ern railway building counted. This progress
viii on, and railroads will pay their stock
holders well. And in the West as in the East
the concentration of control tendency will pre-
vent destructive competition rate cutting and
excessive railroad building. The Western roads
no longer depend upon the crops alone for their
profits. Farm products viii. Of course always
be an important factor in Western railway re-
ceipts. but the industrial activity in general
that is growing to large proportions In the West
and the increased power of consumption for the
manufactured products Of the East will con-
stantly become more important as factors in
Western traffic receipts.
The good showing made by Saturdays bank
statement was reflected in increased speculative
enthusiasm in yesterdays early market Pre-
dictions made several weeks age that bank hold
ings would steadily improve are being justified
by the current movement of money and IL is
safe to say that the gain In cash and surplus
IN the last few weeks will be supplemented by
further additions for many weeks to come
Money market conditions encourage the belief
that stock market activity will continue and
all other factors in the situation point in the
direction of higher market values Reactions
from present prices may be expected, but they
should not cause the sale at loss OF we'll pro-
tected holdings. Profit taking on purchases
made before the current movement started is
tempting at this level, and it is well for the
health Of the market that such sales are feat
ures Of present trading Spec ulative and in
vestment buying is extending to securities that
have been neglected for months, and holders
Of such issues have the prospect Of realizing
long hoped for profits on this advance The
very cheap and medium priced shares are being
taken up by speculative pools and public buy
ing. Value in the cheap stocks is a. growing
quantity. Growing actual value will be fol-
lowed by rising market quotations. and bar
ring some unforeseen development the rise
should run until market quotations measure
intrinsic worth.