New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-02
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The stock market was again dull and irregu-
lar, with weakness at the close. Professional
Wall Street based its operations the proba-
bf1ity of bad bank statement tomorrow and
IN the absence of adverse developments fur
Their declines to-day will represent a continue
tion of this discountng process. The banking
section of the Street is not alarmed over falling
cash holdings IL is believed that after the
passage Of the Currency bill the local supply Of
funds and the supply throughout the country
will be heavily increased by new circulation
which the banks will be able TO take out under
the provisions of the bill relating to refunding
and National banks. The much wasted Third
Avenue stock tumbled about in uncertain
manner throughout the day ending at net
loss Of 81 points. 1t is safe to say that the in
fluence of this stock upon general speculation
has reached its limit. but safely
predict what the stock will do pending the re-
organization of the company. That will depend
a good deal upon the basis Of the reorganiza-
ton. If il is found necessary to make a large
assessment on the stock. its price will doubt
less go lower The railroad stocks were
bought, and the decline the good industrals
were quickly absorbed. The market was weak
in the final trading, with substantial losses in
the traction and industrial issues.
Buying Of the low priced securities will doubt
less be feature of stock market trading this
year The growing value Of the cheap stocks is
attracting attention TO this class of issues and
il ought not TO be very long time before con-
siderable price Improvement Is recorded South
ern Railway common has been active In the last
two days: also Atchison common. two stocks
which are both entitled to a better market
valuation. 1t is generally conceded that South
Railway common is worth intrnsically as
much as Atchison common, despite the differ
ence in their quotations, and good market
judges believe that the first named will reach
e level corresponding TO that of Atchson COM
mon. The enormous gross earnings of both
systems and the great gain in net returns have
added value TO the common stocks in the last
six months which has not been reflected In mar
ket quotations. A range Of 80 for both would
not represent imitation All Of the roads in the
South are prosperous. Louisville and Nashville
IS doing business that warrants better price
for its stock; also st. Louis Southwestern, Mis-
souri, Pacific, Texas Pacific and Norfolk and
Western.
Norfolk and Western and all the soft coal
properties are attractive market propositions,
owing to the activity in the soft coal trade, &C
companed by higher prices. Norfolk and West
common has had a considerable advance.
but it is generally believed that il will 40
in the current movement. Wheeling and Lake
Erie issues considered cheap at ruling
prices. Anthracite coal companies also en-
joying a splendid business, and speculative SEN
timent is favorably disposed toward the low
priced stocks OF this group. Reading securities
are backed by q company ably managed and
rich in prospects for a long period Of heavy
business The big earnings of the Erie Railroad
should induce buying of the Erie stocks before
long. especially the first preferred. which is not
so far away from a dividend many people
imagine In view Of the probable aggressive
ness of the bear element incident to the po-
litical campaign this year. the low priced stocks
appear to offer the safest opportunities for
traders who not able to hold high priced
stocks in times of sudden declines. D 10
per cent margin on Southern Railway common,
for instance, goes a long way. and involves only
insignificant interest charges. The cheap stocks
are worth holding for speculative profits The
higher priced stocks are safe enough for people
with big bank accounts. All stocks will doubt
less sell higher but temporary fluctuations may
be large enough to wipe out the operator who
has more enthusiasm than margin.
There good demand for bonds in yester-
days market and prices were strong and high
err Railroad stocks generally strong. and
closed net gains in most instances, the losses
being confined to the traction and industrial
stocks