New-York tribune., 1900-05-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Trading in yesterdays stock market not
heavy. and prices. while firm and higher. did
not move in response 10 significant buying. The
professional element finding support in ef
forts reduce values worked the long side
of the market. and in consequence quotations
enjoyed slow Improvement throughout the day.
Missouri Pacific the only noteworthy weak
feature. and its early sharp decline
cred in part before the close. This stock was
sold on account of the proposed increase in the
outstanding capital stock by S15,000,000. Wall
Street does not take kindly to an increase in
stock by a non-divi6end paying company, but in
the Gaze of Missouri Pacifc's proposed issue,
the provision of the new debenture mortgage
gives absolute protection to the stockholders
against any issue of stock except to retire
equal amount of bonded Indebtedness Mis-
souri, Pacific will doubtless pay a dividend some
day. but despite the fact that rumor credits the
company with earnings equal to 10 per cent
the stock the chances of an immediate return
are not promising. The road is doing. however.
a good business, and it is undergoing a financial
reorganization which eventually will make the
stock a valuable investment. All the stocks of
the Southwestern railroad companies worth
the attention of people who willing to oper
ate for a long pull rather than for quick results.
ST. Louis Southwestern is making record that
promises to develop into dividends the pre-
ferred stock at no remote period, and then the
securities of this company likely to appre
ciate in value through the concentration of
control policy which will doubtless be worked
out on lines similar to those Of the Vanderbilt
and Pennsylvania interests in the North. South
and West.
The steel stocks engaged sharp recoveries in
yesterdays early market. and the railroad list
generally firm and higher Sugar Refining
was heavy, but elsewhere in the industrial list
prices were well maintained in the morning
trading Bear organs are predicting serious
slump in values the result OF the current
backing and filling market. Lower prices than
any hitherto recorded said to be in sight, and
holders margin are warned to close out their
accounts. A big slump in values is possible but
people ought not ID sell well protected stocks.
II slump develops big rally will follow and
holders who have held on long this will
doubtless find il profitable to add more margin
to their accounts and wait for the inevitable
coVery- Stocks not a sale their merits.
If they there would be heavy liquidation
by capitalists. Capitalists selling. and
every decline they add 10 their holdings. If
prices should suddenly break, bargain hunters
would take all offerings and we'll protected hold
ers would practically sacrifice their money if
they sold. Politics. business and money present
no arguments that prove that a great
Nation such the United States is going into
bankruptcy- Real value will not sink of
sight
The general tone Of current speculation is not
especially encouraging for the advocates of lower
prices, and in yesterdays market traders were
not quite confident that the bear side was as
safe as bear organs insisted. After early
strength the steel stocks and Industrial issues
In general became heavy, but closed at marked
Improvement from the lowest prices of the dav
northern Pacific common and Atchison pre-
lered were in demand, and the granger shares
were higher. The traction shares and Sugar
Rehning We're somewhat neglected. The market
cosed strong. with net gains throughout.