New-York tribune., 1900-12-12
BONDS.
THE DAYS OPERATIONS IN STOCKS

Prices were generally higher throughout the
ust IN yesterdays market Commission houses
were more active, and good class OF buyers
appeared 20 be picking up securities and profes-
s!onal traders made little effort 90 change the
course Of values. the declines being confined 20
rFtocls IN which developments affecting the COM
panies represented were thought to warrant
lower prices. Activity in bonds continued. The
Erie issues. Reading general IS. Atchison ad-
5ustment Is, Northern Pacific 3s and As, New
York. susquehanna and Western general 5s and
many other attractive mortgage Issues were
bought for investment and speculative account.
Values of the greater number Of bonds are not
high Indeed, IN many cases prices are absurdly
low, and Il is probably due 70 q recognition Of
this fact that so much capital Is now going into
the securities that are selling below par
slightly above par. A good 4 per cent bond be-
low par Is cheap and good per cent bond at
par s a positive bargain. II credit were poor. II
general conditions governing the actual value
az railway mortgages were unsettled or IN danger
Of collapse. talk Of current prices being high
might be justified; but. with conditions they
are bond values VIII IN most cases. have TO ad-
vance many points before becoming the true
measure OF intrinsic worth. Value IS going into
the cheap stocks and cheap bonds. and ultimate
iy the low priced securities OF merit VIII find
their proper position in the stock market
The concentration Of control policy that was
started among the leading anthracite coal prop
critics several years ago has probably reached
the final step IN its development by the transfer
Of stock holdings by certain anthracite coal COM
panies IN the last few days. With an absolute
control Of the trade the so-caIed coal combine
win prevent the building OF an independent coal
carrying road TO tidewater, the reason for such
q road VIII no longer exist. The coal road
stocks were naturally features IN yesterdays
market Erie. Reading. Ontario and Western and
Delaware and Hudson issues showing great ac-
tiyfty and strength. Erie first preferred and
Reading first preferred are fair investment
propositions and Ontario and Western will
doubtless make good returns to people who buy
It as a speculation. II the latter named stock
Is held long enough II win undoubtedly make
an investment return. earnings IN the last
two years have been above per cent on the
oompany's heavy capitalization. The hard and
soft coal stocks and the better class OF steel and
iron stocks present attractive investment ana
speculative opportunities and purchases made
at the prevailing level ought 20 result In fair
profits before the end OF January. Lower quo
tations are looked for by many Wall Street OBJ
servers before prices go materially higher but
few. II any. market followers express uncer-
tainty over the probable course OF speculation
early IN 1901. The fact that many people ex-
pect a bun market in January and are now try
ing buy securities 10 sell on the expected rise
may prevent any decided setback IN prices this
month despite possible temporary disturbance
IN money.
The general course OF speculation in yester-
days market showed decided Improvement IN
the volume OF public buying. Transactions were
well distributed. and the advance was well main
tanned throughout the day last prices exhibiting
long list OF net gains which IN many cases rose
from 10 per cent In the last hour prices
were helped by the report that the Secretary Of
the Treasury had decided 10 purchase $4,000 600
% Government bonds IN the open market The
Pacific, Southwestern and granger shares were
strong and higher. Call money ruled at 5ls per
cent and further weakness was reported in for
eign exchange quotations.