New-York tribune., 1900-10-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Further activity and strength marked the
course Of stock market trading yesterday. Spec
ulation for the account Of the so called public
active, while increased buying for substan-
tial market interests was recorded. Room trad
worked both sides of the market, but
were sellers on balance. Strength in leading in
vestment issues. such Pennsylvania and New
York Central a feature that attracted
good deal Of confident buying throughout the
list, buyers believing it wise to follow the lead
of the powerful capitalists who are interested
in the standard investment companies While
the high class shares were in demand, the
cheaper issues again received considerable at
tention, especially the cheaper industrials and
the medium priced railway stocks that possess
q value not measured by current market quo
tations. 1t viii pay the patient operator to buy
and hold low priced stocks of intrinsic worth.
If the country continues to move forward in its
industries non-dividend paying securities will
gradually advance to the investment column,
and in time the prominent issues will
be on a level with many of the representative
securities Of the present. In the group of
medium priced stocks it Will not be long before
the Union Pacific issues Southern Railway pre-
ferred and Northern Pacific preferred will equal
in value IL investors opinion stocks of the St
Paul and Burlington standards.
Growing industries will surely follow the de-
feat Of Organism in November. Indeed the gen
eral expectation in business circles that Presi-
dent Mckinley will be reelected has already
awakened the countrys business from the sum-
dulness and from the hesitancy incident
TO the political campaign. With expanding in
dustries values Of industrial stocks as invest
ments Will improve, and, despite the black eye
that some industrial stocks have received in the
last year. the issues of merit will rise to the
level that actual value warrants The seasoning
process in industrial securities has about run
its course. Good stocks will work higher, and
after time the worthless issues will drop out
Of sight. Earnings of the greater number of the
new Industrial concerns do not represent income
from industries Most of the big industrial
companies are combinations Of long established
and money making concerns that have proved
their ability to make heavy profits. Central
ization of control among industrial companies
and railway companies has reduced expenses
and increased the chances of profit, and where
the combined industrial concerns have come to-
gether for making money rather than for SELL
ing worthless stock results have been encourag-
ing and more than gratifying from the invest
ment point of view Growing business and
sound management will bring the good indus
trial securities to the front, and the time will
doubtless come when many of the present in
dustrial issues may have much investment
value and public regard as now noted in the
case OF lNe Gulliilan anu STANDARD Oll SHARES.
Preferred stocks Of many Of the new industrial
companies attractive purchases at the rul-
ing level, and it is not improbable that they
viii be in active demand many points higher
Total dealings in yesterdays market were
heavier than Tuesday, and on a par with
, Mondays big record. The distribution Of bust
: ness good. the market being one of many
features. London bought its specialties save
Northern Pacific common and local commission
houses had buying orders in all the prominent
stocks. Boston houses were heavy buyers Of
Mexican Central, and points were out to buy
this stock and Mexican National Silver was
again higher, and ii was argued that the MexI-
can railroad securities should measure in mar
ket value the advance in the commercial price
Of the white metal AS good speculative propo-
stions, the Mexican Central and Mexican Ma
uQnal stocks attractive. Room traders
were active sellers in the last hour but the mar
ket maintained a fair degree of strength up TO
the close. AtchisOn preferred, Baltimore and
Ohis and Northern Pacific sold off a little under
pressure. and the steel stocks were somewhat
heavy. Buying throughout the day was better
than the selling. Sterling exchange declined
again, and an engagement of gold for import
was announced.
THE DAYS OPERATIONS IN BONDS