New-York tribune., 1900-03-27
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
The stock market was again an active bull
9ffair and, while many early advances were
,huced by subsequent heavy realizing sales, the
general market presented a much higher Level
rat the close than was recorded in Saturdays
ahnal dealings London was an important factor
the buying side, its transactions reaching up
ward Of 10000 shares. Foreign operators ap
parently are bullish on American stocks, basing
s1her operations no doubt, upon the passage OF
1he gold standard act and upon the attractive
opportunities for profits in our railroad stocks
and bonds There is vast amount Of capital in
London that is seeking investment. This was
reflected in the enormous subscriptions to the
-khaki' (war) loan. offering of $50 100000 re-
sceiving bids aggregating 35OO0O00 Appli-
cations for this loan were accompanied by
enormous amount of deposits. which for the
time were withdrawn from the active market,
-but which now being released for employ
1nent elsewhere. London is not bullish on
mines and according to cable dispatches home
~-ras' are out of fashion, 1T is natural to as
eune that foreign capital will find its way into
the American market for some time TO come.
d3uying of the standard railroad shares and a
good absorption of stocks on realizing sales were
5eatures. Local banking and commission houses
were active buyers throughout the day, traders
elcne opposing the advance, Traders worked on
shey were not successful in forcing material de-
clines they found many conservative operators
NHho Joined with them in the view that the
Aet had advanced too rapidly for the best in
ferests of a bull speculation. reaction now
would help the market but the force of new
'puying may be powerful enough to prevent the
sort of reaction that bear traders working
sor. Total dealings yesterday above one
anillion shares.
Hlna
and Western has been due tc buying by people
nNho realize the value Of the stock and the value
of the Norfolk and Western Railroad Company
pas a factor in the Eastern railroad situation.
Interests identified with the Pennsylvania and
New-York Central companies have il is said,
purchased round amounts of Norfolk and West
ern securities for reasons similar to those which
induced the same interests secure a large
BLOCK of Baltimore and Ohio stock And the in
Sterests named are buying Southern Rail-
way issues. The concentration of control policy
Among the Eastern roads is being developed
rapidly and recently pointed out in The
Tribune, it will be only short time before all
the leading railroads in the East controlled
ty one of railway interests. Irrespective of
the advantages that each road will enjoy as a
result Of this policy. the actual worth OF their
securities will continue TO increase on the grow
ing traffic receipts that general in all
parts OF the country. The earnings of the roads
3n the South enormous, Prosperity has Wis
sted the South and Southwest with a force
which the average investor fails TO appreciate,
and the gain in market values of the Southern
securities has not yet adequately measured the
actual increase in the intrinsic worth of these
Investments.
Southern Railway preferred stock appears to
he on the way to 40. or better, and in time par
will not be considered dear for this investment.
il is entitled TO per cent dividends, and the
current rate of increase in earnings the COM
Iany will show surplus well in excess of 5
per cent on the preferred for the fiscal year end
dng in June The common stock is selling
level which promises to be doubled before the
company is many years older. Developments
ere said TO be pending which will add value to
Ihe worth Of Southern Railway common. but
outside Of possible developments the stock is
entitled TO higher price on the ground OF grow
ing value for growing earnings. In the South
Missouri Pacific is making rapid forward
strides. and a return to the stockholders D.
be far distant. ST. Louis and San Fran
cisco second preferred and common are attrac-
siVe: SO also is Texas and Pacific. The cheap
aailr0ad stocks did not share in the bull move
5nent OF 1899 TO any material extent. II was
the esta ablished investment shares and those
whose prospects favored immediate returns that
made last years railway market. Investment
possibilities in stocks which a year ago were
not attractive are becoming more marked every
day, especially in the issues to which reference
has just been made And in addition the stocks
OF the Mexican roads should be included.