New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-07
BONDS
THE DAYS OPERATIONS IN STOCKS.


Stock market trading again wholly pro-
fessional. intensely dull and without important
price moVement. The greater number of issues
closed under Mondays final figures, the indus
trials supplying the chief points of weakness.
Industrial stocks have fallen INTO disfavor, save
as short sales, and the recent developments af-
fecting certain members of The list have made
the entire group suffer undeserved criticism and
unjust estimates of value. Weak long &C
counts Hquidated in yesterdays market,
but there was no real selling pressure, and, on
the other hand. no evidence of support. Deter
mined efforts made 10 depress the iron and
steel stocks, and further selling of Sugar
recorded. Traction shares resisted pressure
fairly well. while the railroad list in general
was steady throughout the day, with small net
gains in many instances. Various favorable de-
Velopments were not effective in stimulating
outside buying. although they doubtless
couraged confident operators to hold their
curities- The trunk line stocks bid up on
the Pennsylvania report and the February
statement of the New York Central but the
demand was limited to board room traders.
Concentration of control among the railroads
of the United States means to bring about
a stable rate situation is one of the tendencies
OF the day that is publicly announced by the
management of the Pennsylvania road in the
company's annual report, which was published
lions prevent the reduction in rates that has
been going for years have been unsuccess-
full, and the railway companies have only been
able 20 offset the decline in the ton mile rate
by a corresponding reduction in the cost of
transportation. But il now appears that the
constant decrease in expenses has about reached
ats limit, and. as the Pennsylvania report points
out, closer relations between the great trunk
lines is the only effectual remedy in sight. The
mis- with in 1ieyy
announces that il has acquired interest in
other railways and that, by uniting with the
other shareholders who control those properties
in supporting a conservative policy, reasonable
and stable rates will be secured, while unjust
discrimination will be done away with. The
unification of large railway systems through
Interchange of stock ownership means much to
the value of railroad investments, and the pol
icy Of the Pennsylvania in this respect ought to
add many points to the market quotation of the
stock.
The Pennsylvania, New-York Central, Balti-
more and Ohio, Erie and other important sys-
TENS are working lines that ought to encour
age the holder of all American railroad invest
1nents. When il is borne in mind that the ton
mile rate has fallen steadily in the last ten
years, and that in 1899 it reached point which
would have meant acute disaster had the roads
been unable to make corresponding reduction
in expenses the Importance of the current move
ment among the railroads will be appreciated
This is age when railroad managers are
striving build up and preserve their proper
ties in the interests of the stakeholder. Every
annual report that comes to hand reflects this
tendency. Railroad wreckers are in two classes,
and the one be feared the more represents the
dishonest management. In 1893 the investment
public had many examples of the inside wreck
ers' work but since that time bankrupt roads
have passed into honest hands, and stockhold-
ers are enjoying the benefits of honest
management and prosperous times. Exceptions
are rare. The Third Avenue Railroad, although
not in the class of roads referred to, furnishes
a good example of the inside wreckers' skill.
Under new management and after reorganiza-
ton, Third Avenue stocks should become safe
investment.