New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-16
BONDS.


T.
The stock market was strong on a moderately
heavy volume Of business, Dealings were con-
Quoted upon conservative basis without any
attempts To boom prices or to develop spectacu-
lar movements such as those that marked the
course of trading earlier in the week. There
was good legitimate demand for securities. and
bear efforts depress quotations were without
material effect. Buying Of the investment shares
was again feature while greater interest was
shown in Atchison and Union Pacific preference
issues Union Pacific preferred is consd-
cred Of the cheapest of the solid In
vestment securities the list, and grad
ual appreciation in its price TO par would
be in line with current expectation. Atchi-
son preferred is also we'll thought of hut Union
Pacific appears TO he held in greater regard as
an investment despite the fact that it pays i
per cent against per cent for Atchison
All the high grade stocks in demand.
Buying of representative issues has been an i'm
portant factor in the market ever since the cleo
ton, and it is generally believed that the inquiry
for the standard investment securities will con-
tinue to be a leading feature Of the market for a
long time 1t is evident that the preferred
stocks such as Union Pacific have not enjoyed
an advance in proportion to their real worth,
and when comparison is made between the mar
ket values of the common and preferred stocks
of many companies it will be seen at once that
the common issues have been advancing, while
the preferred stocks have remained without i'm
portant change. From the character of buying
yesterday it is safe to predict an important
upward move in the preferred stocks of the re-
organized railroad properties. and it also appears
safe TO count upon price near par for num-
her of attractive preference securities. Union
Pacific preferred sold at 81 in 1899 when the
common was under 30 The present difference
in market value amounts to about twelve points.
After the first hour slight reactions developed
throughout the list. but in the early afternoon
the advance was resumed and with minor ex-
ceptions prices continued their upward course
until the close
The full statement of foreign commerce for
October shows total exports in value of S163-
G93'I91. the largest for any one month in the
history Of the country. Imports under
exports by S92475,226. which, added to the trade
balance in favor Of the United States in the pre-
ceding months of the year, leaves total excess
OF exports imports for ten NORTH. in value
Of S199.C6 1886. compared with LSfV-309, 391 in
the same time a year ago. In NV of these fig
the money market situation in this country The
financial position of the United States was never
stronger than ii is to-day, and the records of
foreign trade and the credit developments Of the
last year in connection with own Govern
ment bonds and the floating of other countries
bonds in this market show that 'New-York is
becoming, if IT is not already. the leading finan-
cial centre of the world. A country's foreign
trade furnishes an excellent barometer of trade
and money conditions. In the case of the United
States this barometer shows no financial or
business clouds. while it supplies a powerful
argument for confidence in American securities
and their prospects for higher prices. Stock
speculation is running on a sound basis and
there is no excuse for the timidity and in some
cases. the assumed uneasiness Of those people
who preach that prices are too high. Prices are
too high for spectators who believe that they
will be able to make fortunes on small margins
but when II comes TO a matter of actual worth
stocks are not, in the greater number Of cases
selling up to their intrinsic valuation