New-York tribune., 1901-05-17
.Ex dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Further sharp recoveries were made in yes
terday's market buying for both accounts
Increased commission house orders were feat
ures OF the trading. but the general character Of
speculation, remained, however. distinctly pro-
fessional The courageous outside spectators
who were fortunate enough TO weather the panic
OF Nay are disposed TO buy stocks at the
current level. while investors who have been
waiting many weeks for bargains are quietly
picking up attractive shares OF sound railway
and industrial properties The market still pre-
sents many instances of securities selling beyond
their actual worth. In the greater number Of
cases, however. prices have fallen 10 points un-
der the intrinsic value of the securities repre-
sented while in most Of the preferred industrial
stocks the decline has been from a point that
scarcely measured real values. Safe and 4
per cent industrial stocks may be bought TO re-
turn 10 per cent as in the OF American
Car and Foundry preferred. International Pa
per preferred and International Steam Pump
preferred Discrimination by the banks against
high grade industrial stocks collateral for
loans has ceased. owing TO the more general ap-
probation OF the merits OF this class OF invest
ments.
Price fluctuations yesterday were more normal
than recently reported, while the general con-
dition OF the market was more settled. The be-
would be handled the compromise theory
helped 20 strengthen speculative confidence
while II induced buying OF the securities con-
cerned. In the early dealings the prominent
railroad shares were up from 10 points. and
although reactions from the best prices were
made before the close, final figures were at sub
stantial net gains in the greater number Of is
sues The course OF the days speculation pre-
sented no evidence Of an active resumption Of
bull enthusiasm in commission house circles
but general sentiment throughout the Street
was optimistic and more disposed to look
forward 10 higher prices after the current re-
adjustment period has come 10 an end. Panic
results do not disappear in a day. but the fact
that the recent panic was purely a stock mar
ket affair induces the belief that the injury done
viii have no permanent adverse effects on the
stock market.
Union Pacific was again the leading active
feature although II a weak exception in the
afternoon. closing al a small net loss Early
buying OF the stock was checked by reports
which were subsequently denied. that the Union
Pacific company would issue additional con-
vertible per cent bonds. 10 finance its acquisi-
ton OF Northern Pacific stock. St Paul was
bought on the theory that its interests would
be fully protected in connection with the Bur-
lington deal The traction shares were all high
er. while in the industrial lists conspicuous
strength was shown by Amalgamated Copper.
American Car and Foundry preferred. Interna-
tiOnal Pump issues and International Paper
preferred. international Pump common was
placed on a 4 per cent dividend basis yesterday
afternoon and a good demand for the stock was
reported for the account of prominent interests.
The comDanys earnings show remarkable re-
suits in the last year. international Paper pre-
ferred taken by excellent class OF buy
ers, including interests identified with the prop
erty. AS a sound 6 per cent stock, international
Paper preferred is selling at bargain level.
At Its current price the stock is - points under
its best level OF even a year ago. when the COM
pany's earnings and prospects not nearly
so good as they are at present