New-York tribune., 1901-03-21
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market was reactionary IN the
greater part Of the day under the influence OF
sales for both accounts. Declines. however
were not important and a rally in the last half
hour left final prices for most issues at only
small net changes as compared with Tuesdays
closing level. Despite the reaction the tone OF
speculation was good. Sentiment was not bear
tsh and the days course of values merely repre-
sented a healthful setback of sound bull mar
ket In several parts of the list marked strength
WAS shown as in the steel shares. Missouri
Pacific and Brooklyn Rapid Transit. The last
named stock bought by insiders who had
the support Of public traders of sound financial
backing The change in the company's presi-
dency was not announced until after close or
business Missouri Pacific crossed par, while
many issues made new high records in the fore
noon dealings On the decline support was
noted in the Morgan stocks and good buying
was reported throughout the list, especially in
the so-called Standard Oil securities and those
issues with which prominent banking interests
are connected Many stop loss orders were
caught in the afternoon for commission house
account with large sales in Burlington, St. Paul,
Union and Northern Pacific Selling OF the rail-
road stocks was helped by the war rumors from
China and London but the industrial shares
particularly the steel securities, not af
fected beyond small reaction from sharp ad-
apparently based upon the expected success of
- the United States Steel Corporation consolida-
ftion plan.
n Railroad earnings for the second week in
March. coming TO hand. show striking i'm
rrovement over the heavy receipts of the same
time a year ago A large volume OF business
is reported all the railroads Of the country,
and according the advices received at the
Offices Of the various companies in this city, in
and passenger traffic for many months 10 come
The greater number of railroads are suffering
from a scarcity Of cars despite the large addi-
tions that have been made to rolling stock IN
the last two years. Orders for new cars are
being placed every day, and as a consequence
the building companies are enjoying marked
financial prosperity. Big earnings among the
railroads reflect growing worth among Industrial
securities Earnings Of the solid industrial cor
porations are enormous, and preferred industrial
shares are naturally reaching higher plane as
investment issues. Quiet investment buying of
the preferred steel shares American Car and
Foundry preferred and International Paper IRE
ferTed is a feature Of the current market. These
shares are all selling under their investment
value. but their present tendency indicates that
readJustment Of market prices 70 a higher
level is under way sound Z per cent pre-
ferred industrial security selling under so IS
certainly cheap in times Of expanding prosper
ity- price Of 90 would not be dear for Ane-i-
can Car and Foundry preferred, and the chances
that some day this issue will sell above rar
There IS very little Of the stock for sale and It
will not require active demand TO advance
the price well beyond its current low quotation
The market value Of the company's stocks repre-
sents S30,0o0,000, while the value of the com
pany's plants is upward of S40000.00O.
The railroad shares cannot go up indefinitely
Present prices not abnormal, as conditions
warrant every point Of the improvement that
has so far taken place. But limit may soon
be reached. after which capital should naturally
fow into the neglected industrial issues Rail-
road stocks have advanced TO positions frcm
which there should be material declines save
speculative reactions. until the position of money
and business in this country reflects decreasing
intrinsic values. There is no reason why Bur
lington, for instance. should seek a lower level
priced securities entitled to their present
market quotations. New-York Central Penn
sylvania, Rock Island. Chicago and Eastern
Illinois have not reached the market position
warranted by their actual worth and their ros
poets. The list OF railroad stocks presents few
cases Of imitation. It would appear however
that the biggest profits are now to be ma ie In
the industrial shares and low priced railroad Is
sues that have not yet enjoyed material fmnrova
rnent The South African and Chinese situa tion
and the possibility OF coal strike are the orl1I
clouds on the Wall Street horizon at present ana
they are too small to suggest storm
THE DAYS OPERATIONS IN BONDS.