New-York tribune., 1901-03-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market values made further progress
toward higher level in yesterdays trading.
Irregulerity due TO profit taking sales marked
the course Of business at timos but at the close
the greater number of shares showed net ad
vances as compared with Mondays final deal
iugs. In few issues decided strength was
shown, as. for instance, in Pennsylvania Mis-
souri Pacific. Burlington. st. Louis and San
Francisco and other stocks in which special in
huences were at work. Buying Of Pennsylvania
was apparently based on the Increase in tie
company capital stock carrying the privilege Of
subscriptions al par for the stockholders. Mis-
souri, Pacific was helped by the CCmp2ny's
nual report, showing nearly per cent earned,
and by the belief that the Denver and Rio
Grande system would pass into the control of
The Missouri Pacific company. Buying Of Bur
lngton and ST. Louis and San Francisco was
doubtless due 10 the expectation that develop
ments favorably affecting the companies are
pending. Prominent interests, including the
Morgan and Standard Oil following, bought
stocks while a fair investment demand from
public operators was reported in all the leading
investment securities. In the industrial list
American Tobacco was an active feature at a
smart advance while investment buying Of In
ternational Paper preferred was reported. Con-
snlidated Gas and other local issues We're strong
on an excellent class Of buying, the demand for
Brooklyn Rapid Transit being especially good
and rejecting considerable inside buying. The
market closed strong.
Railroad earnings Cor the first week in March
show heavy gains over the corresponding time a
year ago The increases are especially signif-
cant at this time in 1909 the volume Of
traffic was large and in most cases earnings
broke all records for similar periods in other
years. Improvement is not confined to any one
section Of the country. In the Southwest strik-
ing gains continue on the St Louis Southwest
ern. Missouri Pacific, Texas Pacific and all the
other roads IN Texas and its adjacent States.
Atchson and Southern Pacific do not make
weekly reports. but officers of the companies
say that returns are breaking records Atchison
preferred stock has reached the position of
safe and attractive investment and as a , per
cent issue IT'S market value ought 10 rule above
par. Louisville and Nashville stock is in the
same class as Atchison preferred and good
market judges predict materially higher prices
for both issues. The earning power Of the
Louisville and Nashville for seven months Of the
fiscal year is represented by S192S391S gross.
Current earnings average more than 100000 a
week, and for the full year it is estimated that
the road viii show upward Of S29000o0O in
gross and Sl3AFhGUO in net earnings on this
basis there VIII be a surplus for the stock Of
over ia per cent If the road makes, however,
no more than per cent II VIII have a surplus
or ! per cent above It's dividend.
All the railroads in the country are putting
large amounts Of money into improvements. In
the greater number Of cases these expenditures
are made out Of earnings and as a consequence
the companies are adding their facilities for
handling traffic without Increasing their interest
charges. The enormous volume Of freight now
seeking transportation has made large additions
10 rolling stock necessary. Indeed. there is prob
ably not a road in the country that is not in
The market for new cars. Prosperity among the
railroads has brought prosperity 90 the well
managed car building concerns and higher prices
for their stocks. Current railroad earnings fur
niSh faithful barometer q industrial condi-
uons in all parts Of the United States and
big gains are reported week after week il natu-
rally follows that owners II stocks are not only
unwilling TO sell their holdings, but anxious TO
Increase their lines. Factors that make bull
markets may be found every side. while bear
points are not in evidence The adjustment in
stock values that began four years ago is not
Yet completed.