New-York tribune., 1901-02-06
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Strength and activity marked the course OF
securities markets dealings yesterday The de-
mand for stocks and bonds was heavy, both for
speculative and investment account, while the
ceiling represented in most part proht taking
sales At times prices showed some irregularity,
owing 20 the realizing movement but as a
rule the tendency was toward higher level
no developments were responsible for the day
big speculation. The influence Of last weeks
railway announcement and the expectation OF
further important transactions in the railway
ana Industrial world were again the controlling
factors IN shaping speculative sentiment Easy
money contributed 10 the buoyancy. The money
market, however, was not thought Of in com
mission house circles for the reason that Gus
toners have made up their minds that their
brokers VIII have difficulty in securing al low
rates all necessary accommodation for financing
speculation. If speculation should run away
with the market and the banks find II ad-
visable TO call some Of their loans enthusiastic
spectators would be forcibly reminded that the
money market is always a factor in stock mar
ket trading. No gold was taken for export to
London, but bankers thought shipments would
be made 70 Paris tomorrow. The advance in
sterling in this market has been offset by
drop in the London price for imported gold, and
a further advance in sterling rates must take
place before gold can be sent 10 London at
profit.
Transactions were Wen distributed. with active
buying IA the recently cheap railroad stocks
such as Missouri. Kansas ana Texas common
Southern Railway and Wabash preferred. These
stocks and several others of the same class may
eventually become dividend payers, but. OF
course, their entrance 10 the dividend column
IS not near at hand. AS far dividends are
concerned it appears therefore. that these
stocks have reached a level commensurate for
the time with their intrinsic worth. The rail-
road stocks in general VIII doubtless sell higher
before protracted decline sets IN. but
tion from current prices IS certainly due. The
industrial stocks have not been active partners
in the exciting speculation Of the last two
months, and in many cases these issues are not
selling anywhere near their true value. Amer
team Car and Foundry preferred and Interna-
tional Paper preferred are good examples of
securities Of merit which have been kept down
because Of the bad repute into which virtually
the whole list has fallen. owing TO the offences
OF a few. American Car and Foundry returns
on the investment about 10 per cent. and In
ternational Paper preferred more than 10 per
cent Competition is not hurting either com
pany any more than competition IS hurting the
Pennsylvania Railroad, which showed in 1900
an increase in net earnings OF more than 81 600.
GOO no one company can hope TO control any
one branch OF trade IN these days OF expanding
industries Even the Standard Oil Company has
rivals. Good industrial preference shares are
worth buying al ruling prices.
In the last half hour the general market
showed decided strength under the influence Of
heavy buying orders. Several large orders were
executed simultaneously IN various parts OF the
list and as a consequence nearly every share
listed moved higher. The steel stocks were
features on the belief that the community OF
ownership policy would extend TO the various
steel and iron concerns Last prices We're at
the top.
THE DAYS OPERATIONS N BONDS.
cOVFRNyNfrNyT PONrDs Marie, .,ro,. rS,a,