New-York tribune., 1901-03-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

First class stocks were in excellent demand
yesterday. Investment buying was reported III
many issues. while substantial speculative in
terests We're active in the securities OF COM
panies in which important Developments are said
10 be pending. The movement Of Burlington
shares was again a striking feature Of the days
trading Here is a stock that has become
high class investment security as result o. the
conpany's good management and big earnings,
and even if current reports regarding the future
of the road are not true the stock is entitled 10
its advance on its existing merits But there is
good reason for believing that the intrinsic
worth OF Burlington stock is to be largely in
creased through the carrying ont Of important
plans now under consideration. The extension
of the community Of control scheme among the
American railroads has not yet reached its
limit especially in the Northwest and South
west and the day viii doubtless come when
n al the companies nov outside the community
Of ownership will be admitted to the fold. Bur
lington may not figure in place Of ST. Paul in
the proposed Northwestern deal, as other plans
are said TO be under way by which Burlington
will be dominated by the Pennsylvania The
leading granger shares are sound investments
Rock Island without an increase in its dividend
rate is attractive while if the rate should he
advanced TO 6 per cent the stock will be cheap
at ruling prices
The Southwestern stocks We're helped by the
reported statement Of the president of the Mis-
souri Pacific regarding the railroad outlook in
the Southwest ana the country in general.
Earnings Of the roads in Texas and adjacent
States are enormous, breaking all records Of
preceding years and adding value 10 securities
that few years ago possessed no investment
worth. ST. Louis and San Francisco common
furnishes a notable example Of the rapid in
Of bE4 cr,1
securities. a year ago this issue was neglected
at 10 while to-day it is in demand near 40. The
read is now earning at rate Of per cent on
both the first and second preferred and a sub
stantial surplus the common. St Louis
Southwestern preferred and Texas and Pacific
have doubled in actual and market value in the
last year: also Missouri Pacific and Missouri.
Kansas and Texas. Important banking inter
ests have bought the Southwestern stocks in
the last few months, and they apparently have
no intention Of selling at going quotations.
Rock Islands influence in the Southwest is in
creaoing Its future relations with the Atchison
may have considerable effect uoon prices, 5
both Atchison preferred ana Rock Island are
selling under their actual value. Southern Pa
ciic is spending a large amount Of money on the
property. and the stock viii repay patient hold
ers.
There was irregularity in yesterdays market,
due 10 realizing sales, but as a rule prices
tended toward a higher level in the greater part
OF the day. Traders were bullish. This element
has apparently given up the idea Of a bear cam
paign al present, owing doubt, TO the
strength Of technical conditions and the refusal
Of large interests TO assist in any operations
tending 10 upset the market. Important inter
ests are sustaining prices. and as long they
maintain their present position serious declines
VIII be impossible. The steel stocks and Ameri-
can Smelling inclined toward heaviness
yesterday, but elsewhere the industrials were
generally strong, on a good class OF buying: In
ternational Paper preferred was again con-
spicuous strong feature. The current move
ment in this stock is warranted by the actual
worth Of the security, and an advance TO 80
would be justified. While the company is earn
ing at the rate OF 10 per cent on the common
stock no dividend viii be declared on this issue
az present. Active profit taking in the last
half hour was followed by bear attacks. but de-
clines were not extensive, while final prices
were rule al net advances.