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

Irregularity again marked the course Of prices
in yesterdays securities markets. The under
tone. how ever. was strong and at the close the
greater number Of issues showed net gains as
compared with Tuesdays final figures. Com
mission house business was heavy. Sentiment
was generally bullish especially in regard TO
the prime industrial issues and the cheaper
priced railroad shares that are still selling under
their actual worth. The disposition 10 buy at
tractive industrial shares is growing, particu-
larry among the outside operators who are look
ing about for securities Of undoubted merit that
will make a better investment yield than the
fancy priced railroad issues make. a noteworthy
instance Of the tendency named was reflected
in the trading in American Car and Foun-
dry stocks, in which dealings were heavier
than ever before recorded on a single day
The preferred made q sharp advance, as
did also the common, but the buying in
the first named appeared to be of a more
permanent character than that in the common
At ruling prices the preferred Is more attractive
as an investment, and the prospects are that the
price viii cross par at no remote period. Sound
and per cent industrial securities are GER
tainly cheap under par The Steel stocks were
in good demand also Peoples Gas
In the railroad list Atchison common, which
is already selling beyond its actual worth was
again a feature. II is difficult to understand
why the stock should be selling at its present
level, unless buying is based on information
of developments that will guarantee big diyi-
dends on both classes Of stock. II is extreme
ly improba BILE. however. that any road would
guarantee a large dividend Atchison COM
mon, for the simple reason that the Atchison
will not always be able to show the phenomenal
earnings that have marked its progress in the
last rev years The preferred stock, amounting
10 Nll4W1Wgo, now outstanding is entitled TO
. per cent. or 81, 100000 a year. The common
SlO2@Don outstanding IS now on a 3 per
cent basis, calling for 81 NilWhb a wear. The
trend of affairs yesterday in regard to Atchison
affairs seemed TO indicate to some minds that
the so-called Morgan interests might be in con-
81
this effect made. Even with the Hill
Morgan and Pennsylvania people in control of
the Atch!son the common stock WOULD not on its
merits be worth its present price The railroad
list is full Of instances Of railroad shares in
flated levels. This fact has no effect upon light
speculative sentiment. but il apparently is be-
ginning to he realized by conservative opera
tors. as reflected in their transactions in the
tractve low priced issues
Further irregularity developed in the after
noon trading. but strength was shown in
number Of issues, including Rock Island, which
the leading feature Of the final dealings.
The company has decided TO issue S1O,Wtb,oDD
additional capital stock, and buying yesterday
was in expectation Of valuable rights TO the
stockholders. Little Rock Island stock was in
the market. and premium was offered for its
use. Atchison, after advancing 10 81, closed at
SSiA, net gain OF IA points. The coal shares
sold down profit taking, and many Of the
recently strong stocks. such as Missouri Pacific
and Union Pacific. closed at net losses Wis
consin Central issues Were active strong feat
ures. Heavy realizing sales were made in the
afternoon, and n many stocks last prices were
al the lowest of the day. Car and Foundry pre-
ferred was an exception. closing at its best
price. at 50. The report that the company had
changed hands is incorrect, but il may be said
authority that substantial investors have
bought large blocks Of the preferred stock, and
that prominent interests identified with the
company have recently secured large holdings
in the Pressed Steel Car Company. The two
concerns win work in harmony, and eventually
a consolidation viii doubtless be effected. Earn
ings Of both companies are enormous. There
was no material change in money market con-
ditions yesterday.