New-York tribune., 1901-03-19
BONDS.
TEE DAYS OPERATIONS N STOCKS

r-..-,- -aafizirg sales caused considerable ir-
..,,ls~f-z- IN Yesterdays market but as a rule
=. tendency Of prices was toward higher
,rAl with net gains in most shares at the close.
r,ssiincs were enormous. Transactions were
v-su distributed and commission house buying
was heavier than on any day in several weeks.
so-+,-,ar+ remained intensely bullish while the
General course of trading reflected active sup
-, .ro7, all the leading financial interests in
val Street. investment buying for the account
=, conservative capitalists and renewed opera
.,,,s fo- . rise by strong speculative pools. The
80 shares tie granger issues. the Pacific
s,oczs and the local traction group were feat
,,-ss rtl,-inr Of Manhattan was accompanied
iv rsDorts that the Hew-York Central has Sc
crraa control Of the elevated system, while
B-ooklvn Rapid Transit buying was followed by
the -uraor that the Pennsylvania would acquire
,bs nropartv Excellent information on Brook
lvn Rapid Transit stock suggests higher prices
for this issue in the near future. As an invest
-,snt for a lon- pun Brooklyn Rapid Transit is
considered BY many conservative people more at
t~ac,ive than either Manhattan or Metropolitan.
BROOKLYN is q large and growing borough. and
the deveIopnent Of Long Island by the Pennsyl-
rsnla Railroad may figure as an important fac
Tor IN Brooklyn Rapid Transit affairs. Heavy
huving of Burlington and Rock Island and an
active demand for all the standard investments
v-ere noted throughout the day dealings in Bur
Hngton Rock Island and ST Paul alone amount
ing 10 81. eO0 shares. Louisville and Nashville
was in good demand. as were Union Pacific, the
Erie issues and Missouri Pacific The coal
shares were weak at the start on liquidation
caused by strike rumors. but they were we'll
supportsd on the decline and closed above their
loves; prices with substantial gains in the Erie
shares Dealings embraced 20l different issues.
the largest number for any one day in the record
O. the Stock Exchange. The market closed
strong
A drop II stocks Is ordinarily looked for at the
snd of March. bur the current market presents
no indication e lower values. Indeed at the
moment speculation presents every evidence Of
vigorous operations for higher prices. The
strength OF the market since last November has
n course. attracted many inexperienced specu-
la1o-s who believe that the current advancing
tendency viii run on indefinitely. and on the
strength Of their convictions they are increas-
ing their holdings on their profits without re-
gard 10 the possibility that some day the big
men" viii step aside afording the bears, who
are now resting and waiting. the long hoped for
opportunity 10 reduce quotations. II need not
he assumed. however that the market is loaded
with weak accounts or in a position that passing
adverse developments viii easily disturb. The
general condition OF commission house accounts
Is strong Later on n the season weaker situ-
alton viii doubtless develop, hut the leading
interests in the Street look tor no adverse change
IN quotations for some time 10 come. while
the progress OF money and business suggests
no breakdown IN the factors that underly the
true worth OF securities. Despite the breadth OF
speculation, there Is enough money in the coun-
~ 10 handle current large financial and specula-
i've operations. Money is remarkably easy in view
q the extraordinary transactions that are IN
Ger way. and the present course Of the money
market gives no sign Of materially higher rates
IN the spring. Money is in great abundance
throughout the country. while credit is extremely
good
The present wave of bull enthusiasm ought
nor 70 reach its limit without a big movement
In the Industrial shares. The greater number OF
Industrial stocks have not shared in the bull
market % the last few months. while there are
only few cases in which ruling quotations are
much above the level Of this time year age
Coco railroad earnings mean prosperity among
me industrial concerns. The gains in earnings
z ihe last year have been enormous. and in this
Improvement is reflected the rapid expansion in
me eounrry's Industrial activities. Industrial
snares OF sound companies pay substantial
dividends. while returning al current prices
Ssger incomes than the railroad issues. Pre-
Nallng quotations for the preference shares Of
ne steel and iron companies. International
Paper. American Car and Foundry and other
sohe concern are many points below their
erleal worth. American Car and Foundry pre-
's'red pays 4 per cent and returns on the in
Nsstfnent over per cent International Paper
preferred returns 5 per cent Peoples Gas stock
pays per cent and sells slightly above par.
IS safe per cent investment this stock is
"'rh l%o az least. The sound industrial COM
panies' shares viii not always rule at bargain
Nsures The high priced Standard oil. Pull
Z an Singer Sewing Machine and General Elec-
INC shares once sold under par They have
proved 70 be safe investments and more profit
1D's taan railroad Issues Some day the current
e'sap but sound industrial shares will Join
Her higher priced neighbors.
HE DAYS OPERATIONS N BONDS.