New-York tribune., 1901-06-01
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values We're generally strong
on a heavy volume Of business. An increased
demand from commission houses was a note
worthy feature Of the days dealings, especially
in the attractive railroad and industrial shares
that are still selling under their intrinsic worth
In some cases. however an active demand was
reported for shares that are quoted beyond d
fair investment level This marked in
Atchison common in which active operations
carried the price 70 S31s The Atchison system
is. Of course. a great and growing property, but
as an investment proposition the common stock
is certainly not a big bargain at its prevailing
quotation. Notwithstanding the possibility of
Pennsylvania control Of the road. II is not safe.
however TO predict that the stock viii not sell
higher. and even at better prices there Will
doubtless be good buyers. on the theory that
the dividend will be increased at no remote pc
riod and that the company viii be able TO main
tain higher rate In poorer business years. The
Atchison system could suffer 4 big reduction in
earnings and pay dividends. but as the pre-
ferred calls for per cent and as the capital
stock outstanding amounts TO over S2l6Ntoe0O
the directors may not always find it wise to
make returns on the common. Last year the
Atchison company showed in gross earnings
SAG .O7S and in net earnings SIS, 71O,579, but
II is well 10 bear in mind that only three years
before. in 1897, gross earnings We're S3O,62l go
and net 81 754 041. Crop failures and business
depression may come some day, and in this case
stocks like Atchison common will not be the
most profitable kind Of an investment. "a
The investment yield on the averages high
grade railroad stock IS much less than that on
The preferred industrial issues Of corresponding
merit Prejudice against industrial securities as
investments is not strong il a few
years ago. but there is still enough opposition TO
tribution OF the various issues. Securities that
are founded on the industrial activities Of this
country should be attractive investments, Peo-
PIE who lose money in companies that exist
chiefly on paper, or in concerns that for vari-
Gus reasons, possess little investment value, IN
clude all industrial properties in fiery criticisms
Of industrial investments. The same people
condemn Wall Street houses in general when
money is lost in bucket shops" There is little
excuse for discrimination against good indus
trial shares. while there is adequate reason for
buying them for investment at current values.
Preferred stocks Of sound Industrial companies
paying G and per cent and yielding more look
inviting when compared with the high priced
railroad stocks that return from 10 per cent
and in some cases less In yesterdays market
investment buying reported in a number
Of the preferred industrial shares.
London prices We're up for American securf-
ties, and on the local Exchange foreign houses
were active buyers Of the International list
The tone OF the market throughout the day was
strong. while speculative sentiment was more
bullish than on any other day since the recent
panic The impression was general that the
differences arising out Of the Northern Pacific
fight had been completely settled. and buying
Of Union Pacific appeared to be based on this
theory. Strength in this stock attracted active
dealings in all the Western shares including
Southern Pacific. in which further noteworthy
Improvement was recorded. New-York Central
and Pennsylvania were active strong features;
also Southern Railway. Delaware and Hudson
and United States Steel shares Total dealings
amounted 10 over 1900 shares, and renewed
buying by pools and syndicates rep6rted
Money market conditions We're without change.
but preliminary estimates Of the weeks move-
ment Of currency did not indicate so favorable
q bank statement as last weeks exhibit Money
continues 10 come from the interior. and large
amount Of Western money is being offered in
the local market