New-York tribune., 1901-08-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Extreme dulness prevailed In yesterdays stock
market. The movement of values was irregular.
with final prices at small net gains in the
greater number of issues. despite the efforts of
certain traders to bring about a lower closing
In the United States Steel shares attempts We're
of course made 10 induce heavy selling and
lower prices. but both the common and preferred
moved within fractional limits, the lowest for
the common being only three-eighths of l per
cent under the preceding days closing and the
preferred also three-eighths of l per cent. At
the close the common showed net gain OF
three-quarters point for the day. and the pre-
ferred a net gain of seven-eighths of point
AS a market factor the latest development in the
strike situation fell absolutely fiat Organized
capital backed the steel shares. and traders
found that notwithstanding the enormous capt.
talization of the big steel combination, there
was little stock available for speculative pur-
poses, and there were few holders who cared TO
part with either the common or preferred at
ruling prices. The actual value of the steel Sc
curities will not be wiped out by the present
labor dispute. and as the situation stands at
present there is no valid reason for selling the
United States steel Corporation shares at cur
rent market quotations. Losses will naturally
be suffered by the steel company. but It IS alb
surd to believe that the strike will paralyze the
iron and steel industry long enough TO destroy
the intrinsic values of steel securities
While the steel strike lasts and until the vaca-
ton period reaches its end active stock mar
ket is not considered probable. And the pros
poets of a sustained advance in values are not
promising at present Later on however. higher
prices should be made, as the prevailing level
the greater number Of issues are selling under
their actual worth This is especially true in
the case Of the attractive industrial stocks, such
as International Paper preferred. Peoples Gas
American Car and Foundry preferred and the
International Steam Pump issues. At the ruling
price Peoples Gas Is particularly attractive.
and in comparison with the gas stocks Of this
city II is well under the bargain level The in
dustrial stocks of undoubted merit did not share
TO any marked extent in the bull campaign Of
six months ago. AS a consequence good and
per cent stocks may be bought al figures well
under par returning in many cases from TO II
per cent on the investment There are many
excellent reasons for buying this class OF secur-
| ties at current prices to hold for rise later on
in the year.
Good buying is reported in Southern Pacific
and Union Pacific preferred and convertible Is
The latter issues are attractive. but. OF course
the yield is under 4 per cent In yesterdays
trading a large number Of these issues were
bought at from 1053s TO 1O524. The general mar
ket closed strong. with the steel shares at top
figures and many OF the railroad issues at sub
stantial gains, az, for instance. Iowa Central.
which advanced 3hs for the common and Az for
the preferred: Lake Erie and Western preferred
| Z st. Paul, IA; Atchison. Is. and St. Law
renee and Adirondack. 57s. The foreign ex-
| change market strong. demand sterling be-
/ ing quoted at 81 SSlsG$4 SS14 No engagements
! Of gold for export by tO-days steamers were
made. II is understood that the present
strength in foreign exchange is due largely to
| the paying off of maturing loan bills created on
the Chicago. Burlington and Quincy Railroad
| Company stock conversion.