New-York tribune., 1901-01-24
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stocks were strong in the greater part OF the
session. although reactions in the last hour left
final prices under the best figures Of the day.
Speculative pools were apparently at work in
several issues and commission house customers
were moderate buyers on the advance, taking,
for instance st. Paul at 152 to 1921. Burlington
at l44 and other active stocks at material ad-
vanoes as compared with the low prices Of last
week Bull enthusiasm developed in the iron
and steel stocks, and sharp advances were made
by all the active issues. Pressed Steel Car COM
mon was a strong feature, and the industrials in
general made further progress toward a higher
level OF the industrial stocks which appeal TO
investors American Car and Foundry preferred
Is a striking example. 1t is known that the
substantial character Of the company's business
places the preferred stock on the same level as
a mortgage issue, and it is owing TO this fact
that whenever the stock IS offered by specu-
lative holders ii is taken by investors who are
well Informed regarding its merits Industrial
stocks OF merit are not injured by speculative
declines and they should be held in as good
repute railroad stocks or as any other IN
vestment security.
The industrial stocks. it should be recalled, did
not share to any material extent in the bull
movement that developed after the fall election
Prices are, ot course. higher than they were in
the summer, but, compared with the high
level Of 1899, there is a wide difference, despite
the fact that conditions now are Infinitely bet
ter than they were in the industrial boom Of
1899. 1t is generally conceded that the high
prices OF the general market in the current
month viii not be the high prices Of the year.
And it IS believed in well informed circles that
in the bull market to come the industrial shares
VIII be among the leaders Railroad stocks are
in some instances high, but there is yet room for
much improvement in many issues. That i'm
provement may not come at the moment, but
some time this year barring radical change
in conditions and big upward moves viii be
made IN security values. Conservative invest
ments. such as Delaware and Hudson, for in
stance, will undoubtedly go to better prices.
Delaware and Hudson earned last year about
per cent, and fits dividend rate has been raised
10 per cent. AS per cent stock, 175-con-
sidering the soundness Of the investnent-would
not be dear for Delaware and Hudson. Della
ware. Lackawanna and Western. which is worth
no more intrinsically, recently sold at 200.
Selling in the last hour represented profit TAX
ing. In many stocks declines Of 1d2 per cent
were made but IN the final dealings a cessation
OF the selling pressure and advances in the iron
ana steel shares led 10 recoveries throughout the
list Reports out that change for the bet
ter had taken place in the iron and steel situa-
ton. Money market conditions were not affected
by engagements Of gold for export Of nearly
81. 100000. The amount Of gold which will be
shipped abroad to-day is offset by the gain by
the banks in Sub-Treasury operations IN the last
few days In addition to the increase in cash
holdings from this source. the banks have
gained heavily on the interior movement
The money market continues exceptionally
easy in all departments, and transactions have
been made at 3la per cent for four months on
collateral containing 40 per cent Of industrial
securities. Call money lent low ia per
cent yesterday.