New-York tribune., 1901-06-07
BONDS
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was accompanied by
great irregularity in prices. but final quotations
showed many net gains compared with
Wednesdays closing. Early efforts to depress
values not effective in bringing out COM
mission house stock. save in a few instances,
where overtrading the long side had been in
progress. This tendency was marked in Union
Pacific in which number Of stop loss orders
were caught. The reaction in this issue amount
ed TO over two points. but there was excellent
buying the decline from a substantial class
OF operators At times in the day considerable
feverishness developed. Changes from strength
to weakness and weakness to strength Were fire.
quent and sudden, without, however. any ex-
PLANTATION, technical lines. Commission
house business was quieter than noted the
preceding days OF the week, while sentiment in
professional circles was somewhat bearish,
doubtless the theory that a reaction was due
Industrial shares were in fair demand, with
further active buying of American Car and
Foundry securities. The merits of the preferred
industrial issues beginning TO appeal TO con-
servative investors, while the low prices ruling
and the chance of marked appreciation are at
attracting spectators who seldom lose money
in the market Fancy priced railroad stocks are
not attractive at present quotations. Even
sound investments. like Pennsylvania and New
York Central. are selling at figures which mean
only small return the buyer. The people
who already own the high priced American rail-
road shares may, Of course, feel more than salts
fed, for there are no better investments in the
world: but TO buy them at the current prices is
another question. AS rule. the dividend re-
turn is lighter than savings banks interest
Southern Railway preferred is among the sound
investments that are not selling beyond their
\ actual value. This stock has recently been in
good demand. and as the property is earning
well above the per cent to which the preferred
stock is entitled there is no need to make fur
rher explanation for the strength and activity
Of this issue. It is probable that the dividend
rate viii be raised in the fall from 10 5 per
cent The Southern Railway is an ably man
aged property.
The tobacco consolidation plans and the result
OF the Amalgamated Copper meeting exerted a
favorable effect upon the securities concerned
Despite the presence in the market of an az
gressive bear party. Rumors OF financial trouble
here and in Chicago and various other adverse
reports reflected the activity of a CLIQUE OF
operators who believe that prices should sell
lower, but the course of values indicated no
general response TO bear efforts. The reduction
by the Bank Of England in its discount rate
10 93a per cent helped the market for a time
but subsequent realizations forced a general
setback throughout the list Union Pacific broke
~ per cent and closed at about the lowest
point Of the day. Atchison, after selling up IL
per cent. lost the gain. while Louisville and
Nashville was strong throughout, with a sub
stantial net advance. Missouri Pacific was an
other strong feature. Rock Island advanced two
points in the morning. but closed at a net loss
Of one point. The general market ended irreg-
ular and unsettled