New-York tribune., 1901-03-06
BONDS
THE DAYS OPERATIONS IN STOCKS

The market for securities was again strong on
g moderately active volume Of business. First
class stocks were in good demand Pennsylva-
mia for instance. furnishing one Of the most ac-
tive features Of the railroad list. Reason for
bullishness on Pennsylvania is warranted by
the company's annual report just issued. show
ing on the lines east OF Pittshurg net income Of
over S1T.000C00 after interest charges. and
balance Of s1.449544 after 6 per cent dividends
and extraordinary expenditures on the Troper
amounting to over S6.J00O00. The Pennsylva-
MIA system handles traffic that represents a
majority Of the great Industries Of the United
States and the results obtained furnish a faith
ful barometer Of trade conditions throughout the
country. Railroad earnings in the last year
were enormous in all parts of the land. with re-
ceipts as rule heavier than ever before re-
corded: yet in the first two months Il 1901
traffic returns made striking Improvement over
the corresponding time in 1900. Prosperity is
growing and the actual worth of securities is
therefore increasing. Good railroad stocks and
bonds and representative industrial issues are
certainly worth every cent Of current market
value, and the talk that prices are too high does
not induce liquidation Of speculative or invest
ment holdings. Pennsylvania, Burlington, New
n York Central and other issues Of the same class
are not dear at ruling prices, and in the indus
trial list Standard OIL Pullman and General
Electric are not selling above their investment
value. The greater number Of investment in
dustrial shares are selling under their intrinsic
worth, as il the case Of American Car and
Foundry preferred and International Paper pre-
ferred. Based on existing conditions, on the
record Of the last year and on the prospects for
the current year, securities values in the greater
number Of instances are not high.
Money market rates were again easy without
indication Of change in the near future The
hanks have lost heavily 20 the sub-Treasury so
far this week. but the interior continues 10 send
money to this centre It is now generally be
lieved that arrangements for financing the big
steel corporation were reflected in the bank
statements Of several weeks ago. and that the
completion Of the deal viii not involve disturb
ance in the local loan market The steel stocks
were not strong features yesterday, but realiz-
ing sales We're taken by buyers who are con-
WINGED that the United States Steel Corporation
will strengthen the iron and steel industry in
this country and tighten the hold Of this mar
ket upon the markets Of the world The great
est American capitalists are interested in maxi
ing the steel deal a success Failure means a
greater loss to them than 10 the small investor
or speculator but a failure is not being consid-
cred, as the promoters Of the scheme believe that
they have conducted their negotiations upon
lines that preclude the possibility Of disappoint
ing results. The preferred shares Of the new
concern are expected TO pass into the list Of solid
Investments at once. while il is thought that
MANY dividends viii be paid on the common
shares Certain stockholders Of certain con-
sttuent companies propose 10 object 70 the
plans Cor combination. but their attitude i. not
viewed in the Street important They will
object. accept the terms Of the syndicate and
be forgotten.
Rumors favorably affecting Amalgamated
Copper and Consolidated Gas stocks helpe5 the
general market yeterday on the theory that i'm,
portant interests were again active in specula-
ton The copper shares have been assisted bv
the adjournment Of the Montana legislature
while the possibility Of the sale of The AIarc,s
DAILY holdings in Anaconda is now attracting
active buying in commission houses Buying of
Union Pacific was active, both for local and for
eign account. II was said that large banking
interest was increasing its holdings in this
stock and similar rumors were heard REGARDING
the buying in Atch.son preferred and Louisville
and Nashville. The two last named stocks are
f" per cent issues, both selling under par. and as
current prospects indicate the maintenance If
the per cent rate there is good reason 10 1ool,
Tor higher prices. The railroad stocks in gen
eral were strong. with prominent buvinp +,
Reading, Baltimore and Ohio, Burlington and
many other shares. Burlington made q net gain
OF rs per cent. and next to Sugar Refining was
tne most active stock on the list The Street
appears TO believe that Burlington Northern
racine deal viii be effected. The market closed
suone' with prices generally at the top
THE DAYS OPERATIONS IN po>-nc