New-York tribune., 1901-02-28
dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market was made up in great part
Of the transactions Of professional traders Ir-
regularity marked the course Of prices. with
last quotations at small net advances in the
greater number Of issues. In the steel group at
tempts 10 adjust prices to a valuation suggested
by the terms of the exchange of securities under
the steel consolidation plan again developed con-
siderable difference of opinion as 10 what the
valuation should be, and as consequence
movements were irregular without decided
tendency in either direction. Further hquida-
ing sales by people who do not care 10 become
stockholders in the new steel combination were
reported. while commission houses had prac-
rically no business in this group Of securities.
General commission house trading was light the
volume Of business in all stocks was small and
sentiment was inclined toward the bear side OF
the market. That is the sentiment of profes-
sional traders Substantial market interests
We're not bearsh, and there was no important
liquidation. The point is made that with the
completion Of the steel deal banking interests
may relax their hold upon the market, thus
clearing the way for an active bear campaign.
People who own good stocks need not be con-
eerned over possible bear activity. No general
damage will be done by passing bear success.
ST. Paul stock active feature, but its
movement was exceedingly irregular and not
significant Of important buying. Rumor is again
busy with St. Paul and its chances OF figuring
IN a Northwestern deal From what be
learned. however. the buying is not for the
account of the interests whose recent efforts 10
secure the property were unsuccessful st. Paul
at its present price returns over 3 per cent. and
" the dividend is advanced 10 y per cent the
yield viii be about per cent. \ further ad-
vance in the stock is therefore hardly justified
unless the road is 10 be taken over by Great
Northorn-Northern Pacific interests on 4 pei
rent guarantee. Rock Island pays > per cent
and yields over per cent. while Burlington
pays per cent and also returns 1 per cent.
lntrlDsically Rock Island is the best bargain of
the three according TO the views Of well in
formed judges Of investments, and the predic-
tion that this stock viii sell on a level with
Burlington is freely made. Rock Island promises
10 become most important factor in the rail-
way situation in the Southwest, owing 10 present
ana prospective connections in that part of the
country. The Southwest is making rapid forward
strides in industrial activity. and il is estimated
that upward of five thousand miles of new
railroad viii be constructed in Texas Indian
and Oklahoma Territories, Arkansas, Louisiana
and New Mexico within the next two years
Both the Rock 1sla I'd and Atchison propose ex-
tensions by which they will be enabled to reach
III Paso the gateway 10 the Mexican Republic
At FL Easo connection will he made with The
Mexican Central the trunk line of Mexico
Mexican Central securities should be valuabl
some day.
The activity in ST Paul stock attracted
moderate buying OF the other granger shares
while il tended 10 help the railway stocks in
general In the last half of the day the steel
stocks were neglected. Sugar Refining advanced
rapidly in the last hour heavy buying by
washington houses and covering of shorts The
whole list showed strength in the afternoon
ana efforts were made to catch bear accounts
ali around the room. The local money marked
was again easy, but frmer foreign discounts
were again reported