New-York tribune., 1901-06-12
BONDS
THE DAYS OPERATIONS IN STOCKS.

stocl. market values were generally strong
IN the early dealings on a moderately heaN5
volume Of business The favorable government
croD report and a better understanding OF money
market conditions induced operations for the
rise throughout the list, while further heavy re-
turns Of railroad earnings and encouraging Te-
norris from trade centres attracted a good class
Of investment orders. This buying movement
however did not last beyond the forenoon as
afternoon prices were irregular, with a saGglhg
tendency. Final figures were Wen under the
best Of The day. although net advances were
shown in the majority Of issues with substantial
Improvement in ST. Paul. Delaware and Hudson
I,ackawanna. General Electric Missouri Pacific
Mexican Central and a number Of less active
,ssues In the last hour aggressive selling by
traders was reported, but no important hqul-
dation accompanied their operations. Texas and
Pacific American Tobacco. Rock Island and
Union Pacific were weak features in the after
noon market Missouri Pacific made a new
high record price for the current movement al
1223S Iu the industrial list the Linseed issues
were sustained by the revolution in the com
panys board Of directors while substantial re-
actions took place in the Tobacco and Copper
shares. American Car and Foundry issues were
strong with heavy dealings I'm the common.
Wei known houses are buying the common
II.
ferred. The general market closed heavy
The current stock market RECEIVERS easily from
setbacks, and declining values are accompanied
by a falling off in the volume of trading. These
factors reflect the inherent strength Of the mar
ket and the disposition of the public to refuse
support to bear campaigners. Selling pressure
therefore soon exhausts itself. There are really
no sound bear arguments outside Of the high
prices Of certain railroad stocks but even in
these shares bear opinion is not likely TO prevail
until the general market is ready for a steady
decline. And al the moment the situation pre-
sents no sign Of coming downward movement
az values. Money win undoubtedly remain easy
throughout the summer, general business gives
every promise Of continued activity, and the
crop prospects encourage the expectation Of a
bOuntiful harvest. While the average condition
OF the growing crops as reported by the gov
eminent, is under that reported on May l, the
percentages for spring and winter wheat are
high. and well above conditions prevailing
year ago. Thus far this month weather condi-
tions have been favorable. and with the crops
SO well advanced there is little likelihood Of any
widespread damage before harvest time. An
other year Of prosperity for the farmer is in
sight. Prosperity in the agricultural COM
munity viii mean prosperity throughout the
country, big railroad earnings. heavy exports
confidence in business circles and increased op-
portunities for profitable investment OF capital.
Industrial shares representing the activities
of the country ought 10 appeal to investors this
year. The securities Of sound industrial con-
Germs are increasing in actual worth, while in
the greater number Of cases market prices fail
10 measure this intrinsic value Even I'm the
highly overcapitalized concerns value is taking
the place ot water Few industrial companies
are burdened with a mortgage debt, and in
cases where bonds come ahead Of preferred
stocks the charges are generally too small TO
JeopardiZe dividend prospects. The financing Of
the new Consolidated Tobacco Company involves
a large issue OF bonds. but the chances are that
this method viii not mark a general departure
among industrial companies from the policy OF
no bonds. An interesting development yesterday
in connection with good industrial shares was
the placing Of the common stock Of the Inter
national Pump Company on a 4 per cent divi-
dend basis