New-York tribune., 1901-06-04
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock values advanced in the greater part OF
tbe day on a large volume Of business. Com
mission houses received substantial buying
orders in the early mails, and the general char-
acter Of trading reflected renewed puohc inter-
est in speculation. In view Of the fact that the
panic Of May was not produced by conditlons
affecting the intrinsic worth Of securities, the
current growing interest in stocks is not sur
prising There is evidently large amount OF
capital still seeking investment, while II is ap-
narent that the losses made in the recent slump
have not dangerously crippled the investing pup
lie If the public is again willing to come into
The market at the current prices stock values
NAV move 10 materially higher figures; but 1t
NAV be we'll for careful buyers to leave the
fancy priced railroad shares alone at the pre-
vailing level buying instead the lower priced
issues and the attractive industrial securities
Industrial stocks of merit are cheap. Pre-
ferred stocks that pay and Z per cent and sell
below par are bargains when the security is
based upon big earnings Of a carefully man
aged and prosperous industrial concern High
priced stocks, such Standard Oil and Pull
man. once sold at the bargain level. Investors
have absolute confidence In the securities named,
and the day will come when corresponding faith
will be placed in many Of the shares Of the new
industrial combinations The industrial shares
of the last years represent new combina-
tions but these combinations are made up Of
well established and dividend paying companies.
In yesterdays market there was a good in
vestment demand for industrial stocks Of recog
nized worth, but OF course, the heaviest dealings
were in the railroad shares, especially in the
issues which represent the group OF roads af-
fected by the Hartman Morgan settlement. The
Southwestern shares We're also features, while
the entire railroad list exhibited buoyancy and
strength. In the afternoon the market showed
signs of heavy realizing by big traders and for
pool account. Buying by commission houses
was heavy enough, however, 10 absorb all offer
ings, and a consequence prices showed only
fractional recessons from the high points Of
the morning. St Paul stock was a particularly
active favorite among outside operators. pur-
chases being made the theory that the St
Paul company would receive important benefits
from the agreement between the Uuion and
Northern Pacific interests regarding the railroad
situation in the Middle West and Northwest.
St Paul, however, does not look especially cheap
at its current prices. AS an investment ST Paul
is. OF course. a solid proposition, but there are
securities equally solid that may be bought
70 return greater dividend yield. The high
priced railroad stocks not attractive to in
vestors at present figures.
Money rates showed further ease, call loans be-
ing quoted at one time low as 2% per cent
Western money continues TO come to New-York
and there is little prospect Of a scarcity of lend
able funds at this centre for many months to
come Gold viii probably be exported on Thurs
days steamers. Time money is in light demand
at 312G4 per cent on mixed collateral for all
periods. Country banks in the market for
prime mercantile paper but offerings are small
Ease in money doubtless helped the stock market
RFe.Cfas 7n.~
more pronounced. and at the close prices were
at about the best of the day, with many shares
showing net advances of 2G4 per cent The
more conspicuous gains were made by AmaIga-
mated Copper, Sugar Refining, Chicago and
Alton, Rock Island, Colorado Fuel and Iron. st
Paul Consolidated Gas. Continental Tobacco.
Missouri Pacific Reading. Southern Pacific and
Union Pacific. Total dealings were above !, 700
600 shares