New-York tribune., 1902-05-09
THE DAYS OPERATIONS IN STOCKS.


Stock market values were generally firm on a
comparatively small volume of business. In
many cases decided strength was shown, while
at the close the greater number of issues were
at net gains. as compared with the preceding
days final figures Commission houses were not
active Important market interests evidently
were not operating heavily. although in GER
tain parts of the market a steady absorption
by good buyers was reported. This was espe-
cially marked in Brooklyn Rapid Transit, st.
Paul. Colorado Fuel and Iron, Union Pacific
and Southern Pacific. The last named stock
was conspicuously strong throughout the day
and IL was reported that much Of the buying
was for the account of inside interests. South
ern Pacific is undoubtedly one Of the most prom
isng of the cheaper railroad stocks. The com
pany may not il is true pay a dividend this
year. but it will eventually be able TO place its
stock On a dividend basis and keep 1t there. In
the current year it is proposed TO spend upward
OF S2OOO0O00 on the property. part Of the eX-
penditures TO be made for the erection OF OIL
tanks along the line from New-Orleans 10 Port
land and for the conversion Of coal locomotives
into oil burning engines. The saving that can
be made in operating expenses when oil is used
instead of coal will be enormous. as it is estl-
mated that four barrels Of oil, costing 90 cents,
can do an amount of work equivalent one ton
nf
ready has mary of its locomotives equipped for
OIL and in January the saving. compared with
coal. was from $4,000 TO $4,000. Better crop
news and the belief that there will be no coal
strike were influential factors in the days up
ward movement. ST Paul, Union Pacific. Kan
sas City Southern, Wisconsin Central Louis
Vile and Nashville and Chicago Terminal were
strong features The local traction shares were
not materially affected by the franchise tax de-
cision There was an investment demand for
New-York Central
According TO a careful compilation New-York
Central is earning about 10 per cent on its stock
including all equities. The earning power OF
this company should. with a continuation Of
present prosperous times beyond 10 per
cent, even allowing for heavy expenditures from
earnings on the property. In view OF the pres
ent condition of the system and its prospects
for heavy traffic receipts in years TO come, the
price of the stock is not generally considered
dear Pennsylvania and New-York Central
shares are among the best railroad stocks that
one can hold for permanent investment certain
people assert that the prices Of these issues are
roc nigh. but no good argument has yet been
presented showing that Pennsylvania and New
York Central are selling beyond their actual
worth Great investment value tends TO reduce
the interest yield. The returns on the stocks
oarned however, are greater than the income
IN government bonds. while their investment
value is just great. St Paul is another sohd
investment that is worth every cent of its cur
rent market price. This stock will doubtless sell
AZ 300 barring of course, extraordinary adverse
7avelonnoents affecting the country's industries.
ST. Paul f. no longer dependent on the craps.
although years of successive crop failures would
naturally affect its income. The St Paul ter
ri,o-v has grown wonderfully in the last ten
vesrs both i'm population and the diversity of its
industries Securities of this character are sold
for investors and not for p:cayune SPECTATORS
Many railroad shares, while not selling be
,,ond their investment worth are too high for
purchase by spectators, except the spectators
II the Gates class who have unlimited capital
behind them. Even the more important specu-
latixe interests apparently are becoming less
Uilling to operate in the high priced shares as
in the last few weeks their attention has shown
evidence Of turning 10 the cheaper priced issues.
There are many medium and low priced stocks
hat are worth many points more than current
quotations This is especially true OF the at
fractive industrials which represent money MAX
,ne companies and which are not the playthings
n roanipulators. There is no reason to condemn
all industrial shares because of the scandalous
se,,e,onments connected with the so-called Meyer
shares The greater number of preferred indus
trial stocks listed on the Stock Exchange are
substantial investments. and at present quota
rfons thev may he bought 10 yield from TO 10
aer cent on the investment. The curb securi-
lies that figured in the recent collapse were not
n demand yesterday, and it was not considered
likely that buyers could be found for them for
many months TO come. On the Exchange, st.
Lawrence and Adirondack, on sales OF one hum
sred shares. sold down S6&4 points, as compared
with its last preceding sale. Efforts were made
10 advance International Power, but the price
was not ma partlcularly responsive
I'LL. nAY,S APER ATIQNS IN bonds