New-York tribune., 1902-08-28
BONDS.
THE DAYS OPERATIONS IN STOCKS

Strength and activity marked the course Of
stock trading in the greater part Of the day
Business was well distributed dealings for
commission house account were heavy and in
vestnlent buying was active. There were few
news DEVELOPMENTS affecting values, but there
was sufficient bull argument in the position OF
affairs IN general TO encourage renewed buying
for higher prices Mr.. Keeae's remarks on the
market and the factors underlying values nat
uraily strengthened confidence in the bull SIDE
Of speculation. while further good railroad earn
ings satisfactory reports from crop centres
and the expectation that the coal strike VIII
soon be brought to an end served to create en-
thusias.n in commission house circles In the
last half hour however. the Reading shares
declined, on the announcement that only L per
cent would be paid for the half year on Read
ing first preferred. and many other issues re
acted IN sympathy The action Of the Reaolng
directors on the dividend question keeps the
voting trust alive and the company under the
present management. irrespective OF majority
stock ownership. As a result Of the late decline
there We're many net losses at the close, al
though the more active issues generally
TUESDAYS
strength was shown by Illinois Central Della
ware and Hudson. American Locomotive is
sues. Brooklyn Union Gas. Colorado Fuel and
Iron which gained over points; General Elec-
tric Pacific Coast Soss- Sheffield Steel and Iron
and United States Express Reading common
closed at 6S1s against high price OF to1s' the
first preferred at S6hs. against SIS. and the sec
ond at 14h. against 16A
MI Keene has a good understanding Of the
material OF which bull markets are made, ano
his sensible remarks regarding the current situ-
alton should be carefully read and digested 10y
every one who is interested in stocks and bust
ness. MI. Keene bases his optimism On the
fact that the fundamentals of the market are
solid Fundamentals certainly sound, and
the croakers and the pessinlists who in the
current bull market fearful phantoms and hand
writing on the wall predicting disaster should
make q study of the conditions underlying
values. This market cannot be judged by the
standards Of days past and gone. Bull markets
Of other days were often based substantial
foundations but those foundations were as
different from those Of the present market as
the foundation OF three story house is differ
ent from that o. q modern twenty story office
building. The upward trend of values may be
temporarily checked by passing incidents as
for instance. the calling of loans. but unless
some unusual business calamity visits this
country a bear campaign in the securities mar
kets have no lasting success. The money
market bugaboo may times cause selling
spasGns, but there many people who are
waiting for such opportunity to secure secur-
ities
The low priced railway and industrial shares
will doubtless attain much higher level be-
fore selling materially lower These stocks are
1ntrinsically more valuable than their market
quotations indicate, the best proof of which is
the action of conservative buyers in absorbing
these issues. For the last six years railroads
and industrial companies have been making
rapid progress in their material welfare and
as q consequence many securities that formerly
had little value are now earning substantial
dividends When the Atchison system was re-
organized many people did not hesitate to say
that the road could never earn dividends on its
capitanza ton. AT that period business was not
promising, DIT the times soon changed and the
Afchlsor company is paying :, per cent
on Its preferred, per cent on its common
with big surplus left after all payments
And similar progress has been made by A II the
reorganized railroads. The country is growing
up to lis railway mileage.
The DAYS OPERATIONS IN BONDS
GOVERNMENT BONl,.-s1arket s,e,ay p,,,,