New-York tribune., 1903-02-04
BONDS.
THE DAYS OPERATIONS IN STOCKS

The ,-,fevc-a Bile development in the Verezue-
s., si.ns+,or- adverse reports from London re-
xardins King Edwards Illness. and f1rner
market x,r sterling exchange were not followed
,i,, Liquidation in yesterdays market Mor11ihs
,,-,cas showed some fractional declines from
MONDAYS last quotations, but in the afternoon
she entire list was firm. with an advancing ten
5.,cv There was however. little outside de-
,,7er6 FOR stocks although there were a num-
.ter of aggressive operations by prominent mar
vet interests. notably in United states Slee
which was accumulated by several We'll known
Wall Street operators The constant gain IN
earnings l1y the Tinted States Steel Corporation
DC gradually being reflected IN the price OF the
uar,,ri45as which at present prices based on
dividend returns arc nanifestly TOO Low out
eide of Au1algama4ed Copper. St Paul the Erie
SCENES Missouri Pacific Ontario and Western,
United States Steel. New-York Central Pennsyl-
.ania Rock Island. Reading, St. Louis and San
francisco Union Pacific and the Wabash shares
shere was little business in the days market
Final prices showed more net gains than losses
Yhe chief advances being made by Anaconda
Chicago Union Traction, Colorado Fuel and
Iron Erie second preferred, International Pa
per Keokuk and Des Moines, Pennsylvania
tennessee Coal. United states Steel and Wabash
preferred Trading in the last hour exhibited more
e.rength and activity than at any other time
,n the day In the bond department heavy deal
srgs were reported in Pennsylvania convertible
SIS and Wabash debenture Bs. the latter ad-
rancing from 791. S114. dealings aggre-
eating in par value s, 100000
4 Pirtsl,urE entrance for the Wabash Railroad
IS now assured while opposition to the com
rany-s progress toward the Atlantic seaboard is
being successfully overcome Wabash, with its
new property connections in the East, will give
the GouIds \ tidewater outlet that viii be Of
srnn7ensc importance 10 the various roads COM
posing the rapidly growing Gould system.
Through its ownership Of the Wheeling and
Lake Eric. the Ann Arbor, the Wabash, the
West Virginia Central and Western Maryland,
The Gould system connects the Great Lakes with
the Atlantic while with the Missouri Pacific,
Denver and Rio Grande and Rio Grande West
ern tho Cioulds control a line from the Atlantic
Ocean ogden. Utah. from which point they
viii doubtless soon have line TO the Pacific,
possibly the Los Angeles and Salt Lake City
road now building. The earning power of the
Wabash viii be largely increased through its
Pittsburg and tidewater outlets and the steady
accumulation of the company securities is
doubtless due to an appreciation Of their prom
ssins future as high class investment issues.
Low and medium priced shares viii doubtless
Become the leading features of stock market
Grading in The current year. Already there are
indications of interest in this class of issues.
present high priced shares may sell above pre-
Mailing quotations, but il requires a. large
amount Of money 10 buy them for investment,
while the return is small, and margin they
ere DANGEROUS because Of their tendency to make
quick movements that ordinary margin traders
rannot afford to support. Then the cost of
syiny these stocks margin is heavy St Paul,
louisville and Nashville, New-York Central,
and Pennsylvania NAV be mentioned in
FL current figures. In the individual list there
ere number of highly attractive issues pay
sng 6 and per cent and yielding above these
1ates TO buyers at present prices. The United
States Steel stocks and the preferred stocks of
the car ard locomotive building companies
particularly attractive investments, and IL
IS not unlikely that their market values will be
largely increased before the end the year.
Earnings Of the American Car and Foundry
,,any for 1902 were enormous. and the same may
he said Of the American Locomotive Company.
Railroads are spending huge equip
1nent. This movement viii continue for many
months 10 come and even in the dullest of bust
ness wears there viii he enough work in the
car building shops 10 maintain preferred stock
dividends In the case OF American Car and
Foundry preferred there charges ahead
OF its dividend: while its position is further
strengthened 10y the company's policy in not
paving heavy dividends the common stock
THE DAYS OPERATIONS IN BONDS.