New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN SIOCkS.
Operations IN stocks reflected the presence IN
the market Of strong speculative interest. Al
though the days news was favorable for higher
prices violent efforts made 10 depress val
u.s and at the close of trading results were
largely in favor Of the bear element The local
traction stocks. especially Brooklyn Rapid Tran
sit were under pressure throughout the day.
and the railroad list a rule, sold below Mon
DAYS closing level The industrials were gen
orally weak. Exceptions TO the declining ten
dency were found in some Of the specialties and
the Tobacco stocks. while in the midday trading
the speculative contest ran in favor OF the ad-
vocates Of higher prices in many Of the more
active issues Renewed selling in the last hour.
the uncovering Of stop loss orders and well d.
rected bear attacks caused sharp declines in all
save a few securities. The public was not
largely interested in the market the days deal
fne,s representing in great part the manpuvring
OF the two professional elements in attacks upon
each other
Conditions are favorable to further improve
ment in railway earnings. The argument that
railway returns will soon begin 10 fail off as
compared with a year ago apparently is based
upon the expectation that the grain movement
from now on will decline. and that the heavy
traffic incident 10 business prosperity has
reached its limit. The outlook does not add any
announcement 10 this argument Grain re-
CENTS at Chicago last week were lighter than in
the preceding week and in the same week year
ago but the scarcity Of cars to handle the
movement appeared more Of restrictive In
fuence than did any falling off in the demand
Granting however, that the grain movement
may be lighter than recent heavy weekly totals,
there still remains the general merchandise
traffic movement to be considered as factor In
future railway earnings. And If general bust
ness progress continues merchandise traffic will
be q most important factor in earnings, for 1t
is this sort Of freight that yields the most ton
mage to the roads. To assume that railroad
earnings will make poor showing in compari-
son with last year and past weeks Of the cur
rent year It is necessary to assume that bust
ness throughout the country will soon begin TO
compare unfavorably with last year and with
the first half Of this year.
When in every direction there signs Of
business improvement and indications Of an in
creasing volume OF trade. it is natural TO be-
lieve that the railroads OF the country will con-
tinue to prosper. The indications that are now
current create the impression that. barring un-
toward developments. the country's business
this fall must be larger than 1t has been this
summer. and heavier than IT was at the same
time year ago. II business is heavy railroad
earnings will be large. Industrial factors
moving in the direction of further improvement
In business, and until they change their course
II cannot be admitted that railroad earnings
will react from their present satisfactory posi-
ton. Many OF the best informed men in Wall
Street do not believe that market values have
discounted the future. or that present conditions
have been adequately measured by quotations
in the greater number OF stocks. Crops iron,
railroad earnings and foreign trade are the
great factors underlying the value Of stocks
The corn crop this year may be the largest on
record, If conditions remain favorable until
harvest time. and If 1t is not as large as
the record yield Of 1896, when 9 1888 S75165
bushels raised IL will not fall far below
the Government report for August indicating a
yield Of 22O3.2OOOO bushels The exports OF
wheat and corn ought 10 increase just as soon
as recent heavy exports have been more fully
distributed Following the harvesting OF wheat
corn and oats the railroads will have all the
grain tonnage that they can handle. and prob
ably more The outlook for railway earnings
IS cheerful, despite arguments TO the contrary