New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-04
BONDS.
THE DAYS OPERATIONS IN STOCKS.

An irregular price movement on a reduced vol
,1rne Of business marked the course OF trading
IN Yesterdays market. Efforts to break prices
nv an attack upon Brooklyn Rapid Transit were
not successful and attempts TO induce hQuida-
tton by nerve unsettling tales Of Western crop
damage fell fat. There was no decided dlspOsi-
ton on the part Of commission houses 10 enter
actively into speculation as buyers. but on the
other hand there no pressure TO SELL 'he
net result Of the traders campaign being an
arrsgular market in which final price changes
were insignificant, with more net losses thah
gains. In the bond market and In attractive
stocks. including the so-called middle class COCO
investment buying is going on The investor
mind does not appear clouded regarding the
current situation and prospects, and the ques-
tion of the length OF time that prosperity is 10
last evidently does not worry the men VINO are
well posted on the value OF the factors underI!-
ing the present business situation Some STOCK
market traders are disposed to worry over the
future-probably on the basis that current umes
are too good to last-but nothing can be 1ound
in their arguments that is convincing or worthy
Of serious attention. Prosperity was long Tune
In coming, and it will be long time In dlsap-
nearing. Stock values will rise and fali' out
before the years Of plenty have gone by ieVei
will be reached considerably above that ruNns
at present
The remarkable return OF earnings by the 81
Paul company for the month OF July showing
an increase over July 1895. Of SS492S4 renectS
not only the heavy movement or grain III '"e
month but a big increase in general merchah-
disc traffic In July. 1892 and in July, 1880 81
Paul did what was then considered phehom-
email business: yet in July this year earnings in5
creased over 1892 SOIL 1898 and over 1896
S19O123 Such a showing should be extremely
gratifying to ell holders Of American railway
securities, for the record made by 81 PauI Is
indicative of what is being accomplished Dy all
roads throughout the country Cars carrying
big grain tonnage to the East do not return 10
the West empty. The prosperity In the west
is stimulating an increasing demand lot lne
products of Eastern manufacturers, and this,
together with the heavy movement of grain and
a somewhat better rate situation than year
ago. furnishes all the Western transportation
companies with revenues far beyond eXpecta-
tons while utterly smashing the gloomy fore
casts made a few months ago by people VINO
We're anxious to bring about a lower level OF
prices in the stock market The rate situation
may not be as good railway managers would
like it to be. but, the whole. II is better than
1t has been in many years. and ii is likely TO
grow better, owing to the determination OF the
financial interests back Of the railroads 70 run
the transportation industry Of the country upon
q stable basis of rates.
In yesterdays market the decline in Brooklyn
Rapid Transit was not followed by important
recessions elsewhere. and in many cases pro-
nounced strength shown. Brooklyn Rapid
Transit recovered more than its loss before the
close. while last prices generally down the
lowest. Heavy dealings in American Tobacco,
representing in great part manipulation were
the speculative feature of the day The railroad
stocks were not active the greater part Of the
business being confined to the industrial issues
and Brooklyn Rapid Transit United States
Rubber a prominent feature in the indus
trial list on buying said to represent insiders;
also Tennessee Coal and Iron. The loss report
ed by the Bank OF England in cash. the decline
in British and French Government securities
and an advance in London open market dis
counts served TO depress traders sentiment on
the theory that the condition Of the foreign
markets would impel foreign bankers to make
vigorous resistance to gold exports to this
country.