New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-04-12
BONDS.
THE DAYS OPERATIONS IN STOCKS,

The hear faction in the stock market con-
-tinued to work for reaction in yesterdays
trading Tips have gone forth to sell everything
on the list for three or four point decline, and
II consequence some commission houses have
advised caution on the long side at present
81 stocks decline three or four points from the
ruling level there will be some extremely at
tractfve bargains This scheduled decline did
not make promising progress yesterday despite
realizing sales bear pressure and liquidation or
small accounts. After early losses, which In
only a few issues reached important proportions,
the general market rallied, and, while extremely
irregular in the rest of the day final prices
showed net gains in the greater number of
issues Houses with Chicago connections were
active sellers of the steel stocks in the early
trading, but their offerings were absorbed by
good class Of buyers In fact, throughout the
list buying on the decline excellent. The
willingness of substantial market interests to
buy stocks small recessions and the absence
of important liquidation doubtless influenced
the trading element to change its position in
the afternoon dealings TO the bull side of the
speculation There is every reason to believe
that the market will work higher, notwithstand-
ing bear advice to the contrary
Railroad earnings for the first week in April
this year are compared with a heavy traffic period
a year ago. and the large gains over 1898 are
therefore particularly significant of the rising
tide OF industrial prosperity The country was
prosperous at this time year ago, and stock
market pessimists saw disaster ahead. Actual
results, however, have been in line with the
progress and prosperity, and no better evidence
of this than railroad earnings may be found.
Take the ST. Paul company. for instance
Year ago its gross earnings for the first week in
April were STOI,141, an increase of S99,fo1 over
the same week in 1898. but IN the current year
earnings for the same period rose to SSoO.1O0.
gain of 500 9e4 over the record of 1899, or
total gam of S192671 for the two years.
Wabash for the first week returns gain OF
s65,563. making total gain for the fiscal year
TO April d, of 81. 1872. 495 which compares with
a period in the preceding year that showed an
railway earnings has not yet been fully meas
ured in market values. Many attractive stocks
of companies that rising to the investment
column are well below the level to which they
are entitled by conditions governing their actual
value. The position of such stocks in the
ket must be changed before the influence of
business activity a market factor reaches its
limit and the prospects favor such change
this year
Early crop conditions are far better than they
We're year ago. and the Department of Agri-
cultures crop report as of April l indicates
yield of winter wheat of almost twice the size
of the crop actually harvested in 1899 Without
s big crop the railroads of this country would
make money, but, Of course. bountiful yield
will add materially to traffic receipts and farm
ers' profits. The foreign shipments this year
are likely to be heavy, owing in part to the
South African war and expected smaller crops
abroad and also TO the increasing demand for
American breadstuffs in China and Japan The
crop situation at this early stage offers no rea-
son for bearishness. And the financial busi-
ness and political situations afford no cause for
selling American investment securities. Fluctu-
ations brought about by bear campaigners may
wipe out small margins, but the general value
of stocks will not be affected. AT the moment
bear cliques and bull pools fighting one an
other in the market When capital begins to
exert itself the bear cliqles may find themselves
IN many corners similar to that in Third Ave
THE DAYS OPERATIONS IN BONDS.