New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-06
BONDS
THE DAYS OPERATIONS IN STOCKS

OUTSIDE or a few prominent industrial and rail-
way issues the stock market was almost life
less. Prices however, We're generally firm and
higher until the final dealings while in a. few Sc
curities quiet buying for substantial account
was noted. London was not an important fac
tor in the local market, but on the London Elk
change American stocks We're steady and in fair
demand. The Atchison dividend declaration
served to strengthen confidence in the intrinsic
value or investments, and in the case of Atchi-
son securities it caused marked improvement in
market prices. Sentiment also helped by
the fact that the Sugar Refining dividend
not reduced from the basis established three
months ago. although Sugar certificates declined
on profit taking sales. In the afternoon deal
ings the whole list was inclined toward heavi-
ness, and selling of Sugar induced renewed
short sales throughout the list Lack of public
interest and continued discussion of political I'M
certainties were again the factors that restrict
ed speculation and caused a dull and heavy
closing
Reaction in trade will doubtless affect rail-
road earnings this summer, but reduction in
the volume of traffic from last years heavy
business will not foreshadow railway bank
ruptcy. Bear organs placing so much stress
on the possible effect upon stocks of decreases
in earnings this summer that it may be we'll
for holders of stocks to bear IN mind the facts
of the situation and the nature of comparisons
that will be made with railway earnings of
year ago. Stock market bears may possess
more foresight than the ablest railroad mana
gers and business men in the country regarding
the effect of period of decreased earnings on
railroad prosperity. but the wise man will I'M
doubtedly prefer to accept the opinion of prac-
teal business men rather than the theories of
resourceful spectators Despite the gloomy
tod nv he do
stroyers of values on the Stock Exchange. the
conservative men who govern the affairs of the
big Atchison system have just placed the COM
pany's preferred stock upon per cent basis.
1t is not likely that the dividend would have
been increased If the directors thought that it
could not be maintained.
II from earnings throughout the coun-
try show more decreases than gains It need not
be assumed that traffic receipts a pow
erty basis. Comparisons will be made with a
period last year when the transportation bust
ness enormous, and when all past records
were being broken every week. Take st. Paul,
for instance: In the first week of June last year
this company showed gain of $102 426 over the
same week In 1898. and 1852 900 over 1897. In
the second and third weeks the gain was about
the same, while in the last week an increase of
5000 900 was recorded. In the last week in May
this year the company reports gain of $4,000
over the same week in 1899 when an increase
of S135, $3.50 1898 was shown. In view of the
decreased movement of wheat this year. the
enormous earnings OF st. Paul in June July and
August last year cannot reasonably be expected
to be surpassed this summer. but the road can
afford to lose as much 1t gained year ago
and not be pinched on dividends. Other roads
in the West may be classed with st. Paul In the
summary given, and, in fact, all the roads of
the country will present comparisons with a
period of extraordinary results last year and
very favorable results IN the year before