New-York tribune., 1900-08-02
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The stock market, while not active yesterday
displayed strength in unmistakaole degree
This strength was derived largely from the IA
vorable exhibits OF earnings by the rallroaus'
That the revenues Of the roads should show an
increase from last year, when traffic was very
heavy. is rather remarkable. and It demon
strates that general business Is not declining
l,,+ on the contrary is fully maintained Labor
and s,lpplies cost more than they did year ago,
but the expansion in gross returns is so great
as still to permit net results 10 disclose CROWN
IN most instances. The position OF the railroads
Is plainly strong. The placing Of the common
stock Of the Unlon Pacific road on per cent
basis is significant. The management OF tIle
property has been decidedly conservative ana II
NAV he assumed that before action was taken
bv the directors they satisfied themselves that
the outlook was such that the increased rate OF
distribution on the stock could easily be kept
up. The railroads Of the country never were in
such excellent shape physically and financially
as they are to-day.
Political developments may. and probably will
from time to time have an effect on the values
of securities but as the result Of the election
nav be said not to be in doubt the incidents Of
the Presidential campaign will not work to the
permanent Disadvantages OF the market, but in
stead 10 its ultimate benefit. The state Of corn
bumper" crop. Cotton, too is likely 10 turn
out better than at one period was anticipated.
Winter wheat has been secured. and the yield
OF spring wheat while short, viii not be de-
fcient as earlier reports indicated. There is
sorae disturbance in the iron and steel trade.
but there Will be no collapse. The demand for
materials is and Will continue to be extensive,
end the main thing seems TO be TO effect an ad-
tustment OF prices, with perhaps an agreement
On the output in certain directions. The mat
+er Of chief interest in the near future will be
money. It is not unlikely that the transfer Of
funds to the West and South TO move the crops
viii later cause a moderate advance in rates,
but a squeeze IN money is not looked for. The
resources Of the banks are large, especially for
this season Of the year; and a majority of bor-
rowers have provided for emergencies by secur-
ing liberal supplies Of time money.
The buying Of the so-called granger shares
and Of other leading railroad stocks was good.
The understanding was that the dividend TO be
declared on Baltimore and Ohio common to-day
would be per cent Rumors Of a serious diff
ference Of opinion among the directors as to
dividend action were denied The only group Of
stocks that displayed any weakness were the
steel shares They were strong and improved
IN price until the announcement was made of
cut in the price Of steel bars by the American
Steel Hoop Company, when a reaction occurred,
but it did not wipe cut the gain except in one or
two instances IN spite Of talk Of a renewal Of
the sugar trade war, the stock of the American
Sugar Refining Company. otherwise the Sugar
Trust, moved up. The demand for refined sugar
has slackened but it yet retains liberal proper
lions The extra trade discount Of I per cent
allowed by the ArbuckIe refinery about equals
the decline in sugar. and is hardly to be con-
sidered in the light OF cut in the price Amer
lean Tobacco had sharp rise on what appeared
TO be manipulation.