New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-07-21
BONDS
THE DAYS OPERATIONS IN STOCKS.


Stocks were generally strong IN yesterdays
market but the volume Of business was again
light, although larger than on Thursday There
was fair demand from substantial interests
and bear traders were unable to make any i'm
preston upon values A number OF bull pools
are at work in the current market The public
does rot respond TO the advancing quotations,
but the pools. nevertheless. apparently salts
fed that higher prices are possible. Stocks have
enjoyed considerable advance in the last few
weeks, without outside support, and upon an
extremely narrow market, despite developments
OF & most unsettIing character. Whether or not
the Improvement VIII continue is a question not
easily answered: but there are not few people
who are confident that stock values will sell
lower before a genuine outside buying movement
develops
London sold stocks in the local market yester-
day, and profit taking reported on the ad-
vance. The uneasiness over the Chinese situa-
ton was modified by the reassuring reports
about the foreign legations in Picking, but the
European markets cid not respond. the money
market outlook abroad overshadowing all other
considerations Local money rates showed
1-ner tendency but quotations exhibited no
important change fair demand for the steel
stocks was an incident OF the day that led to
various conjectures regarding the reports Of
possible international agreement among Iron
and steel manufacturers, but no satisfactory
evidence that Experimentation combination
As contemplated was forthcoming. The steel
stocks are not dear at prevailing prices, and in
genuine bull market they would not need the
assistance of manipulation in order TO move
toward 4 higher level. The local traction shares
and Sugar Refining We're strong features. and
the general railway list showed improvement.
Last prices were under the best of the day, but
as a rule substantial net gains were recorded.
Contrary TO general expectation, railroad earn
ings continue 10 show remarkably heavy vol
uIne Of traffic in all parts Of the country. Re
turns for the second week in July are better than
those in the first week and railroad managers
are beginning to believe that despite business re-
action traffic receipts viii not record the losses
that were predicted earlier in the season. Cur
rent gains in earnings are not as heavy as they
were q few months ago. but the mere fact that
last years heavy records are being maintained
should encourage confidence in the soundness Of
American industrial activities Comparisons are
now made with period year ago, when earn
ings were enormous. Where decreases are
shown it viii be found that earnings are light
only In comparison with the extraordinary re-
turns n 1899. The St. Paul company showed
decrease for the second week Of S6S. 453 but the
actual gross earnings were larger than in any
corresponding week. save in 1899, when the gain
over 1898 was S23l ,523. AS against the decrease
shown by St. Paul the greater number of roads
reporting return comfortable increases, espe-
cially in the South and Southwest. Southern
Railway increased $4,000; Norfolk and West
ern. $4,000 and Missouri Pacific, $4,000 The
Mexican roads continue 10 smash all past rec
ords. but the narrowness Of the present stock
market prevents reflection Of this improvement
in the securities of the Mexican Central and
Mexican National roads. The time will come,
however, when the stocks Of these companies
will measure in market value their growing
actual worth.