New-York tribune., 1901-08-01
BONDS.
THE DAY.s OPERATIONS IN stocks.

Extreme dulness with an irregular movement
OF values, marked the course Of securities in
yesterdays market. At the end the greater
number OF issues showed small net losses as
compared with the preceding days close, the
chief exceptions being found in some of the soft
and hard coal shares, which apparently were in
demand from good class Of buyers Delay in
the settlement Of the steel strike and further
strength IN were important factors in in
ducing bear operations in the majority Of is
sues. Selling. however. was confined in great
part 10 board room traders, while the few buy
ing orders that were in the market came from a
good class OF operators. Outside of labor and
crop factors there were no developments IN the
day affecting values and no attempt the part
of substantial market interests to advance quo
tations on the known favorable conditions exist
ing in the business world. The market is with
out public support. and there appears little like
lihood of a sustained upward movement until
the vacation period is over
In considering market values at the current
level and the chances of a further decided set
btck II should be borne in mind that most
shares are selling many points under the high
record Of the year. And then 1t should be
called that there has been no depreciation in the
actual value Of securities and that a damaged
corn crop and poorly founded steel strike can
no. upset general industrial and financial con-
ticns that industrial activity is to cease. On
the other hand. there are the best of reasons
for predicting continued commercial prosperity.
and higher values for stocks and bonds after
the current summer season comes TO an end.
Many stocks Of rare merit failed TO share TO any
extent in the bun movement of last winter.
Other shares which did reach fancy figures have
gone below a normal level. and their return TO
higher prices is inevitable unless all underlying
conditions governing values make a radical
change.
II is too early 10 estimate the effect Of this
years crops on railroad earnings, but it may be
well 10 remember that the railroads have been
accommodating surDluses for several years and
placing their properties in splendid physical
condition in order TO go through crop failure
years without reducing dividends. But from all
reports now coming to hand regarding the
crops. there appears to be chance of an
important falling off in traffic owing 10 the
reduction that will take place in the yield Of
corn. Indeed. the Atchison for instance, il
Is estimated that the loss from corn will be
offset by heavier shipments Of wheat while
other roads figure out that, with a big wheat
crop, with big surplus Of corn left over from
last year and with heavy general merchandise
movement the railroads VIII not suffer any
striking loss in earnings When the stock mar
ket enjoys its next bull movement the first class
industrial stocks, such Peoples Gas Inter
national Paper preferred and American Car and
Foundry preferred ought TO be advanced to a
level more in proportion TO their value. Among
the cheaper stocks International Pump com
mon is attractive. This stock has declared a
per cent dividend, TO be paid in quarterly in
stalments, yet its price is under 40.