New-York tribune., 1901-06-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

. A material reduction I'm the volume Of trading
- oornared with the preceding days of the
,,.eL vas the conspicuous feature Of yesterday S
l.+ocl, market Early strength was followed by
,--eqularitv and for a time sagging tendency
was reported but at the close the majority of
lactive issues were at net gains. The presence OF
a. bear party in the market was couotless re-
snonsible for the smaller commission house DEAL
jnCs Room traders offered stocks down when-
ever they found lack Of support but dechhes
svere not important, professional operations
-yere not followed by liquidation. Adverse crop
.reports helped 10 restrict trading, although the
stocks of the roads affected by crop damage
were generally strong and active the move
,nents in the railroad list were not signihcant OF
,,ews developments. while in the industrial list
the tobacco stocks were the only issues IN which
speculation was the result Of new factors affect
ing the properties. Continued heavy buying OF
Car and Foundry stocks was based upon earn
Sings rather than news regarding the company.
louisville and Nashville was strong throughout
the day. while Rock Island and Union Pacific
were irregular and heavy. The traction shares
zvere strong. In the final dealings renewed sell
sng pressure was noted. and as a consequences
closing prices We're heavy.
Railroad earnings continue 10 expand. Com
roarisons are made with a period a year ago,
when railway traffic was heavier than in any
corresponding time, and the increases shown this
year are. therefore. doubly significant. Nothing
has developed TO interrupt the progress of rail
way prosperity. Railroads in all parts of the
country present gains both in gross and net
earnings. the increase in net being made de-
spite heavy expenditures out OF earnings the
property The sources from which big earnings
are derived are the country's great channels of
trade in which industrial activity exhibits no
sign Of subsding. The factors named how
ever do not warrant continued advances in the
fancy priced railroad stocks. Current prosperity
IS adequately measured by the market values of
many railroad shares, but, Of course. there are
stin a number Of issues that are under their
actual worth, while in the industrial list the
greater number of shares are on the bargain
level. The low priced railroad securities and
the industrial stocks of merit are the attractive
issues at present Louisville and Nashvie's
earnings for the last week in May showed q gain
OF l3 per cent; Chesapeake and Ohio. Is per
cent; Texas and Pacific 10 per cent: Missouri
Pacific, 20 per cent; St Louis and San Fran
cisco. "a per cent; st. Louis Southwestern, 2h
per cent, and Missouri, Kansas and Texas. GA
per cent The stocks Of the companies named,
save Missouri Pacific. are not dear
Money market conditions appear TO be work
sng in favor OF greater ease in lending rates
The reduction by the Bank Of England in its
minimum discount rate TO 80 per cent is taken
10 indicate that London Will not call upon this
Tnarket for gold this summer, while the alb
senoe OF gold shipments TO France this week is
thought TO foreshadow an end of the gold ex-
porting movement OF the gold that was sent
out last week only about half reflected in
She bank statement for that period. and if the
rest Of the amount, about 100000 figures in
shis weeks statement. the exhibit viii be tech
nically unfaVorable. The known movement of
money this week shows net gain 10 the banks
on interior and Sub-Treasury operations. II is
quite likely that loan expansion has continued,
Gnd il is therefore improbable that reserve will
show increase. Bank statements however
generally furnish surprises. and preliminary es-
inmates. although based upon the known course
az money, seldom tally with the published fig
nres.