New-York tribune., 1901-08-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Many Of the losses made in Mondays market
were recovered in yesterdays trading. but the
course of speculation uninterestng and
without life. Technical conditions were re-
sponsible for the rally The frmer tendency
failed 10 attract outside buying. and with the
exception of the dealings in a few issues there
little doing beyond professional traders
operations Early reports from the steel centre,
while not particularly different in tone from
those of the last few days. were construed more
favorahly by Wall Street. on the theory that
the delay in extending the strike confess
sion of weakness the part of the sO-called
la Dor leaders The announcement that orders
had been given TO make the strike more general
came too late for effect upon the market There
was some good buying Of the steel shares. and
the fact that insiders had prevented any de-
moraIization in these issues in Mondays mar
ket served TO attract moderate outside orders,
especially for the preferred. which is considered
a cheap investment at current prices. The
comparative strength of the United States Steel
securities in the face of threa tened serious
labor troubles and active bear pressure by
powerful Western spectators is an impressive
reflection of the strength Of the organized CAPT
tai behind the company
Reports OF railroad earnings for the last week
in July. now coming to hand. make the totals
for the month the heaviest for any July on
record. Moreover, the aggregate increases ex-
ceeded with few exceptions, the records Of any
month in the last few years Improvement was
not confined 10 anv one section of the country.
hut the returns OF the Southern companies gen
orally made the most noteworthy exhibitions.
Missouri Pacific. for instance. increased $271.-
coo for the last week; Southern Railway in
creased SI13. .952 in the same time: Louisville
and Nashville. S13SOO0 and Missouri Kansas
with a profitable period a year ago. In the rest
Of the fiscal year the position OF the railroad
companies is not apt to he materially affected,
II at all. by the damage that has been done 10
the corn crop. as an enormous wheat traffic is
assured
Earnings may not exceed. or even equal the
enormous totals now being recorded, but there is
little likelihood OF big enough reduction TO affect
dividend prospects. The effect upon the railroads
OF crop failures In other years cannot be used
as a basis for comparison this year. inasmuch
as new factors affecting railroad earnings now
have n he taken into consideration General
conditions are totally different from those pre-
vaning IN 1894 and other years OF crop damage
The market ended with most shares at net
/ gains as compared with Mondays closing. and
/ with the Improvement in a few shares extending
20 | per cent and better. Rock Island, Illinois
/ Central New-York. Chicago and ST Louis, Wa
bash issues 81. Louis Southwestern preferred
/ and 81. Lawrence and Adirondack we're leading
stronc features Tho latter named stock mas
lust received a dividend OF -. per cent. Sugar
Refining Atchisop = Paul. Erie Reading
Southern Pacific, Southern Railway. Union Pa
cihc and the Urited states Steel stocks were
the chief active features None. rates were an
changed hut sterling exchange was strong
despite heavy exports ot wheat. Although al
tho close II last week exchange market experts
predicted :hat the current strength in rates
road not he followed hy gold exports. there
woe many indications yesterday that gold
you'd be shipped AT the end OF this week.