New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-08-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Transactions in yesterdays stock market were
extremely light irregular movement OF
values Initial trading was accompanied with
falling prices a number of issues declining l per
cent and above. In the subsequent dealings
however. early losses were recovered, and at the
close the greater number of stocks showed net
gains as compared with Saturdays final figures
There were no news developments responsible
either for the decline or for the following ad-
vance At the opening the progress of the steel
strike of course was the chief market argu-
ment for lower values. but there was no addi-
tional evidence in strike reports tending to con-
firm the gloomy expectations of stock market
traders regarding the outlook in the steel dis
trict AS a matter of fact, the opening decline
was nothing more than a continuation of the
downward movement that developed on Satur-
day The afternoon advance was due entirely
to covering of shorts and buying by few sub
stantaI operators. and not to any general de-
velopment affecting the value of securities.
Among the notably firm features of the rail
wav list were Norfolk and Western, Southern
Railway, ST. Paul, Union Pacific and the Atchi-
son shares In a number of issues in which
dealings were very small some noteworthy gains
were made as in the case of Chicago and East
crn Illinois, which advanced SA points In the
industrial list a further fair demand was re-
ported for International Pump common. This
security is one of the cheapest of the industrial
issues, and at it's current price it yields on the
Investment about 10 per cent dividend of
10 per cert was declared last spring out of the
earnings of the preceding year to be paid in
quarterly instruments in 1901. The company
PRESENTS evidence of sound and conservative
MANAGEMENT, and its securities ought to sell
many points above their present market quota
items. Among other industrial stocks that are
worth the attention OF investors Interna-
tional Paper preferred and American Car and
Foundry preferred-both stocks are paying big
dividends hut selling many points under their
intrinsic worth. In the next genuine upward
movement of values. the attractive industrial
shares should in for large amount of
popular favor.
There was no change in the money market
situation save in the foreign exchange depart
ment in which sterling rates showed a further
declining tendency. There is now absolutely
no chance of gold exports this month, while
the prospects are that the fall in exchange rates
Will reach a point at which imports Of the yellow
metal be made. In this connection, it is
interesting to note that the exports of wheat
yesterday again broke all daily records. The
foreign demand for wheat is likely to continue
for some time to come. Railroad earnings re-
ceived yesterday presented further evidence of
growing business prosperity, the roads in the
southwest reporting Ior the second week III
August showing especially heavy gains. Mis-
souri, Paci1c's earnings increased $4,000, as
compared with the same week year ago. The
Southwestern stocks, including Southern Pa
cfc should soon begin to reflect the favorable
position of the companies, despite the fact that
there has been such serious loss TO the corn
crop.
OF the total dealings the greater part was
supplied by the Atchison issues, Norfolk and
Western, Southern Pacific. ST. Paul. Amalga-
mated Copper Union Pacific and United States
Steel shares The latter named stocks were
cOnspicuously weak in the early dealings, but
recovered with the rest of the list before the
close. Southern Railway common was again in
demand from good class of buyers The ex-
IRENE duneFs of the market was reflected in
total dealings of less than 214OO0 shares