New-York tribune., 1901-09-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Trading in Yesterdays stock market presented
the same uninteresting characteristics that
marked the course of business in the DAYS pre-
ceding the attempt on President Mckinney S ne
snaculation was quiet investment buying was
light and prices moved irregularly' Win net
losses at the close. Early quotations were heaVy'
and traders were generally bearish, owing III
grear part to the government crop report "iiiei
showed poorer conditions, both in corn and
wheat than on the same date a month ago. Inc
Weld of corn will be extremely small, While the
wheat harvest will be under earlier predictions
TN wheat however the falling off In yield as In
,5icated bv the September report will not reduce
-be total production TO figures anywhere near
the record of 1900. a year ago there was q Dis
shortage in the spring wheat crop anu as
consequence various pessimistic tales "ers , pu.
forth rega arding the future OF rallroao earhihss
and stock values. Despite the shoitase IA
,T-baat earnings of the roads in the spring whedl
te-rit6r1T were heavy throughout the year, ST
Paul for instance, making the larsesI tolai @ ~
gross and net income in It's hlstory- "! eoui @ g,
. yeduction of S00000.000 bushels in the corn
cron as compared with year ago, must neces-
sarily have some effect upon the rallroaus III
the corn belt but the increase in genera Iner.
chandise traffic has been so heaVy IN tne Iass
wear with a promise OF a better record this
wear that the falling off in grain trafflc shoud
not exert disastrous influence upon ear
or cause any depreciation in the value Vi IAN
foa S19a market factors continued to attract at
+ention but the absence of high rates for cah
roans prevented uneasiness in speculative clrcies
THE action of the Secretary of the Treasury mas
had SO far little beyond a sentimental influence
on the market, but in certain quarters ,le oi une
street 1T is confidently believed that enough
1onds will be offered TO offset the neaVy snip
rnents from this centre for interior account. III
was said yesterday on good authority that ar
rangernents had been made to sell seVerai ia &c
tlocls of government bonds held by savings
banks the proceeds Of the sale TO be invested ID
Ynun,eipal issues Regarding municipal issues II
IS interesting to note that in the southern ano
Southwestern cities there Is an active inquiry
for the bonds of towns and cities In that section
of the country. As consequence or TINS oe-
mand, the issues in question are sehlhs aL sooa ~
figures in many cases higher than the price OF
the municipal bonds Of Northern cities. rms is
another evidence Of the financial ano COM
mercial growth of the South If further evidence
IS desired the reports of railroad earnings shoulo
be studied.
The market for railway shares was confined in
great part TO the leading speculative favorites.
such as Atchison, st. Paul. Erie, Union raclnc nc
and 10 a few OF the usually inactive stocks, as
New-York Chicago and st. Louis common ana
second preferred and Chicago, indianapolis and
Huntsville In the two stocks just named div-
dend talk apparently was responsible for their
activity In the industrials Republic Steel issues
were weak on selling induced by the annual re-
mort A proper understanding of the company g
business in the last year presents no reason LOT
discouragement over the published showing. A
deficit after dividends was due to heavy ex-
penditures the property and TO the loss IN
earnings caused by labor troubles The policy
of perfecting the companys physical side VIII
give the company stronger financial position,
and there should be no uneasiness felt over the
cornpany's ability to earn dividends. Earnings
now heavy and prospects nor the year are
encourag aging. On the decline excellent buying
was noted in the preferred stock. The steel
shares were not helped by reports that the
strike had been settled Final prices showed
many substantial net declines.
,r,Ip n,y-c opERATIONS IN RONDS