New-York tribune., 1902-06-27
BONDS.
THE DAYS OPERATIONS IN STOCKS,

The movement of securities values was gen
orally in the direction of higher prices. Trading
was duh and narrow throughout the day. total
transactions amounting TO only 29i,9S4 shares
of which the greater number We're supplied by
St Paul Missouri Pacific Reading, Union Pa
cifc Atchison and Manhattan. Buying Of st
Paul WAS again moderately heavy and II was
said that several inside interests and the So
called Gates pool had taken large blocks Of the
issue All the Western shares were strong
Northwest Rock Island and Atchison showing
especial strength The Gould railroad stocks,
particularly Missouri Pacific. were in fair de-
.nand. Western Union lost over one point on
selling induced by the prospect Of the COM
pany's income being reduced through the sew
erance Of business relations with the Pennsyl-
Sania Railroad. Interests identified with the
Western Union say, however. that the termina-
ticn of the contract with the Pennsylvania is not
such a serious matter represented II Is
pointed cut that the company derives COM
,arativeIv small profit from its railroad bust
ness and that the loss Of the Pennsylvania con-
tract viii have 10 effect on net earnings. Anal
gamated Copper. American Car and Foundry
and Detroit Gas were strong features The mar
ket closed quiet and firm
The first results Of the coal strike as far as
railroad earnings are concerned are shown IN
the May reports Of several OF the anthracite
roads notably Erie and Ontario and Western
The Reading statement is not yet available. but
# will doubtless make as poor a showing as
those already received. Fortunately, the coal
roads have handled a large volume Of coal bust
ness throughout the year. and the coal mining
and coal carrying companies are therefore in a
,osition to stand a long siege from the striking
miners without jeopardiZng the chances or pre-
senting favorable annual reports TO their stock-
nolders. Moreover, as soon as coal mining is
resumed the demand for the product will doubt
less be enormous. and with sales at the hgher
rrices which will prevail, profits will again be
more than satisfactory The soft coal miners
show no enthusiasm over the idea of a sympa-
thetic strike while breaks in the ranks Of the
hard coal men are already developing Declines
in railroad earnings in May and June are con-
fined as a rule to the coal roads. traffic receipts
in most sections of the country maintaining the
high average that has prevailed for so many
months
Reports from the iron and steel centres fore
shadoved a continuance Of industrial activity
for a long period to come Heavy orders are al
ready being booked for 1908. especially in ssruc-
tural materials and steel rails Railroads are
liberal buyers OF rails for next years delivery
and they are also heavy buyers of new equip
rTlent Orders for new cars and locomotives
have been large throughout the last year. and
earnings Of the various car and locomotive build
ing companies have, as a consequence. been far
beyond dividend requirements Railroad COM
panfes are much better off in the matter OF
equipment than they were q few years ago, yet
their present facilities are taxed to the utmost
TO handle all the freight offered The fiscal year
ending with this month has been busy one foi
railroads, and reports viii generally show i'm
provenent over the record breaking statements
Of the preceding year. If the crops turn out
well in the current calendar year railroad earn
ings viii doubtless surpass all records of other
years.