New-York tribune., 1902-05-10
BONDS.
THE DAYS OPERATIONS IN STOCKS

stock market values made little progress in
either direction in yesterdays transactions.
Final changes were small. with more net losses
than gains The volume Of business showed
further falling off from the totals OF recent
days, commission house trading exhibiting no
life, while important speculative interests were
not actively engaged in the market Crop re-
ports were good, but uncertainty over the la Dor
situation in the anthracite coal regions and un-
easiness in speculative circles over the money
market restricted trading and induced moder-
ate bear pressure. SupeKstitiousy inclined peo-
pie may have remained out of the market owing
TO the fact that the day the anniversary of
the great panic Of May 9, a year ago Since
that time the stock market has had many hard
knocks but despite the various adverse devel-
opments prices have been wonderfully we'll sus-
tanned, with the current level comparing favor
ably with the top prices of 1901. A sharp ad-
vance in Delaware and Hudson yesterday was
accompanied by the ancient reports Of Wander
bilt control, but nothing developed in the day
TO show that the control Of the road would pass
TO new interests at the forthcoming annual meet
ing. The Vanderbts already have a stock in
terest in the property. and il is quite proba BILE
that they satisfied with their present hold
ings. The action Of the coal stocks did not sug-
gest the idea that coal strike is near. as the
various issues were distinctly firm Missouri
"
Chicago and Great Western were strong feat
ures; also International Power. which advanced
points on small dealings. Selling was general
throughout the list in the afternoon. but declines
were not important final prices rule show
ing only fractional losses. According 10 the
known movement OF money in the week the
banks have lost over 100000 in cash holdings.
The loss may be offset influence
plus reserve by reduction in liabilities
ThaT tlH- &c
lators not to deal actively in the Southwestern
stocks until the crop season is advanced to
point where something definite may be learned
regarding the probable size Of this years har-
vests. Meanwhile the interests identified with
the various railroad properties are satisfied with
the market course of their securities and they
are bullish over the outlook for another year
Of rising earnings. Predictions about the crops
not always sustained by the actual yield Of
wheat and corn. but railroad managers In vari-
GUS parts Of the agricultural section Of the coun-
try now risk the opinion that the yield this year
will be up to the average. So far the crop sea
son has advanced In promising manner. and
the favorable climatic conditions that have pre-
vailed since May l have doubtless placed the
crop situation in a better position than the gov
ernment's report Of conditions of April l will
show. This report will be issued to-day. If IT
reflects no material decline in percentages as
i.
shares Will doubtless be pushed little higher.
The volume of traffic moving over the West
ern roads is enormous. From Chicago to the
coast by the Northern. Central and Southern
routes freight shipments are larger than ever
before recorded. Business on the Denver and
Rio Grande is large enough TO encourage the
holders Of Denver and Rio Grande securities to
feel at ease over the merits of their Investments
The country through which the Denver and Rio
Grande runs is growing up to the company's
mileage. Industrial activity is increasing in
Colorado and Utah. and the Denver and Rio
Grande practically controls the traffic in these
two States. Moreover, the company forms
an important link in the chain OF roads from
Chicago and the East to the Pacific Coast its
earnings not dependent alone on the indus
tries of any one section. Denver and Rio
Grande preferred pays per cent. and sells
around 81. price manifestly too low, especially
there is no probability that the road will not
be able to maintain its preference shares on a
per cent basis. The compsnys gross earnings
in 1894 S6916S41. while in 1901 they
amounted to $11 452 403 Last year the surplus
after preferred dividend of ; per cent was
SI30.922. against a surplus in 1894 Of S52S-
69O dividend having been paid in the last
named year.
THE DAYS OPERATIONS IN RONDS