New-York tribune., 1902-01-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values were generally heavy
under the influence of traders operations. The
absence of public buying, selling for foreign ac-
count bear talk about the possibility OF d
decision against the Northern Securities Com
pany ard a small engagement of gold for eX-
mort were factors used effectively by the near
element in reducing prices. Declines. however
were not extensive. In the afternoon trading
martial recoveries were made. while final quo
tations showed, rule. only insignificant net
losses General conditions affecting the real
,pcrtb of securities are not in favor OF weakness
in stocks. and there is no good reason save
traders desire for lower prices for the pessl-
mistic talk now going the rounds in Wall street
The greater part Of current selling is for snort
account and for small commission house opera
tors There is no evidence Of important hquida-
ton and there is sound argument faVorlns
the sale Of investment or speculative hololhsS
at prevailing prices. In view of the fact that
stocks are In strong hands. while large short
interest has been created, it would seem as IL
the market were about ripe for a substantial
rally. 1t is quite likely that people who are
counting on a long period of declining values
will be grievously disappointed
Railroad earnings for the first two weeks IN
January show surprisingly large increases over
the corresponding time a year ago Secono
week returns received yesterday present such
gains as Sal 395 for Louisville and NASHVILLE
$50 300 for Southern Railway, $3.50 for Cen
tral Of Georgia, and $1,000 for Cleveland en-
cinnatt Chicago and St Louis. Earnings for
the second week compare with a week year
ago when the increase was about 10 per cent
over 1900 and about Il per cent over 1888
The encouraging gains this year are made de-
spite heavy failing off il grain traffic in the
West the decline in wheat, oats and corn De
ing offset by the increased movement OF gen.
eral nlerchandis In the week ended Saturday
grain deliveries at Chicago were the lightest for
any one week in six years, showing shrinkage
from 1901 Of 80 per cent. There is no indica-
ton that general railway traffic will develop
an unfavorable change. officers of the roads
see heavy business for many months ahead, and
they are confident that the earnings throughout
the wear will maintain the records Of the ex-
traordinary results in 1901. Heavy deliveries
of cars in the last few weeks have relieved the
car famine
Gold 10 the amount Of S350O00 was engaged
for export yesterday. Sterling exchange rates
do not permit Of important profits on gold ex-
ports. but slight advance from ruling figures
would doubtless encourage heavier shipments
of the metal. While gold may go out to a mod
crate extent, local money rates are likely 10
grow easier owing TO the heavy movement Of
currency from the interior. Call money ruled
at 3z per cent yesterday, but the decline in
the rate did not have any effect on stocks, which
were wholly under the influence of professional
traders throughout the five hours of business
There were a few exec ptions to the downward
tendency, notably in the tobacco shares, Glu-
cose Sugar Refining, Metropolitan. Wabash and
Colorado Southern. American Tobacco, deal
fngs of l. 100 shares, advanced 30 points, while
in the bend department Consolidated Tobacco
As were jealt in TO the extent of 81. $50 coo par
value, supplying about one-half of the total
dealings in all issues. American Tobacco sold
at 800, advance of 160 points in the last
ants
a demand for the stock that has not yet as
scented 10 the consolidation.