New-York tribune., 1902-07-03
BONDS.
THE DAYS OPERATIONS IN STOCKS

The prevailing duness in the stock market
accentuated yesterday by the approach OF
three day holiday. Stock Exchange trading
will be suspended tomorrow until Monday. and
unless something Of extraordinary Importance
develops in the mean time business will doubt
less be resumed on the same quiet scale as re
corded in the last few weeks. And ii is likely
that the market will remain dull and uninter-
esting until a settlement has been effected in
the anthracite coal region until the extent
OF this years harvests can be estimated with
some degree of certainty. Prices We're gener-
ally strong yesterday Louisville and Nash
Vile Missouri Pacific, Texas and Pacific.
Manhattan, Pennsylvania, Union Pacific and
ST. Paul were the leading active features
in the railway list, while among the in
dustrials the United States Steel shares
Colorado Fuel and Iron and Sugar Refining
monopolized speculative attention. The enor-
nous earnings Of the United States Steel Cor
poration created light buying demand for the
stock. but the price only made fractional gain
The Steel company's half year report, the ia
vorable statement of the Brooklyn Rapid Tran
sit Company for May and the large increase in
the Pennsylvania Railroads earnings for the
same month We're striking features of the days
news. The steadily expanding record of rail-
road earnings furnishes substantial reason for
the strength in securities and the refusal Of i'm
portant speculative and investment interests to
sell at current prices The Pennsylvania Rail
road draws its traffic from almost every in
dustry in the country and its increase in gross
receipts from January l to May 81 all its
lines of S6,912.J00 is therefore trustworthy
measure OF current industrial prosperity. 1t is
encouraging to note that the earnings of the
Brooklyn Rapid Transit Company improv-
ing, and that the road is slowly but surely
reaching a condition where stockholders may
reasonably look for some return on their in
vestrnents
Trustworthy reports from the agricultural
district Of the West and Southwest indicate that
good than harm has been done by the
excessive rains in that pan of the country. The
Southwest in particular, has been greatly bene-
flied by the rain, the crops in Texas and
neighboring States have been on the verge of
serious damage because of A long period of
Ta,nless weather The fact that such violent
efforts have been made TO create an impression
in the grain and stock markets in Chicago
and New-York that the crops have been seri-
ously injured reflects the desire OF somewhat
powerful speculative party TO advance grain
and depress stocks. The grain market has re-
srondei. but securities refuse to go down. Both
wheat and have advanced 10 a level that
IS not warranted by the present condition of the
growing crops and which discounts possible
adverse developments this month. To speculate
on the course OF nature in the rest of the crop
season may prove disastrous. and il may there
fore be wise TO move with "aUtiOn both in
stocks and grain. until the harvests results
ere known.
Crop damage reports are not likely dis
turb present holders Of investment securities.
The market has had many hard slaps in the
last year, hut stocks have only been sold by
weak operators. while strong financial interests
have added to their lines. With the market
supported by powerful capitalists whose plans
demand a stability in values, il is extremely
foolhardy TO operate on the short side OF stocks
for more than turn. 4 time will doubtless
come when il may pay TO sell stocks short and
stay short indefinitely. but just there is
nothing in the country's industrial position or
in the attitude Of capital that encourages the
expectation Of the near approach of the time
for long bear campaign The money market
IS strong at the moment. owing the July in
terest and dividend payments but there is no
prospect Of high rates after current settle
ments have been effected Rates Yesterday
went high as per cent. Sterling exchange
firmer. while Paris exchange on London de-
clined, thus placing gold exports near profit
able basis.
THE DAYS OPERATIONS IN BONDS.