New-York tribune., 1907-06-19
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS

Activity for the present is a thing apart from,
the stock market. No ATTEMPT is bene made -
inject speculative life into the daily trading and
according to the opinion of the best informed
market observers there will be nothing ap-
preaching widespread interest in Stock Fxcbanga
movements for number of weeks to come
barring. of course. the development of soma
material FACTOR bearing directly upon the actual
worth or securities In yesterdays marke; trad
ing was practically ar a standstilI in the greater
NUMBER OF issues, while prices moved entirely
under the influence OF the operations oP tho
hoard room element, showing strength In the
morning and weakness in the last two hours of
BUSINESS. The early improvement evidently was
lhe Wlnd-up Of the advance which began j.,
Mondays market, and which was based wholly
upon technical conditions rather than on an ont
side demand for stocks. The buying power from,
the snort interest exhausted itself before the
end OF the third hour, and then followed the
lheNildpe recession, which left final prices at
only unlmportant changes as compared with the
| closing figures Of the preceding day In the
aclFe list the majority of so-called active shares
presented small net losses. Reading being the
only heavy loser at a net decline OF lIk This
stock, with Union Pacific, Amalgamated Conner
ana American Smelters, supplied about three
quarters of the total dealings. Foreign exchange
was strong further gold export engagements
were announced, call money was trife frnler
the Giles cotton report was unfavorable and the
Jersey Central failed to increase its dividend
rate. These were the few factors of actual con-
sequence winch served to promote bear senti-
ment.
Net earnings of the railroads throughout the
! country are making far better comparisons than
they dld IN the winter months. when adverse
NealheF conditions caused increased operating
costs and returns that have been received in
the last few weeks for the months Of April and
May demonstrate the fact that the large ex-
pansion in gross receipts have been effective
10 an important extent in offsetting the greater
price OF labor and materials. also increased
dividend disbursements. According to the in
formation received by The Tribune from the
! leading railway in the country the pros
poets favor expansion in gross earnings and a
fair proportion of the gain in net throughout
the year. notwithstanding the doleful predictions
| OF trade disasters. Healthul contraction in
trade may be looked for particularly as the
country's industries have been running at fever
speed for the last few years, and as a Presi-
Dental period is app. oaching. but anything like
business depression Is not anticipated. Orders
In some lines have been cancelled, but canoella-
tons nave been unusually small. and are noted
in untmportant departments Of business rather
than in the iron and steel business. the railway
equipment Industry, the large wholesale dry
goods trade, etc, in which a remarkably heavy
demand for consumption Is reported The fact
that there is no inquiry for bonds reflects the
great activity Of money in the nations business
centres. Business has grown rapidly that
the men Of trade have every cent employed in
their undertakings this applying to the indi-
!
sequence the bond market is dull and promises
to remain so until there is a slowing down in
the countrys industrial activities. Quieter trade
VIII serve 10 ease money and make available
funds for investment in mortgage issues
Reports of earnings OF the Baltimore r
Ohio for the month of May received yesterday
| show q gain in gross of $053.S11 and a gain in
| net of S162493 and If results in the current
| month are as good as they doubtless will be the
company will present for the twelve months an
| exhibit which will compare favorably with the
| record earnings of the preceding fiscal year
f, when, after dividends, there was a surplus of
more than S2.OO00O0 A large amount of money
! has been spent upon the Baltimore & Ohio in
the last few years. The physical condition Of
! the property is now better than ever before in
the history of the road. It's train handling eff
cheney has increased 30 a material extent its
| earning capacity, through the reduction OF
grades, the elimination Of curves and the in
/ crease IN rolling stock that make large train
loads possible, has more than doubled in recent
years, while the intrinsic value OF its securities
! has increased TO a noteworthy degree The
Baltimore & Ohio presents the results of eco
monica! and sound mana cement. Mr. Loree
now president Of the Delaware & Hudson was
one OF the men who started Baltimore & Ohio
on its prosperous career, and this fact naturally
! encourages the expectation of marked improve
! ment in Delaware & Hudson's results in the
/ current year from all departments of the COM
J pany. Delaware & Hudson has in the last few
/ years, under management which has not
splendid showing but the full possibilities of
/ the property have not been brought out and
stockholders have not been able to realize the
enormous assets owned by the company The
/ new interests in the company intend 10 de-
velop the road and it's possessions in a wa,
that will strengthen the investment value of the
/ stock. giving no heed 10 the speculative attacks
! that from time to time stock market manipuia-
! tors may make upon the property.
! 1t is purpOsed in these columns to present the
merits OF investment properties for the benefit
+ of persons who apparently being misled bv
the tactics of notorious operators, who in order
90 increase their profits, are inviting holders of
] sound securities TO sacrifice their holdings at
current cheap prices. Those who buy srooks
+, and bonds AT prevailing quotations for invest
ment account will not lose their money. ana
/ houses which are trying TO keep their customers
right on the market are pointing ont the adj
Vantages OF many OF the industrial issues nota-
bly, United States Steel preferred the preferred
stocks Of the railroad equipment companies
/ American Sugar Refining. International Paper
preferred and international Steam Pump pre-
! ferred Little has been heard of the last named
on the Stock Exchange in recent months, but