New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-28
BONDS
rHR DAYS OPERATIONS IN sToOKs

The advance IN stocks Monday and Tues
day IN q great part due TO & covering
movement the part Of the shorts. and the
Improvement in values did not attract impor-
tant commission house or public buying. Evil
dence OF the apathy Of the public was reflected
IN yesterdays dealings, when no response at
ali was made to the advance Of the two pre-
oeding days The volume of business was small
and almost wholly professional In some
stocks, notably Southern Pacific. Atchison pre-
ferred and Union Pacific. buying represented
substantial interests. but. as a rule. further
covering Of shorts. followed by renewed short
selling. made up the bulk Of the dealings
While the public IN general ala not buy on Mon
day or Tuesday, there was, however, a mod
crate demand from people who take stocks at
bottom prices to hold for a big advance. and
there was also an encouraging disposition among
conservative houses to send out bullish advices
10 their customers. The position Of affairs in
general does not warrant pessimism in Wall
Street Favorable factors-snd there are many
have received little attention in speculative
circles, while adverse conditions have been mag
nihed 10 extent that has caused q depre-
citation IN prices far beyond the actual value
of securities Stock market conditions will be
adjusted to actual conditions in time, and with
this end In view many men Of large means are
quietly accommodating good securities all
recessions Some stocks are still considered
too high. Baltimore and Ohio common, for
instance, in which liquidation is now going on.
When Baltimore and Ohio common stock sold
above 80 certain interests told their friends that
the stock would sell at par before II touched
SO again. After that the decline set IN, and
instead Of going to par the stock broke TO-
Losses suffered IN this stock have been heavy,
and many people who acted on the advice Of
the interests who were pulling the stock, and
bought II at 50 and above, now very much
dissatisfied with Wall Street and its methods.
Perhaps II the words Of conservative insiders
had been needed at the time Of the absurd ad
vance in Baltimore and Ohio there would
be no reason for regret on the part Of the dupes
who took the stock at fictitious prices. When
Baltimore and Ohio common was moving be-
yond it's actual worth q non-divtdend payer
st was reported in this column that the conserva-
tive directors OF the company did not approve
OF the advance, and that they did not extend
any encouragement to the expectation in some
quarters that the stock would be placed upon
q 3 per cent dividend basis. Baltimore and Ohio
IS a splendid property. Its earnings are heavy,
its physical condition IS being constantly i'm
proved and Ats future is particularly promising.
But the majority Of the directors intell-
gent men. and, moreover. they are governed to
a great extent by the Pennsylvania policy Of
conservatism IN the matter Of dividends. A 5
per cent dividend N the common stock does not
appear probable this year. and it looks as II the
interests who were confident that the stock
would sell at PAR may have to liquidate be-
low 10
Profit taking and bear pressure IN the after
noon market offset in great part early advances,
but the final level Of values slightly above
Tuesdays last quotations. Crop reports were
unfavOra BILE, and a further advance in the price
Of wheat increased bear. sentiment on stocks.
St Paul receded point after a strong opening
on the heavy decrease IN net earnings for May.
The ST. Paul company is pursuing a policy Of
large expenditures on the property, and in con-
sequence heavy gains IN gross earnings are used
up IN operating expenses. The local traction is
sues were heavy in the afternoon, while the
general railroad list unsettled. The iron and
steel shares showed considerable frmness