New-York tribune., 1901-09-18
BONDS.
THE DAYS OPERATIONS IN STOCKS

Trreeularftv was the chief feature of yester
days course of values In the early dealings
prices showed considerable strength. but before
the close the greater number of issues were
quoted at figures under Mondays final lever.
Losses however were small. London prices
were also Irregular while foreign houses sold
stocks in the local market. Efforts were ap-
parently made TO advance values but there was
Just enough realizing and bear pressure to pre-
vent any extended Improvement. OF course,
under present conditions one expects the
market TO continue the furious upward move
ment that marked the course of trading on
Monday ard ir quart ers it is even be-
'lieved that quotations will seek lower level
before a sustained bull wave develops. There Is
nothing apparent in the current situation that
is making for lower prices 1t is easy enough
TO make some people believe that conditions
favor a prolonged period of bear activity, but
II is absolutely impossible to credit the theory
that the greater number of investors and specu-
lators will find in the present position of politi
cal, financial and commercial affairs any good
reason for pessimism the future of the
market 1t may be the judgment of some hold
ers that by selling now securities may be re-
purchased at cheaper figures Whatever ones
idea may be OF the speculative outlook. il is well
10 bear in mind that the coUntrys business has
not been upset by the death of President Nc
Kiney, and that the new President IS COM
mitted to the policies that have made the United
States so prosperous in the last few years
There was no great demand for stocks from
the so-called public in yesterdays operations.
Total dealings were we'll under the record of the
preceding day with the heaviest business in
Atchison, ST Paul, Manhattan, Missouri Pa
cihc Erie. Southern Pacific, Union Pacific. the
United States Steel shares and American Sugar
Refining. Earnings of the Missouri Pacific sys-
tenn continue TO show remarkable improvement
over a heavy traffic period year ago, and it
IS estimated that the surplus in 1901 applica-
ble TO dividends will amount to over IL per
cent on the stock as increased last July. AS a
= per cent dividend paying stock Missouri Pa
cihc appears cheap, but, of course, the COM
pany's ability to maintain dividends in poorer
years must be tested before the stock can hope
TO sell level with seasoned > per cent in
vestments. 1t may be said for Missouri Pacific
that its prospects for making money in lean
Years are better than ever before in the com
pany's history. If the proposed Southwestern
railroad deal develops Missouri Pacific stock
Will doubtless sell much higher, and in any
period Of bull activity the price ought to show
considerable improvement over the ruling level.
IN the final dealings realizing sales were
heavy, and consequence the whole list was
weak at the close. st. Paul, which advanced in
the early dealings to 1G43s closed at 1917,
small fractional net gain Monday. Rock
Island on small dealings showed conspicuous
strength. Manhattan was again in fair de-
mand. In the industrial list further liquidation
took place in Amalgamated Copper. Sugar Re
filming and the various steel shares were Well
bought Money market conditions were un-
changed Foreign exchange was weak.