New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-12
BONDS.
THE DAYS OPERATIONS IN BONDS,


Stock market trading exhibited irregularlty
throughout the day an active Volufe q
business. The profit taking movement that be
gan in Wednesdays market was in evidence
Yesterday but the sales made on this account
failed 10 produce important effect On values
Declines when made were small final prices
showing in the greater number Of SHARES lAs4s-
riicant net losses, as compared with the PIE
ceding DAYS last quotations. There was a re
duction in the volume OF commission mouse Ousl-
ness and the larger speculative interests were
apparently disposed 10 encourage lighter opera
4ions throughout the market. Speculation can
afford to quiet down for time TRANSACTIONS
sn the last ten days have been enormous. prices
have enioved substantial advances and tech
r;cal market conditions have presented oppor-
4pni+ies for Quick turns the short side Of
snecuia lion Declines on Wednesday and yes
ferdav were wholly the result Of speculative
conditions and a further movement OF similar
,rharacfer would not alarm conservative traders
No extended decline appears probable Inc
money market is certainly not in position that
warrants permanent lower level OF values
while general business conditions present no
s1nfavorahle stock market factor.
The monthly government crop report indicates
an enormous corn crop. and wheat crop that
has been exceeded in only two other years. Big
crops mean enormous railroad earnings IN the
next twelve months. Earnings in the last year
have been heavier than ever before on record
despite the failure of the corn crop IN 19Ol In
view of the ability of the railroads 10 make
wonderful progress without the help Of big
grain traffic last year, it may readily be as
stunned that with equally large movement OF
general merchandise this year and a large grain
traffic the railroads Of the West and Southwest
and the grain carriers to the East viii record
rent government report on cotton was not favor
ahle 10 a large crop but il is now believed by
people in the trade that the governments fig
rres were in error, and that this years yield
will be as large, if not larger. than last year $
harvest A we'll known cotton broker who
has information direct from the cotton field, is
responsible for the statement that there VIII
he a large cotton crop this year, and that cotton
brokers are adjusting their business with this
end in view
All the speculative favorites of the last few
DAVIS were active, but owing to heavy realiz-
ing sales prices moved within narrow limits
The mower of absorption was heavy enough to
nreyent important declines, while in the greater
mart of the day there large enough de
ma.ld to cause advancing tendency in many
Issues In the last hour advance in call
money 70 L. per cent checked active trading
and induced speculative liquidation. The St
rauI dividend announcement came too late 10
exert an important effect OH values but il is
fitelv that the action of the directors in placing
the stock on q per cent basis Will he reflected
IN to-day's market. Stockholders OF the st.
Paul Company will receive 81 per cent for the
last six months and an extra dividend of one
half of l per cent, making per cent for the
last twelve months. There is no reason why
81 Paul should not maintain = per cent rate
save in periods of great commercial depression.
The stock was the second most active feature in
yesterdays market closing at net loss of over
! mint on realizing and selling by people who
Scared that there would be change in the
dividend rate. Any further increase in st.
PAM common stock dividend will be shared
hv the preferred stock. as both classes of stock
ehare alike after the payment of per cent on
The preferred and per cent on the common
Baltimore and Ohio. which the leading
active feature declined from 1lSl4 to ll6&4, clos
Ing AT III. selling being induced by the report
r,f the proposed increase in the company's COM
mon stock Among the stocks that showed net
in,nrovenent for the day were Chesapeake and
r,b;o Detroit Southern, Louisville and Nash
sille Missouri Pacific and Reading. Elsewhere
In the. active list small net losses recorded
Dealings in Reading amounted to over 131oo0
shares 10000 shares being bought by one firm.