New-York tribune., 1903-07-25
sF1 dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS

Heavy sales of stocks caused general declines
in prices yesterday until toward the close "heh
there was a partial recovery. There was a con-
tinuance OF the liquidation which has peeh III
progress for some time, and il was supplement-
OF nv extensive short sales. Resistance to the
press1ire on the market developed in the course
of the day Large offerings of stocks were quite
readily taken at the low prices. and also were
absorbed with fair degree of freedom in the
subsequent improvement in prices. Apprehen-
don that the continued throwing of stocks on
the market might carry prices to plane which
would result in defaults was realized IN the
failure OF two Stock Exchange firms, one OF
which was credited with having the backing of
an important market leader. There were re
ports Of the selling out of many loans, but to
what extent these reports were based on fact
WAS not revealed. 1t is not improbable that
there were sales of collateral held against loans
that had been called and not paid, but it is
also not improbable that some of the sales were
voluntarily made by the owners of the collat-
eral for the purpose OF unloading the securities
more especially than discharging the loans.
One Of the Stock Exchange failures was
sscribed TO the decline that has taken place in
Southern Pacific stock. This stock is down 40
points from its high price The other failure
was due TO loss sustained in Mexican Central
stock and income bonds. These issues were
prominent in yesterdays transactions and both
suffered In price. The Mexican Central stock
and bonds had a severe drop. but there were
numerous stocks that had a greater fall than
Southern Pacific. Atchison, st. Paul and Mis-
souri, Pacific at one time in the day had lost
materially in price but in the concluding deal
ings these stocks rallied and closed at a frac-
tional gain Union Pacific, which adverse
ly influenced by Southern Pacific. also picked
up until its net loss was trifling. Reading
a rather weak spot. In the closing upward
movement it did not respond with any alacrity.
Brooklyn Rapid Transit assailed with con-
siderable violence and sank rather precipitately
IN price There was a large business in the
United States Steel stocks. The common dis
closed strength. but the preferred betrayed
weakness Amalgamated Copper huctuated
wildly, but the final change in price was small
There are signs that the recent extensive
liquidation has created better feeling the
stock market That there could be such a
great shrinkage in values without more serious
consequences than have been witnessed has been
q matter OF surprise. There is feeling that
the worst of the strain. at least, has been eX-
perfenced. and that while some further adjust
ment OF prices may be necessary, securities are
an level which should be inviting to investors,
tf act to spectators. At the lowered quotations
thsss has been larger buying for investment
thaA has generally been known. In view of the
unprecedented prosperity in practically all lines
Of industry and trade, stocks and bonds a
whole appear cheap. The professional element
tn the market still is bearish perhaps but ii is
not SO confidently bearish as it was, and it
may change fits position at almost any time.
The absence OF the public from the speculative
market is felt, and, should anything occur TO
bring Il in, II cannot be doubted that the as
pect OF things would be materially altered.
The weather latterly has for the most part
been favorable to the growing crops. and the
probabilities are good for the harvesting of a
crop OF corn considerably in excess Of two billion
bushels. Spring wheat is safe, and it is ac-
cordtngly certain that the total crop of wheat
viii be the largest ever raised. Other crops are
good, and altogether the situation regards
the crops is about all that could be desired.
Railroad traffic continues particularly satisfac-
tory Gross earnings are running far ahead Of
last year, and there is 4 proporuonate gain ii2
rst earnings The immense business of the rail
roads proves pretty conclusively that there has
been not only no setback in the business Of the
country ar large. bur instead that there has
been an expansion in il The chief trouble IN
the stock market just now is with money.
which is not easy to obtain on time The banks
and other lenders prefer 10 put their money out
on call. in order TO have command Of II when the
demand for funds 70 move the crops comes
There seems 10 be an IDEA that there viii not
be the customary pinch in money this autumn,
been made for prospective requirements, and
therefore lenders who are counting on high
rates may be disappointed.