New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

People who expected TO see the stock market
develop activity the reopening after the triple
holiday were disappointed yesterday. The mar
isxet bore practically the same aspect or apathy
and extreme dulness that distinguished it most
~ .he time last week on higher prices in Lon
Don for American issues first quotations here
were fractionaIly above last Friday night. but
shore was no increase whatever In activity.
rStaRnation set in at an early hour and the deal
sngs were without significance. Values held
srnn however until after noon when con-
-re-ted selling movement began which carried
xloWn the general list.
As q WAS last week so yesterday Atchison
Was the leader OF speculation. the transactions
N the stock being ell out Of proportion 10 the
.otal Dealings. IN the morning it seemed evil
dent that q strong effort was being made 10
eliminate the remaining short interest, the
,,,rtce advancing on speculative buying to 6s and
snore II was thought by noon that the bears
an she stock had taken their punishment brave
az luf 3 bout an hour before the closing heavy
selling orders in Atchison appeared and the
.,rice sank rapidly and 81 closed at 66l4. a loss
since Friday Of :. per cent. and from the highest
a,ont OF the day OF Is There was nothing TO ndi-
cate any more than there was last week = 4 this
movement in Atchison was anything more than
.r,re speculation. although the same old rumors
~ PENNSYLVANIA and Rock Island bidding for
she road were revived. The afternoon slump
had the appearance Of attempts TO take profits
l,v the bull clique, which has been bidding UP
The stock. and when the price yielded the bears
took Immediate opportunity TO depress if still
further. Atchison. being the leader Of the mar
lsaf. very naturally pulled down the rest of the
active list with st. ST. Paul. which received
early srpport on its fine showing Of a gain in
net earnings Of 100000 for July. and had risen
nearly point from Fridays close, fell with the
rest and ended the day with fractional loss
The market was merely traders affair ana
cannot be regarded as indicating anything Of
snlportance. The close was weak and at about
the bottom prices for the day.
Railroad officers continue TO make glowing
reports Of the business on and along their lines.
The president Of one Of the large Western roads
IS quoted as saying: Il think the West is on
she edge 81 its biggest boom. Conditions are
excellent and there is sign Of letup.'
Traffic for the last week in August increased
heavily over last year practically all the big
Western roads entering Chicago. which seems
10 be a fairly sufficient answer TO the croakers
who. because much water has been squeezed
out Of overcapitalized companies. and because
Wall Street has been through a thorough purg-
snC process not pleasant but necessary, would
have the investing public believe that the gen
.ral business Of the country nearly. if not
actually. on the verge Of a commercial panic.
one thing investors would do well 10 remember
Is that the prophets Of calamity are never still.
~ hile their enemies, more frequently than not.
Jet facts speak for themselves. assuming that
the ordinary man has sense enough TO judge
whether trade is going TO pieces or not when
lie can study the earnings Of the railroads him
self The bears. having few II any facts 10 go
on. naturally are the most vociferous. II is
rot always the man with the loudest voice who
IS the best Judge. There il nothing I'm the out
look 10 discourage investors; neither is there
much at present 10 encourage speculators
whichever way they trade