New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-07
THE WEEKS OPERATIONS IN STOCKS


side Of the activity caused Ivy their operations
there little trading. The return 10 the
Street Of p former prominent Western operator
was followed by a renewal Of activity in Atchi-
and some other stocks and he naturally
received credit for much q the drubbing the
short element ia that issue received. Atchison
supplied large part Of the weeks business.
and was the feature Of the market the latter
part OF the week The activity shown in this
stock was purely professional to all appearances.
Il looked II ii was concerted and de-
ternined drive against the short interest. which
was known TO he heavy Some judges estimated
Il a. high as eighty thousand shares. This was
created few weeks ago. when the stock was
selling about dozen points below its present
price. and when disappointing reports Of the
crops along the line encouraged the bears TO
mound the stock. IL seems safe say that by
last Friday night a major part Of this short in
trrest was eliminated. That the professional
sellers for . decline were pretty badly fright
cned was shown by the ease with which they
were routed on the last business day Of the
week Atchison made = substantial gain. and
while the bull movement in the stock must be
set down IS professional the manipulators seem
- have fairly solid ground on which TO base
their position.
on last "Wednesday the directors OF the road
approved the rough draft 81 the annual report
FOR 1903 and IL viii be made public. it is ex-
pected. in about two weeks. II is understood
that surplus about equal 20 per cent earned
IN the stock viii lie shown before the sinking
FUND FOR the serial debentures is deducted Tho
compsnys earnings for the Twelve months
show = decrease Of S1.312J01 This vas be-
3s2 expenses were 81 So s43 greater than in
1900. As there viii he = small increase in fixed
charges. the surplus left, after the preferred
dividend payments and after deduction Of
81 100000 for the sinking fund on debentures,
viii be between Sa5o0 o00 and S6.esooeo, or ~
20 6 per cent the common stock. II is
thought. however. tho report win indicate that
the true earning capacity ~ tho road is con-
siderably more than the surplus which viii
actually DO shown
Metropolitan Securities furnished some excite
rncnt an The early part Of the week. many trad
ers bidding n Nd Monday the published
reports Of rho sale of the underwriting syndi-
Gates holdings 20 = syndicate supposed IN con
tro' Metropolitan Street. and this. il was argued.
Nas the first step in combination Of all the
fraction. and electric power interests of the
city. Later in the week when . formal state
given out by the actual purchaser
the stock broke sharply. recovering PARTLY. how
ever. ON Friday. There was no other feature II
importance I'm the market. A decision 20 post
l'one al action on Tho Colorado Fuel and Iron
dividend resulted in = severe loss in the quoted
value of the stock This was quite natural in
INC circumstances. Tho severe break in cotton
on Thursday had sentimental effect tempo
rarily. and So did The advance in the discount
rate ~ tho Bank ~ England. with its resultant
disturbance Of stock values in London
The current position Of The market does not
encourage the expectation ~ a serious resump-
SION 81 bear activity hu,. ou ahe other hand
;here appears 10 be little prospect Of . rampant
"nll movement. There ought 10 lie. however.
gradual Improvement from tho present level
with good opportunities Tor quick turns on both
sides ~ the market. Factors governing the ac-
tual worth Of securities are sound and despite
fhe predictions OF many conservative people that
flio c"untIH'f industries wiz 60 through q period
80 liquidation similar 10 that experienced by the
stock market. reports from an centres show =
1'"~t encouraging situation in most lines 81
TRADE. II is not given 10 any man "a tell how
long the coUntiy's business win continue with
out setback or reaction. but people who choose
q study ne character Of current underlying
conditions VIII doubtless reach tho conclusion
that. e,.u n trade reacts there viii be no bust
ness bankruptcies. IS was the case in the 1898
period. when here was SO much 1gea kness in the
business situation. Railroad earnings may fan
or next year. hui the railroads ~ the country
.re in 200 sound position TO he materially at
focted l- period of Industrial reaction that
may bo feature ~ the coming Presidential
year And The same thing may be said AZ the
greater number ~ industrial concerns. Wall
Streets orgy 81 overcapitalization and promo
sion. and its feast 81 indgestible securities may
rect To- = certain extent on Tho country al
Il Ia III
holdings OF go"d American securities because ~
fho possibility Of year Of lighter trade Uin
r7orcy be throwing valuable investments INTO
are hands ~ people who appreciate the worth
81 American stocks and bonds. and who are al
9ays ready with their bags 10 catch whatever
n tinnd investor may throw away.
There arc many good reasons for investment
purchases a. the current level. A. TO specula-
ure purchases tho situation is not 80 clear as
th~re ar, some unoertafnti-s in she outlook that
sIggrst caution IN speculative operations for
higher prices u Is not believed. however. that
he money marlzoi win cause any serious dis
turhancc ~ STOCKS this fan az it did wear ago
although the best judges DO not encourage the
Sea 81 cheap money throughout the autumn
Time loans and mercantile paper rates do not
to~eshadow an easy market. and the fact that
DO Secretary 81 the Treasury stands ready 10
help the local market in case II need should not
be- Interpreted absolute safeguard against
nigh money rates. The Secretary intends 20 pre-
,cnt monetary disturbance. but he does not
promise 20 throw money into the market merely
GO assist Stock Exchange speculators The
government already has deposit with IA
iioual banks Sl-oeoeo and IL the Secretary
or the Treasury deposits SfoosoWpo ne VII
doubtless accept other than government bonds
FOR security. A rather interesting. no; To say
alarming situation would develop il al any