New-York tribune., 1903-07-14
BONDS.
THE DAYS OPERATIONS IN STOCKS


THE DAYS OPERATIONS IN STOCKS.
Early prices in yesterdays market were at
sharp declines from Saturdays final Level, while
throughout the morning decided weakness
was exhibited in all parts of the list. An ar
OF pessimism and dependency prevailed in wall
Street circles. and. despite frner tone lii
the London market and buying OF stocks en- the
decline by prominent market interests, there
was in the first two hours Of business no dlspo-
sition among speculative traders to look :or-
ward 10 an important change in the course or
values In the afternoon. however. the selling
movement became exhausted, and prices ad-
vanced under the influence of covering OF shorts
and purchases for the account Of the so-callei
bargain hunters. NeW-York Central was again
the striking feature Of the day. Opening under
Saturdays close. this issue sold down to 1l5A
on heavy transactions. but from that figure q
slow recovery set IN. which in the last hours
dealings ran into sharp advance that carried
the price to above 116. Liquidation in New
York Central is not warranted by the position Of
the property but IT is quite evident that power
f,,I Wall Street interests have been working
against the stock in order TO accumulate the
shares for the purposes Of control The impress
sion that the Rockefellers have increased their
holdings of New-York Central is gathering
strength in Wall Street Indeed, II may be said
on the information received from trustworthy
sources. that the Roclefellers have not only
added to their holdings OF New-York Central
stock in the last few days but have actually Sc
cured enough OF the stock to place them in
position of great influence in the affairs Of the
coroDanv II me RockeTellers, who are on most
intimate relations with the Goulds, secure con-
troll of the New-York Central it will be inter
esting to observe the effect Of this control on
the present differences between The Pennsyl-
vania Railroad and the Goulds Pennsylvania
and New-York Central have been working to-
gether for the last few years and II the New
York Central passes into the hands Of the
RockefeIlers the so-caIled Pennsylvania-Gould
war may be brought to end
In the forenoon dealings many new low rec
ord prices were made. Heavy selling was re-
ported in the standard investment shares, such
as Illinois Central. Chicago St Paul. Minneap-
oils and Omaha. Chicago and Northwest and
Pennsylvania. The last named stock sold below
100 the price at which the recent S75000O00
stock issue Of the Pennsylvania Railroad was
underwritten and sold. New-Yorl Central st
Paul. Pennsylvania, Rock Island. Manhattan
Missouri Pacific and Consolidated Gas made new
low record prices for the year, while both Penn
syivania and New-York Central sold lower than
on any day in the last five years. st. Paul
reached its lowest price since the Northern Pa
cifc panic Of 1901. Liquidation in the last
named stock was heavy throughout the day.
selling representing in many cases the sales for
che account of people who had become financial
ly involved in various schemes which have re-
suited IN heavy losses. The decline in the last
eight months in securities has compelled many
people 10 sacrifice dividend paying issues In
order TO offset losses made In speculation, and
much of the selling Of high grade investment
shares in the last week has reflected operations
OF this character.
There were no news developments in the day
that could be used as bear arguments on secur1-
ties Reports from the crop growing section Of
the country were most encouraging. while rail-
road earnings and trade reports reflected an
excellent condition OF Industrial activity. There
was no special change in the local money mar
i1et. Sterling exchange market rates were trihe
easier but foreign exchange houses believed
that further exports Of gold would be made this
week It IS interesting to record the fact that
the country's exports Of domestic products in
June were larger than expected. and that with
the fiscal year ended June 30 the decrease in
exports Of wheat was counterbalanced in the
increase in shipments of corn and cotton TO an
extent that brought the total for the year to
about 100000 in value heavier than in the
preceding year. According TO the reports re-
ceived from people who have made 1t their
business 20 observe business conditions through
out this country Wall Street is the only blue
spot in the United States In trade circles there
is no indication Of collapse in the industrial
position OF this country, and observing business
men refuse to believe that the course of affairs
in Wall Street foreshadows industrial depres-
sion.
Sentiment in Wall Street after the close Of
business yesterday reflected a belief in specu-
lative circles and among well informed market
interests that the stock market was in a far
stronger condition than it had been in many
months, and that improvement might be looked
for. In the last hour active bidding for high
class issues was reported, but intending pur-
chasers were unable TO secure stocks at market
prices Holders were not disposed TO part with
their possessions at bargain figures, while many
careful buyers who were we'll informed regard
ing the operations Of powerful speculative in
terests were willing to pay above the regular
quoted level. After 3 o'clock It was reported
thar many bids had been made for ST. Paul.
Northwest ard other issues at prices above the
closing figures. il is recognized in conservative
circles that the decline in stock market values
has run beyond the limit Of sense and reason.
Il is contended that market quotations for the
greater number Of issues are far below their
actual worth and that the general position Of
conditions governing the real worth Of securi-
ties warrants higher prices. There are few ad-
verse factors iu the situation. According to the