New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
On heavy volume Of business stock market
values made further progress toward a higher
aevel. In many issues early gains Of from one
70 two points were common, while in a few
shares even greater improvement was recorded.
Heavy realizing sales, however, in the after
noon upset the force Of the buying movement.
and as consequence final prices in the greater
number of stocks showed significant reactions
from the best figures Of the day. There were no
news developments of sufficient Importance to
account for the early upward movement Senti-
znent was bullish and traders encouraged com
mission house buying by bidding up prices and
by active manipulation in many shares; also by
sending out enthusiastic bulletins on the general
position Of affairs affecting the actual value Of
securities. Many of the same traders were eX-
4rene pessimists two weeks ago when condi-
lions were just as sound as they to-day.
Wall Street is beginning TO realize that the re-
cent liquidation and severe declines in values
were not due TO factors outside the Street. and
II is accordingly growing more optimistic every
day, and in many cases making ridiculous pre-
dictions regarding the extent 10 which the cur
rent bull movement will carry prices There
has been q recovery in stocks in the last eight
days Of from to 10 points, and the fact that
this recovery has been so rapid encourages the |
soon develop. Commission houses however, do
not hesitate to advise the purchase Of good Sc
ourities at prevailing figures, they believe |
that Irrespective of passing setbacks stocks |
VIII eventually sell many points above the pre-
vailing level They do not indorse the opinions
that are expressed in some quarters, that the
recent decline in securities foreshadows a cor
responding decline in the countrys industrial |
activities. The question Of a possible setback |
in trade is worrying many people but there is |
nothing in existing trade conditions that war
rants the expectation Of radical change in the |
general position Of business in this country. 1t
is quite natural of course. to expect a smaller |
volume of business and hesitancy in trade cir |
Cles in a Presidential year, and so the predic- |
tions regarding the course Of business next year
find many believers. Trade is on an exceeding !
" sound foundation, and corporate enterprises |
are generally in a condition to Withstand re-
action in trade without reducing or passing div
idends.
Enormous buying developed in Rock Island
stock much of the trading apparently being for
the account of Western spectators The price
Of this issue enjoyed material improvement, but
the character Of buying did not suggest pur-
chases for investment account. It was said in !
some quarters that the buying represented ef-
forts on the part of certain inside interests to
create a favorable sentiment toward the prop
erty in advance Of the company's proposed new
financing scheme. Rock Island is the
largest railroad system in the world. including
its controlled and leased lines, and it naturally
IS in position to return enormous earnings at
all periods Of the year, its lines run through |
50 many different sections of the country. There |
was also an active demand for Atchison. St !
Paul. Union Pacific. Missouri Pacific and Read
ing Missouri Pacific was well bought. and
ssrya in,
formed quarters. Missouri Pacific is a . per
cent stock and it is certainly cheap at the pres
ent quotation Large investment orders were !
reported in Baltimore and Ohio. There was no !
news affecting the property but reports were /
heard regarding the possibility Of an increase /
IN the dividend on the common stock. Earnings /
Of the Baltimore and Ohio rate that /
warrants larger distribution to the holders Of |
the common stock but the policy Of the !
company runs on conservative lines in /
crease in the rate may not be made as soon as |
shareholders would like. This company is
spending an enormous amount Of money on it's |
property, all Of which will accrue to the benefit
Of the stockholders. Union Pacific bought |
for Western account, but there was also fair in
Vestnent demand for this issue Foreign houses
took advantage Of the rise in values here TO real
izo profits and they sold on balance upward OF /
$1,000 shares
The hrmer tendency which developed in Mon
days money market continued yesterday. but
borrowers had no trouble in securing all the ac-
cOmmodation desired al from > to 21a per cent
for call funds. The local banks have gained so
FAR this week in their operations with the Sub
Treasury, but they have shipped an increased
amount Of money TO the interior as compared
with shipments in the same time a week ago /
Receipts Of gold from the Pacific coast on Sub
Treasury transfers amounted yesterday to over
81 100000, while a well known banking house
reported an importation Of 100000 in gold from
Australia. Disturbance in the money market
IS not looked for. but factor which may exert
an unfayora bic influence is the refusal OF the
Colombian Senate 20 ratify the Panama Canal
Treaty. as in case Of ratification the large pay
ments that the United States Government would
make 10 the French stockholders Of the Panama
Canal Company would be available in the local
money market The operation OF making these
payments would be conducted through the for
eign exchange market II is quite generally be- !
leved, however. that gold imports this fall VIII
b heavy enough to offset the loss on shipments /
10 The interior and the drain on the local
banks for Federal Treasury account Govern /
ment receipts are now largely in excess Of gov /
eminent payments and as their receipts come /