New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.


periods of acute Weakness and pronounced
strength The opening was unsettled, but a
moderate degree of firmness was impaired to
prices by a rapid advance in Canadian Pacific,
this in turn being followed in the early after
noon by sharp declines that carried many
stocks to new low record figures. In the last
hour, however, an upward movement developed,
in the course Of which prices advanced from L
10 points. closing the top at net gains
in the greater number of active issues. cover
ing of shorts the main supporting FACTOR IN
the advance, commission houses having no large
amount Of buying orders for spectators Operat-
ing on the long side, although there was an
excellent investment demand. Current buying
by investors should eventually have i'm
portant influence on prices, the constant
locking I'D of securities causes a scarcity for
speculative purposes, and therefore increases
the chances of advance on the lfghtest de-
mand. The largest gains were in Canadian
Pacific Amalgamated Copper, American Smelt-
ing Atchison, St. Paul, Erie Metropolitan and
Union Pacific. Weakness in Consolidated Gas
and the Gould shares was not without effect on
speculative sentiment, but only the light minded
traders believed that prominent interests were
parting with their holdings. Metropolitan and
General Electric were early weak features, but
recovered before the close. Canadian Pacific
opened at an advance over Saturdays final
price of ~ points and rapidly up to 126,
a gain of q points. losing part of the advance
in the subsequent decline. Canadian Pacific
IS a per cent stock, and. compared with
Pennsylvania and several other standard shares,
it is dear at present prices. If Pennsylvania
q per cent stock is worth only 120, then Cana
dian Pacific a per cent stock, is selling many
points too high. Call money was slightly firmer
and sterling exchange was heavy.
rlSa
is puzzng and uncertain but there is nothing
in the position of affairs affecting the actual
worth of securities that warrants the sale of
good stocks and bonds at current prices. Ac-
cording TO the opinion of competent observers,
securities bought at present quotations will
eventually yield handsome profits, and in well
informed banking houses customers are now be-
ing advised buy stocks and lock them up
on the expectation of being able dispose of
them at better figures in the future. OF course.
il viii require long time for the market to re
cover its equilibrium, and it hardly seems likely
that a sustained bull movement will develop in
the course of the next few months. There ought
TO he, however, many excellent chances for quick
returns on the long side Of speculation. The
movement Of prices at the close of last week and
also in yesterdays market suggested that liqui
dalton has not been completed. There doubt
less are many accounts in the market which pro
fessional operators are cunning for and it
looks as if these operators would not be salts
fed TO cease their attacks values until they
have compelled the sacrifice of many securities
The bear element should be cautious, neverthe-
less, especially in yesterdays market a well
known operator who belongs to the so-called
Waldorf crowd was caught short of Canadian
Pacific, which he was forced to cover several
points above the price at which the stock was
short in SATURDAYS market The same Cd
orator, however. is credited with enormous
profits in the last few weeks on the bear SIDE
while it is said that he has purchased out
right for investment account many thousand
shares of various issues
Bond houses are selling first class bonds in
large amount 10 investors. who realize the adj
vantage Of securing attractive railroad mort
gage issues at current low quotations Commits
sion houses are buying for the account Of
substantial men of means large blocks Of rail
road shares that selling a ; per cent
basis. Every stock sold finds buyer, and people
who are uneasy because of the liquidation in Sc
curites may rest assured that the investment
market Is not gong out OF business, and that
the decline in values does not represent a cor
responding decrease in the country's industrial
activities. II is possible. of course. for 4 pro-
tracted decline in Wall Street to affect the gen
6raI business situation, losses made in the
Street naturally react on the business cornrlu-
uity. So far however the influence of Wall
Streets troubles on the country at large has not
been important. and il is generally believed that
no widespread damage VIII De cone TO the COun-
try's trade unless the present wea kness in
stocks should continue for an indefinite period
The Country's business is established on such a
firm foundation that il viii require unusual ad-
verse factors 10 bring about a demora alton
IN the industrial situation. Railroad earnings
continue 2t an enormous rate, reports for the
first week in August showing heavy gains over
the same time n year ago All indications point
toward another car famine this year. Crop con-
ditions since August l have shown marked i'm
provement, and the actual position of wheat and
corn is much better to-day than indicated by
the government crop report which shows condi-
tions of August !.
TBE DAYS OPERATIONS IN BONDS