New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading showed a material con-
traction in the volume of business as COM
pared with the record Of the last few days,
total dealings amounting to only 521 279 shares,
against 759,S10 shares on Monday. Prices were
irregular, although in the greater number of
issues final quotations at net gains. the
greatest Improvement being shown by the lead
sng active speculative features. At times the
support apparently came from substantial mar
ket interests but there was however, no i'm
portant buying for the account Of the so-called
public, except in the of investors, who
bought stocks outright and took them out of
the Street The latter class Of buying has been
an active feature of the market for the last
few weeks and it doubtless will continue to be
a feature for several weeks to come People
who have idle money investing it in stocks
and savings banks report that many of their
depositors have withdrawn their deposits in
order to take advantage of the remarkably at
tractive bargains that offered in the
securities market. Buying of the United States
Steel shares was considered good Pittsburg
interests have It is understood accumulated
large amount of the Steel issues. especially the
common, the confident expectation that
there will be change in the dividend rate on
this security. A director of the company was
quoted yesterday saying that the manage
ment Of the company had intention Of pass
ing or reducing the dividend on the common
stock. so long earnings continued largely in
excess Of dividend requirements. The COM
pany is now earning largely in excess Of the
amount required to pay the dividend on the
common stock. and there is nothing in the iron
and steel industry at the moment which war
rants the prediction that there will soon be
serious setback in the company's profits
London sold stocks in the local market put
ting out upward Of thirty thousand shares In
Atchison. New-York Central, Union Pacific
Missouri Pacific ST Paul Reading and Anal
eamated Copper transactions reached a fairly
heavy total At times there was evidence of
liquidation in Atchison; also in st. Paul and
Missouri Pacific. The course of Missouri Pa
Ciic in the last few weeks has been disappoint-
ing to holders Of the stock, but there is in the
condition of the property. however no factor
which warrants uneasiness over this security
The company is handling an enormous volume
Of traffic, reflection of which is seen in cur
rent heavy earnings. Missouri Pacific runs
through most productive section of the coun-
try, and il is not at all likely that the time
will ever come when business will be so poor
that the road will be forced to suspend divi-
dends. The physical condition of the property
has been wonderfully improved in the last few
years and it may be said without fear Of
contradiction that the road has practically been
rebuilt both as regards roadbed and equipment
ried over the decline in the price of Missouri
Pacific stock, and there certainly is no reason
for the ordinary holders of this issue 10 be
come alarmed over the hammering that the
security has received from the bear element
The same thing may be said regarding the
greater number of securities the list. The
more important market interests are doubtless
not in favor of active bull market at the mo-
ment, but it is evident from the character of
present buying in the stock market that the
largest capitalists in the country are glad to
accumulate securities al present prices. What
ever course the stock market may take in the
next few months, the fact remains that at pre-
vailing quotations securities are cheap, and far
below their intrinsic value.
The government crop report showing condi-
tions as of August l was wei received in Wall
Street, despite the fact that the percentage of
corn was below the ten-year average. Condi-
lions have improved since August !, and unlesE5
unreasonable weather should develop before the
crop reaches maturity a satisfactory harvest
will be gathered Call money was slightly
easier, while sterling exchange was decidedly
weak, declining TO a level not far above the
gold importing point