New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-14
BONDS.

Is
s CITY So Ss. CO. W Wis can GEN d. S74a !
THE DAYS OPERATIONS IN STOCKS.
Stock market trading was active on an ad-
vancing level of values. Commission houses
were heavy buyers while the demand from the
shorts was large enough TO exert most i'm
portant effect values. Dealings were enor-
nous especially in Reading, which made a sem
sational advance, rising from the opening at
517s 20 571z, gaining for the day AS points
Large buying orders in this stock were placed
by firm that is supposed to represent Penn
syivania interests, and the appearance Of these
orders in the market followed by rapid
covering of shorts and an active commission
house demand for the stock. The floating sup
ply Of Reading was found to be small, a nat
iIrsI DEVELOPMENT in view of the fact that much
OF the stock is held by the Lake Shore and the
Baltimore and Ohio. and friends of the two
properties On its recent decline much Of the
Reading stock was taken out of the Street st
Paul and all the usually active issues enjoyed
marked improvement. and despite realizing sales
in the afternoon the greater number Of issues
showed net advances at the close. Substantial
interests were bullish in their market views
and the publicly expressed opinions of many
we'll known market operators and bankers
doubtless were important influences in shaping
the course OF values. In place of the gloom that
prevailed week ago. the Street was overflow
ing with buoyancy and cheerfulness' sentiment
favored still further advance in prices ana
# WAS predicted that, barring unforeseen devel-
opments the market would enjoy several weeks
IF advancing values. The closing was generally
under the best of the day. The call money rate
ruled between = and l per cent, most of the
DAVIS loans being placed at 1%4 per cent. The
foreign exchange market closed weak.
The current condition of the securities mar
ket and the position of affairs governing the
actual value Of investments encourage the ex-
pectation of further Improvement in prices and
f,,r1ber absorption of good stocks and bonds by
people who are backed by large financial re
sources There are practically no factors in the
situation which warrant pessimistic predictions
regarding the business situation. Trade con-
4inues in active volume in all parts Of the
country a reflection OF which is seen in the re-
ports Of railroad earnings, especially the earn
ings for the first week in August that are now
coming to hand Increases in traffic receipts
% compared with this time year ago are par
7icuarly significant as in this period in 100
earnings were heavier than ever before recorded
for a corresponding time. The condition Of the
crops shows marked Improvement since August
1 and the prospects now favor much larger
WELD of corn than the government crop report
Of August l indicated. There viii be no finan-
ciai depression in the agricultural section Of the
country this year; indeed, the farming COM
Inunity is now on such a strong financial basis
that the chances Of a repetition of the hard times
of several years ago are extremely remote
There doubtless Will be reactions in some lines
Of trade and the transportation Of year ago
may cause trouble in certain directions, but un-
DERIVING conditions are strong enough TO pre-
vent serious trouble in the general business
field Some people apparently believe that the
troubles that Wall Street has experienced in the
last year viii be followed by a serious disturb
ance in the country's industries. This view,
however is not indorsed by the most careful
observers.
Wall Street is gradually taking a more cheer
ful view of tne loan expansion of the associated
banks. and II is exhibiting d clearer knowledge
az the factors responsible for the large loans
now reported in the weekly bank statement.
The banks carry many items in their loan
count which properly speaking are not loans at
all and the suggestion has been made that
change should be effected in the method of COM
piling the weekly bank statement that the
figures given would show exactly the condition
Of the banks at the close of the week, with the
various items so arranged that the public would
he able TO tell at once the true position of the
money situation. Expansion in bank loans is
an indication OF confidence on the part of the
country's leading bankers in the stability of
business affairs in the United States. Loans are
well secured bank reserves are heavier than
they have been at this time in several years
and the general condition OF the local money
institutions has never been sounder than it is
at present. Developments in the foreign
change market for the last few weeks apparently
foreshadow imports Of gold from Europe this
Tal It is generally believed that this country's
obligations abroad have been lquidated and
that through the purchase Of American securi-
lies for European account and the large
ports Of merchandise from this country, Europe
has become 4 debtor nation in its financial
Iations with the United States. The more one
studies the international money situation and
The home money markets the more one becomes
convinced that conditions have seldom, if ever
been more favorable TO this country than they
are at present