New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-06-24
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stuck market trading was dull throughout the
greater part Of the day on an irregular move
rnent of values that left final prices at net gains
in most issues. Total dealings amounted to up
ward Of $50 600 shares. against 3Zo'poO
shares on the preceding day, and 215,2o9 on May
l. the light record for the year. There was niue
in the DAVIS news that influenced prices in either
direction. Professional traders were no less
bearish than they were Monday, but they
apparently were not willing TO operate extern
sively and as there WIS no liquidation of con-
sequence declines. when made were unimpor-
1ant Values moved within fractional limits At
times the market absolutely hfeless, and
the few brokers who were the floor found
more excitement in discussing the weather than
in following the course Of prices. The extent Of
the dulness was reflected in the operations of
the second hour. which amounted TO only 10000
shares, Of which the greater part was supplied
by Colorado Fuel and Iron and Pennsylvania
Colorado Fuel and Iron and Cotton furnished
the only interesting incidents OF the day in Wall
Street the former advancing eight points and
the latter reaching high records for the
July and August options. There were no news
developments accounting for the upward move
in Colorado Fuel and Iron. but the Street was
filed with rumors regarding the company, one
Of which asserted that the Gould interests had
secured complete control Of the concern. The
sharp rise in the convertible bonds.
In the last half hour the entire list exhibited
strength on increasing volume Of business.
Last prices were generally the best of the day.
Weather conditions in the last two days in the
Western grain belt have not been favorable to
the growing crops. AS a consequence specula-
tive sentiment is bullish on corn and wheat and
bearish on stocks while Wall Street is again be
coming pessimistic over the outlook for
tive rising securities market this summer.
Western houses continue TO sell stocks and TO
buy corn The so-called Western element is
operating for lower prices and the so-called
New-st. interests are openly committed to
the bear side of the market. Opposed in senti-
n7ent this bearsh contingent are many care
full operators. who believe that the decline in
prices of the last nine months has more than
measured the unfavorabe developments in that
time. and the possibility of poor crops and
action in trade The latter however. are not
working actively for higher prices but they are
willing. nevertheless to buy stocks and bonds
on all reactions Despite the ability Of the bear
party 10 depress values. stocks are going into
stronger hands every day, and when liquidation
and declining prices finally come to an end il
will he found that the chief holders of securities
the big financial institutions and Individual
investors with large resources. The holdings Of
the prominent life insurance companies have
been largely increased in the last few months.
while rich capitalists who only buy securities
when prices are selling a basis that returns a
. per cent income yield have accumulated large
blocks Of attractive railroad issues.
IT is not likely that stock quotations viii re-
main under their investment worth for any
length OF time. but. of course. the question may
naturally arise whether or not prices are
now under their real investment value. There
doubtless are number Of stocks that may rea-
sonably be considered under their intrinsic
worth, while there are also issues which are still
above their investment value. In the industrial
list there many sound issues which are GER
tainly selling for much less than they are actu-
ally worth, and whenever a readjustment of
prices in higher direction develops this class of
investments ought TO move toward advanced
range. In the greater number of dividend pay
ing railroad issues market prices are now at
level which returns from AZ to 55k per cent
and in view of the price Of money and the gen
orally accepted theory that a per cent return
pected by conservative investors it would seem
that railroad stocks as rule are cheap at the
prevailing range Of quotations In periods like
the present, however, when powerful speculative
interests engaged IN a campaign that has for
its object lower market values ii is not safe TO
count the theory that because stocks are
cheap an immediate increase in their market
value will take place. The outward movement
OF gold thar developed yesterday was considered
a discouraging factor by many traders but in
banking circles no concern was felt over the
shipment