New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-03
BONDS.
The DAYS OPERATIONS IN STOCKS.

stock market conditions yesterday were much
she same as on Tuesday. but the duness for
most ~ the CAV WIS even more pronounced The
opening was exceedingly quiet. and almost
immediately speculation Iapsed into a oonoi-
-ior Of .practical stagnatio.. There was early
news ~ encourage trading for an advance. ana
with ro many Of the usually active traders out
Of town. stocks simply drifted. Hesviness in
London encouraged the bear element trihe
hut there vas an almost entire lack Of selling
,,rass,,-e n was not until an hour before the
close that the market exhibited anything that
,-ezerrbled activity. Then a raid on the snort
snterest in Atchison. what had every ap-
resrance of drive against the bears. resulted
sn = rspid recovery in the stock-it touched
63s in tho day-to SIS II held almost the
whole gain to the close. The buying was by
brokers who usually act for two prominent spec
7Ilstors. one Of whom has just returned to Inc
city and delivered himself OF bullish talk on
.be market Atchiso7 was the feature Of the
trading ana led a general recovery IN the after
moon. 1, was by al odds the most active stock
On the list the transactions in il footing up
a3 27a shares. The strength n Atchison al
slough auparently it vas entirely speculative.
49, a markedly favorable effect on the other
granger stocks only on Tuesday. traders We're
talking nessimistically about the crops les
terdsv they switched about and accounted Ior
The late strength Of the grangers by taking eA-
gctlv the opposite side. That the movement IN
Atchison was almost purely speculative is evil
5rn+ for while traders on the Stock Exchange
v,ere bidding up the stock on good OUTLOOK
for crops. Produce Exchange traders put wheat
az the record high price Of the year on the poor
outlook.
The late burst Of speculative activity resulted
i'm q general broadening Of the market. and
- ol-oG .e ! would no one
OF tho dullest days Of the summer. the renewed
buvinr movement brought the total transao-
,,ons M 10 an amount considerably in excess
,f TUESDAYS business. Moreover. ii resulted IN
0nqi prices being net gains in the majority OF
cases. and while business was very duh Just al
The close values held firm al generally me best
figures of the dav. The market as whole Was
,,,,rel,- q traders affair and could not be saia
20 represent anything more than passing senu-
roeut Traders look for dull times until the Gus
ror7arv Fan revival in business takes place.
Metropolitan Street was one Of the weakest
features Others were Consolidated Gas. Gen
eral Electric Peoples Gas and Colorado Fuel
The only explanation forthcoming for the de-
clires in these stocks was that they were sim
rlv the result Of selling by room traders. who IN
,be excessive dulness of the morning session
went about looking for weak spots. Amalga
mated Copper was also under the bear hammer
IN the earlier dealings but shared I'm the general
recovery before the close.
The pennsylvania Railroad July earnings
statement was disappointing. some traders as
serted. and they thereupon tried to sell down
the stock hut with poor success. The report
WAS regarded by couse~v alive judges as being
estisfactory. An the lines included in tho state
,l7ent the figures being given separately. showed
big gains IN the gross earnings. The lines east
~ Pittshure reported an increase in net earn
fnRs Of $3.50 Goa and rhose west 81 the Smoky
CITY a decrease Of Sis $40 The Northern Cen
trail reported an increase in net earnings Of
So eoO. and the West Jersey and Seashore one
81 s3OOoO A decrease OF $4,000 WAS reported
by the Philadelphia. baltimore and Washing
ton. From January l. 1853 the lines east or
Pittsburg show decrease II sos 500 in net re-
ceirts while those west ~ PittsburE for the
seven months re0ort q decrease Of Sso6.To
These decreases in net earnings are due almost
wholly TO the extraordinary expenses the COM
psnv has been under for improvements of vari-
Gus kinds. This fact has heavily increased the
operating expense account. which Of course re-
duc-s the net earnings. on the lines east OF
Pittsburg this outlay in July was S934 200
greater than in 1902. ard for the seven months
s. 9sS oeo larger Traffic on tho system has
been ahnormallv heavy ever since January