New-York tribune., 1903-07-17
BONDS.
The DAYS OPERATIONS IN STOCKS

The movement Of values in yesterdays stock
na2Fkst reflected Improvement IN speculative
sentiment and disposition on the part of sub
ssantisl market interests TO support prices.
There certain amount Of feverishness and
nregularity IN the days course Of trading. but
ne general tendency. however. was in the direc-
don Of higher prices, last quotations showing
net gains In the greater number Of Issues not
w1thstanding weakness In the last half hour.
Wednesdays violent decline naturally created
nnessiness IN many circles. II assumed
tr some quarters that such drop in values
must foreshadow trouble in financial houses or
Bankruptcy among some corporations. but the
failure of factors OF this sort to develop yester
day exerted reassuring effect sentiment
and Induced active covering Of shorts and re-
newed buying for long account by operators who
believed that Wednesdays low level marked the
low point for the year st. Paul. New-York
Central Pennsylvania and various other active
issues enjoyed gains Of l point more, al
though st. Paul lost its Improvement in the
final trading. In the early dealings bear pres
sure was effective in causing setbacks from the
opening figures. declines OF this character, how
ever. being recovered before noon. Transactions
were as a rule, featureless. in respect to
fluctuations and heavy dealings. Amalgamated
down over points.
Money market conditions growing more
favorable, despite the fact that higher rates are
being asked for time loans. The advance in the
quotation for time money has been effective in
checking gold exports, while it has served to
attract money from out of town to this centre
The prospects do not favor further heavy ship
rnents of gold to Europe, while there is some
reason to believe that imports of the metal may
he made this fall It should not be assumed
however that the money market will rule at an
easy level in the course Of the next six months
Indeed. the outlook favors firm money
ket reflection Of which is presented in the
rates demanded for the time loans negotiated
by the various railroad companies Union Pa
cifc, Burlington. Lake Shore and other COM
panies have been forced to go into the local
market for money, and they have only secured
the desired accommodation at rates averaging
per cent. This rate evidently foreshadows a
readjustment of interest rates to a higher basis
In connection with this point, it may be
well TO note that the decline in the price
Of securities has more than kept pace with
the higher cost of money. Conditions in the
money market are more favorable than they
were few months ago because borrowers
may now look forward to a more stable
market, although rates may rule at a higher
ksvel. One Of the worst features Of the none
fary situation Of this country is the constant
variation In rates and the wide fluctuations at
times. and uniform level would therefore be
Of great benefit 20 investors and business men
tn general The enormous decline which has
taken place in the value of securities will doubt
lass have important influence on the position
Of the money market this fall
Although stock market values are selling
many points under the high prices of year ago,
reports from various parts of the country show
no change IN the business situation that war
rants the current low quotation level. Certain
representatives OF Wall Street houses have made
a careful canvass OF the business situation in
the United States, and they find that there are
no weak features, that there no indications
OF en- important falling of in the volume Of
trade, that credit is good in all parts Of the
country and that business men making
plans for another year Of solid industrial pros
perity. Reports from the crop territory now
encourage the expectation of normal harvests.
II Is doubtless true that many important specu-
iattve interests have been seriously injured
through the decline in market values but it is
not true that the course Of affairs in Wall
Street has weakened the general position Of
business In this country. 1t is believed in well
Informed circles that liquidation in stocks will
soon be over and that improvement in prices
will develop. In the greater number of cases
stocks are selllns al bdrgalh Hsures, anu peOpie
who have idle capitaiaOught TO find 1t profitable
10 accumulate the high class issues at this level
A boom in the stock market is not expected nor
is one desired at present. good foundation.
however is being made for future expansion in
speculative and investment activity in the direc-
ton Of higher prices Extreme weakness in
sterling exchange and heavy buying for foreign
account were favorable features of yesterdays
news
TILE oky,s OPERATIONS I'M BONDS