New-York tribune., 1903-07-29
BONDS.
THE DAYS OPERATIONS IN STOCKS


Although the stock market exhibited consid-
srable strength throughout the day net gains
were not important. while in a number of issues
net losses we're recorded. The demand came al
most entirely from the speculative clement COM
nission houses reporting only moderate busi-
ness for the account of investment interests.
Investors expected crash in values at the open
ing Of Mondays market and they We're prepared
10 throw an enormous amount of money INTO
the Street. Contrary TO expectation. however
the market, exhibited marked strength and the
great army of investors and so-called bargain
hunters were unable to place their money at the
figures 10 which they had looked forward. In
Yesterdays market investors were again looking
for lower prices, but the movement Of values did
not afford the hoped for opportunities. Of course,
stocks are selling At \ remarkably cheap basis.
but people with large amounts Of idle capital are
holding off in the hope that quotations will seek
q still lower level. If the market moves in line
with precedent the low level recorded last
week will again be touched. while still cheaper
prices may be quoted. 1t is unsafe however, to
Judge the present market by markets OF the
nast. especially as conditions that have accom-
PANIED bear markets in preceding years have
been radically different from the current con-
ditions governing the actual worth of securities
1t hardly seems possible that the bear element
in Wall Street will be willing to cease its attacks
on the market at this juncture, inasmuch as the
public mind is not in a condition that encourages
public activity in Wall Street, and as the time is
now drawing near when the money market will
be subjected to the influence of heavy calls for
currency from the interior. In the last hour of
trading yesterday prices ran off rapidly.
While a bull market may not develop at the
present time there are many good reasons for
the expectation of active advancing market
in the course Of the next twelve months. Peo-
ple who buy securities at the prevailing level
Of values will doubtless be able to sell the same
shares at a material enhancement in price be-
fore the end of the fiscal year. The belief that
a higher quotation level viii develop at re-
mote period is based on the industrial situation
in this country. on the strength of the financial
situation in the United States, and on the known
propensity Of people with means to engage in
speculative operations that involve the pur-
chase of securities at cheap prices and their
sale at high prices. Although foreign transac-
lions in the local market in the last few days
have been on the selling side. Investment houses
report q good demand from foreign capitalists
for solid American securities. In yesterday $
market selling for London account represented
speculative realizing on purchases made in last
weeks decline. London prices were heavy and
cable dispatches reported uneasiness in fnan-
cia1 circles at That centre owing to apprehen-
sions Of clash between Russia and Japan. If
Russia and Japan become involved in an armed
conflict al nations will be indirectly affected
and as a consequence weakness in the security
market Of the world woud naturally develop.
The volume Of business did not reflect an i1npor-
tant commission house demand for stocks. In a
few issues, such as St Paul, Erie common. Penn
sylvanis. Reading, Rock Island and Southern Pa
cific. there were moderately heavy dealings re-
ported for the account of outsiders. but as "A rule
trading represented, as before noted the opera
lions Of traders short of the market. There were
few features of special interest Money market
conditions were unchanged and sterling exchange
made no noteworthy progress in either direction.
News developments Of the day were generally in
favor Of higher quotations, especially the news
from the crop growing sections of the country
Crop reports were favorabe-that is, the re-
ports received from trustworthy sources There
were various unconfrmed reports Of extensive
damage 10 the corn by the hot winds, but. ac-
cording 10 the information received by Eastern
representatives of Western railroads. the vvea+r
pr in the corn belt was favorable to the health
ful growth of corn and wheat While manv peo-
ple are firm believers in the theory that the
decline in stock market values foreshadowe
depression in the country's industries. il is in
ieresting note that railroad earnings in all
parts OF the United States continue to break
al past records and that railroad officers are
looking forward TO another year of heavy traffic
receipts II is believed that as soon as the crops
begin 20 move an extensive car famine viii de-
Nelor
THE 0hvre OpEpATtoNe tn 1o.,ne