New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-26
BONDS
The DAYS OPERATIONS IN STOCKS

%otuithstauliue tAe muors Of pending
1rouhle and panic in Wall Street that were
heard after tho close of business on Thursday.
tbere was uo disturbance in the street ycst'r-
day and no evidence az weakness ir banking
houses as "a result of the weeks heavy faN ln
-alues Indeed. the general tone Of sentiment
ir tho da, was cheerful while prices. after
early weakness, became strong, and in most i'-
stances closed a, substantial advance. The
2 nfted states Steel issues made new iaw prices
fr the carly dcalinEs for tho common am. pre-
f.lrre5 stock and the = per cont bonds. and. all
though they enjoyed - eIna1 rally. they weak
,ned before th. CLOSE. ending at rst losses IS
..'mpared with the final figures "' The preceding
aaV Flseu here iu tho active Est there was 30
especial exhibition rr weakness except in The
opeuing and noon day transactions support
,re orders were thrown into the market. Undue
irg tive covering of shorts and moderaf" buy
'rg FOR commission house account. In The noon
t-siinr efforts were made % dcpress values. hut
,r, rho decline heavy buying orders were plHoed
IN various issues. checking the depression and
encouraging OUTSIDE interest u The dealings
Large blocks OF Atcbis0n, Eric, Baltimore and
ohio St Paul Louisville and Nashville ana
Missouri Pacific were taken hy prominent
houses II was reported that the so-oalled Nor
gan interests in the United States steel COM
many had purchased heavy amounts 81 both the
Common and preferred but this was not con-
,i-r7,ed ir official quarters In he London mar
lset British consols made new low record Tor
Tho last thlrty-seveu years a. =.
While II Is apparently impossible 10 convince
,be rank and file ~ spectators that securities.
ss q rule are selling below their real value, II
Is worth while. nevertheless. 20 call investors
attention 20 the fact that the present wave
~ pessinism and declining values on the stock
Exchange docs not represent a depreciation IN
the intrinsic worth Of most securities. -Nen h
81 is admitted that the country's industrial ae-
1i,ities are 10 suffer period of contraction, the
fact still remains that the fan IN stock market
quotations has fully discounted setback in
,rade There IS no indication 81 material
change in dividend disbursements i'm the next
scar. but in cases whore a reduction or sus-
pension MAJ be made the current quotations OF
she issues involved more than discount such a
development Market quotation and actual
value are iu the ,ase Of most stocks. Tar apart
pud this fact Doubtless creates Gueaslness
among some investors ON the theory that a rad
sal change in the true worth of their holdings
e pending and that the losses on the stock
l-Ncha-ge merely foreshadow adverse conditions
shat VIII develop al uo remote period. II is
comforting 20 bear in mind that the general
business situation in this country is on an I'm
usually sound basis Many people have become
heavily involved I'M losing industrial and spec
aiatvc enterprises. but their losses viii NOT
UPSET the country. The prospects Of bun
'narlset. 81 course. arc NOS promising * present
The market. however. win not always move in
5ayor - operators for lower prices. and jho
day viii come when there win boz as much anxiety
80 buy stocks ass the,c f- now 20 SCH tHsH
According 70 thc known movements at money
ST. the week Tho local banks lHN. Iosr rs...I Hf
SlooOoo. II is reasonable ta suppose that .ler.
L., lta.rr I. contraction i'm Iu...-