New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS
The movement OF values in yesterdays stock
market v-as not encouraging 10 the advocates
Of higher prices. Opening quotations were
moderately firm. but in the greater part OF the
day values exhibited irregular tendency
with more net losses than gains at the close.
The more active shares. however. ended 81
fractional advances. Trading was made Up In
great part OF the operations OF professional
.peculators. Commission houses had few buy
ing orders although their dealings for the &C
count OF people who desired 20 throw their Sc
curities on the market were moderately heavy.
A certain number Of holders OF stocks have ap-
parently been frightened by the vigorous at
rscks on securities values by the professional
element and by the exaggerated reports re-
eardins the condition Of the maturing crops in
the West and the possibility % disturbance in
the local money market this fall. While eli
matte conditions in some parts OF the West have
not been favorable IN the last few days for a
healthful growth OF corn, 81 should be borne in
mind that the excellent progress made by the
corn crop throughout the summer months prac-
sfcsily insures a large harvest. irrespective II
weather conditions in the few remaining weeks
~ the crop growing period. II should also be
borne IN mind that az this time OF the year
ports regarding the crops are generally manu-
Sactured IN speculative circles. In preceding
sears September crop reports bearing The Chi
oago stamp have always been In favor of stock
market bears. Despite the gloomy rumors re-
Earding the crop situation, the shares Of the
railroads that run through the great Western
agricultural community were not materially
affected by the aggressiveness Of operators for
she decline. Indeed. In many cases an advanc-
ine tendency developed before the close 81 the
day while declines when made were generally
confined 10 small fractions.
The announcement by the United States steel
underwriting syndicate Of its call for cash
from members OF the syndicate and its state
- rnent that ~ would apply for extension
EAof time for the fulhllment ~ its contracts
Vhad no particular effect on the market quota
fious ~ the United States Steel securities.
Spectators evidently were unable 70 fathom
Jrhe meaning of this move. although people who
ore accustomed 10 analyze the reasons gov
erning the actions % promoters and under
writing svndicafes were not inclined 70 he at
al cheerful over tho latest development I'm the
United States Steel preferred stock conversion
rlsn The effort Of the underwriting syndicate
- finance this long drawn out deal with profit
- itself is apparently not meeting the success
shat tho promoters expected when they first un-
dertook the operation. United States Steel
common touched the low point reached in Mon
days market but there was no especially heavy
selling pressure IN this issue or in The pre-
ferred. IN Che general railway list Atchison.
81. Paul Erie. Missouri Pacific. Pennsylvania.
Reading. Rock Island and Union Pacific sup
piled the chief part Of the DAYS operations
There was a fair investment demand Tor BaIti-
more and Ohio based on the large earnings Of
she company. The Baltimore and Ohio shows
gain IN gross earnings in August Of S43S CPS
Hno gain in net earnings Of 1921 800. as COM
pared with the same month a year ago. This
railroad has been showing steady Improvement
On traffic returns throughout the last wear the
increases being particularly significant in view
~ the fact that in 1902 earnings were heavier
than ever before in the history OF the company
n Is interesting 10 note that Improvement work
on the Baltimore and Ohio's lines in the last
few wears is gradually placing the company in
. position where f. viii be able 70 reduce its
cost o. operation and show q larger gain in net
earnings People who travel over the Balti-
more and Ohio viii find that the road has prac-
tcally been rebuilt IN the last six years. Ex-
Densive curves have been eliminated grades
have been reduced. roadbed has been recon
structed and rolling stock has been renewed.
notwithstanding the enormous expenditures
shat the company If making on its property
charged 10 operating account. net earnings at
the present time are far in excess OF interest
and dividend requirements. As an investment
proposition Baltimore and Ohio securities ought
- appeal 70 all conservative people.
In tho London market British cousols sold a.
their lowest price in the last thirty-three years
The decline IN the market value Of these issues
WAS not accompanied by weakness in the
American department Of the London market
end foreign houses in New-York expressed no
unessiness over the fall in the price of Eng
lands so-called best securities The situation
iu the Balkans and the uncertainty over the
foreign money market position have encour-
aged the sales OF European securities. but II is
not all likely that the movement in these
issues win effect 20 any material extent the
course 81 values on the local exchange. SO far
A.an Street operators have paid little attention
20 European developments. as they have found
IN the domestic situation enough factors 20 gov
ern their operations Money market conditions
IN New-Yosk showed no material change yes
terday. although the banks reported growing
demand FOR currency from the West and South.
n IL likely that this weeks bank statement viii
show large loss the interior movement OF
money.
ThE DAYS OPERATIONS IN BONDS.