New-York tribune., 1903-08-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

| There was a fair demand for stocks in the
mornings market, but in the early afternoon
dulness developed, without, however, material
setback in values from the advances made carrier
in the day. Indeed. last hour prices for many
stocks were the best of the five hours Of busi-
ness. Opening quotations showed fractional re-
cessions from the close of the preceding week.
but under the lead of Erie the market soon de-
N'eIoped decided strength. prices exhibiting gains
of per cent and above in many issues. Buying
Of Erie common came from representative brok-
erage houses. and there appeared to be a dis
position among substantial interests to accumu-
late the stock. although the reason for buying
was not disclosed in the news of the day, be
yond reports regarding possible developments
affecting the future of the property. The Erie
shares are, of course growing intrinsically more
valuable every day. and there is enough reason
an the general condition of the company and in
its prospects for a growing volume Of business
in the next year and years TO come for pur-
chases Of the stocks at present prices. Ontario
and Western, another anthracite stock. was also
we'll bought, purchases being induced by the
comparative cheapness of the stock and the
heavy earnings the company reported for June
Rock Island, Wabash issues. Amalgamated
Copper and Brooklyn Rapid Transit were strong
features in the afternoon. especially in the last
hour, when the best prices OF the day for these
issues were reached Rock Island shares are
still enjoying the effects of the Seaboard Air
Line deal, while the general market will doubt
Jess feel for some time to come the influence If
that deal, inasmuch as it was instrumental in
saving from failure several important financial
interests Sentiment was generally bullish. but
the fact that there is still bear following was
reflected in board room gossip and in the dis
position of some traders TO put out lines
of shorts at the days high prices. A reaction
after last weeks rapid recovery would only be
in line with a natural speculative movement of
values and it would not indicate a return of the
bear market that disappeared a week ago. For
eign houses sold stocks in the local market,
reflection Of which was seen in sterling ex-
change. which advanced 20 points over Satur-
days quotations. Interior exchange on New
York was at discount and call money touched
per cent at the close although ruling at 2 per
cent the greater part of the day
The movement OF grain last week by the West
eTn railroads was larger than in the preceding
week. but well under the same time a year ago.
the falling off being in wheat. corn receipts
showing gain of 100000 bushels over the same
period in 1902. The late movement of new grain
was responsible for the lighter receipts as COM
pared with last year. but railroad earnings
nevertheless for last week were heavier as a
rule than in any corresponding week in pre-
ceQAlS years, OWING 10 ine large shipments OF
general merchandise. Railroad men are looking
forward to a big volume of business throughout
the year, and reports from various railway
centres indicate growing shortage of cars for
freight service. The growth in the freight busl-
ness in the last year is reflected in the enormous
number Of new cars and locomotives that have
been added TO railway equipment in the last
twelve months. nearly every road in the country
having been heavy purchasers of cars and loco
motives. and about every road in the country
IS still IN the market for equipment.