New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

There was a complete reversal in form In yes
terday's stock market after the first hour OF
business as compared with the preceding uay'
prices advancing in the greater part OF the re-
naming hours of trading with many suostan-
tial gains at the close. Pronounced srehgth
was exhibited in all active issues in the hnal
dealings on a volume of business that amounted
to large figures Wall Street sentiment showed
distinct Improvement Commission houses eye
cuted large orders for investment account and
for the account of people of large financial re-
sources who are always active buyers Of Sc
curities at bargain figures to hold for specu-
lative profits that generally develop after
market has suffered from extreme depression
and liquidation. The buying movement extend
ed to the bond market, in which heavy opera
lions were conducted at advancing prices. In
stocks such as Missouri Pacific. Baltimore and
Ohio Atchison and st. Paul, advances of from
one to two points were recorded, while in many
other issues even heavier gains were made. The
appearance of support after the first hour of
trading naturally induced active covering of
shorts while it also influenced buying for the
long account by many operators who have been
extremely bearish in their attitude toward the
market. There have been many disappoint
ments in the course Of values in the last few
weeks that few people are willing to venture
prediction that the period of decline has reached
its limit but there are, however, few conserva-
tive brokers in the Street who hesitate to adj
wise their customers to buy securities at the
current quotation level. The greater number
Of stocks selling many points under
their intrinsic value, and even if further decline
should be recorded buyers at present prices will
receive a good investment return on their money
and have the satisfaction of knowing that their
holdings will eventually be quoted at a ma
terially higher level.
1t was reported yesterday on excellent au-
thorty that large amount of foreign money
had been thrown into the local market, and
that several houses that were the verge of
failure had been helped out of their difficulties
by the substantial banking interests 1t was
quite evident in the afternoon that some i'm
portant influence had come into the market.
1t is fortunate that prices began to move in
upward direction, as the Street was in an ex-
tremely nervous and feverish condition. with
the prospects of severe Generalization if the
decline were permitted to continue. In the early
dealings values were generally from one to two
points under Wednesdays final quotations, but
improvement set in before the end of the first
hour. The standard railroad issues were in
good demand. especially from investors who sell
dom figure in Wall Street affairs. The Erie
issues well bought notably the common
and second preferred. At present prices the
I44S 0IAd 60 are CoilSluelEu dtII"CllNe especially
as it is generally believed that the second pre-
ferred will be placed on a dividend basis this
year. Supporting orders were reported in the
so-called Hartman stocks while in the United
States Steel issues evidence of support from
prominent insiders was reflected in the charac-
ter of buying. Money rates remained at rela-
lively easy figures, while the market for ster-
ling exchange was again weak and lower Ster-
ling rates now at level which is not far
above the gold importing point. 1t will require
only a small decline to encourage the shipment
of the yellow metal from Europe to New York
but it may be however. some little time before
any engagements are made. General news de-
velopments of the day were favorable