New-York tribune., 1903-07-30
BONDS.
THE DAYS OPERATIONS IN STOCKS


THE DAYS OPERATIONS IN STOCKS.
While there a fair demand for stocks
from the professional element. the volume of
business showed a falling off compared with
the preceding days Of the week, especially in the
leading speculative issues. Opening prices were
at advances, and in the morning dealings the
upward movement was well maintained with
substantial Improvement in the majority Of
tive securities. Heavy selling developed in Atch-
sson, however, and the price sold down
point from the opening. Pressure upon this
stock was accompa MED by rumors that the COM
pany was making arrangements for a large
loan. but confirmation of this report could
be obtained. and il was not generally believed
in well Informed quarters that the Atchison
directors intended to go into the market for
money According TO interests identified with
the Atchison system the company does not need
additional funds. and it does not intend to put
out an issue Of bonds as recently reported in
certain Wall Street circles. Atchison stock has
been the object Of attack for several months.
but on all declines the issue has been well
bought by substantial market interests The
Atchison system runs through country con-
tanning many varied industries. and this terri
tory is rapidly growing up 10 the mileage of
this big railroad system. which extends from
Chicago 10 San Francisco. The property is
ably handled and there is no reason for uneasi-
ness over the condition Of its securities.
II is generally admitted in Wall Street that
while an active upward movement may not de-
velop at once. the low prices of the year were re-
corded in last weeks market. A substantial rally
has already taken place, but the improvement in
prices has not been followed by active de-
mand for public account. The principal buying
has been for covering purposes and for genuine
investment interests. It requires something
more than investment buying 70 bring about
bull movement in securities. At the moment
the public shows no disposition TO enter actively
into speculation. and, following precedents. this
element viii doubtless not come into the market
until prices are well above the current quota
ton level. There is no good reason, however
why people who have the means should not buy
securities at prevailing prices The market is
filled with rare bargains. and people who buy
the existing level Will undoubtedly be able
70 dispose Of their holdings at better figures in
the course Of the next twelve months For the
investor who is not concerned at all in specula-
tive profits the present market ought TO be
most attractive There are a number of solid
and : per cent stocks selling many points
under par while the general level of 4 and )
Per cent issues averages most satisfactory in
vestment Weld. Southern Pacific was in good
demand in yesterdays market at advance in
price. The last report of earnings Of this com
pany showed marked Improvement over the re-
suits of the preceding months of the last year.
and they presented evidence Of the enormous
earning power Of the property and the great
possibilities for holders Of Southern Pacific
stock bought at last weeks low level. South
ern Pacific at 40 is a far different proposition
than Southern Pacific at 20. The stock is now
selling al a level warranted by its actual worth
while from now it ought TO enjoy gradual
Improvement IN market value. as it's intrinsic
value is slowly growing greater All the rail
roads IN the Southwest are steadily increasing
in investment value. This is especially marked
in the case of Missouri Pacific the stock of
which returns at its present price a tri1e over
per cent. Investors who are looking about for
solid security ought TO examine carefully the
present investment position of Manhattan Rail
way stock, guaranteed per cent stock,
which in 1906 will become a guaranteed per
cent issue.
Call money easy yesterday. with loans
IS low as per cent. Time money was easier at
452 TO 515 per cent, but there was little demand
at the higher figure. and brokers believed that
borrowers would have difficulty in securing
accommodation at lower rates. The course of
the call money market apparently foreshadows
2 favorable bank statement on Saturday. II is be
lieved that there will he large decrease in
loans owing TO stock market liquidation and 10
the payment by the Pennsylvania Railroad OF
the balance Of its S40O00.000 loan made six
months ago. Large amounts Of money continue
to come from the interior. while this centre is
also receiving by telegraphic transfer substantial
amounts received at Pacific Coast points from
the Klondike. There is no longer any prospect
Of shipments OF gold 10 Europe in the rest Of
the year but the movement Of domestic eX-
change on New-York will doubtless soon GO
from the present premium 10 par and thence tc
discount. rejecting the interior demand for
money for crop movement purposes Stocks
sold of in the last hour, closing heavy.