New-York tribune., 1903-07-18
Eek dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Strength ana activity marked the course of
transactions III yesterdays stock market. In
the greater part of the day prices moved in the
direction of higher quotations, with substantial
net gains in the majority of issues at the close
Final prices were, as rule near the best Of the
day, despite realizing sales in the last half hour
Covering of shorts and buying for long account
were active factors in the upward movement in
New-York Central, Pennsylvania, St. Paul and
Atchison. Throughout the list active buying for
traders short of the market was reported while
commission houses also reported purchases for
the account of customers whose financial re-
sources are generally used in the stock market
at periods when prices are selling far under
their intrinsic worth 1t is generally admitted in
the most conservative circles that the current
range of values on the Stock Exchange does not
measure the actual worth of investment Sc
curities, and it is quite generally believed that
the investment of money at present prices will
result in profits if buyers are willing to exercise
a certain amount of patience. In yesterdays
market there was evidence of support from
prominent speculative interests also from we'll
known banking houses that identified with
large industrial and railroad properties.
The advance naturally exerted favorable i'm
preston Wall Street sentiment Traders
were more disposed to operate the long side
of the market, while disposition noted on
the part of the so-called public to accumulate
first class stocks and bonds. News developments
of the day were favorable to the advocates of
higher prices. Reports from the crop section
of the country encouraged the expectation Of
normal harvests this year, reflection of which
was seen in-the grain markets, which were
weak on a declining scale Of prices. According
to the observations of representatives of western
railroads, the agricultural part of the country
will enjoy another year of prosperity, barring,
of course, unforeseen adverse climatic conditions
il the rest of the year.
The corn crop is late this year, but with favor
able weather throughout the month of August
a satisfactory yield will doubtless be made.
Winter wheat despite adverse weather condi-
tions in the month of June, will be up to the
average of the last ten years, while spring wheat,
according to present Indications will return a
harvest of most encouraging proportions. In
certain well Informed quarters it was said yes
terday that heavy buying orders were executed
in the stock market for the account of interests
who were convinced that the harvest of 1908
would be abundant, and that the business situa-
ton in this country would continue prosperous
throughout the year.
Money market conditions showed no important
change in yesterdays operations. The fact that
certain large railway companies have been bor-
rowing money in order to carry their work
of improvements has created an un1aVofaple
impression in some circles where sound reason
ing is seldom indulged in These companies
have come into the market for money in prefer
ence to putting out issues of bonds and in bor-
rowing money they merely acting in line
with sound business concerns, which at certain
periods of the year find it necessary to employ
their credit in the money market There is no
more reason why railroad company should not
borrow money in the open market than should a
mercantile concern and, as in the case of the
railroad companies that now borrowing
funds on short time notes. credit behind the loans
is Of the best character there is no reason for
uneasiness over these operations. According TO
the known movement of money in the week the
local banks have gained nearly $3.000,0OO in
cash holdings in the last six days. The increase
is due to the heavy movement of money to the
centre from the interior and to receipts of klon-
dixie gold. Bank statement figures ought, there
fore to be favorable. The announcement of an
extra session of Congress in November for cur
rency reform legislation helped sentiment and
prices.