New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-30
BONDS
THE DAYS OPERATIONS IN STOCKS.

I'M ia . OEL1hAAOAC IN DAOOAS.
Wall Street assumed more cheerful teTnpera-
ment yesterday. owing 70 the absence Of dis
turbing developments as a result OF Mondays
slump IN values: also 10 the appearance Of good
support IN the market and reassuring state
ments by prominent hnsnciers regarding the
situation OF course. the extensive maximum
advances made "a many Of the leading issues
were due 10 professional operations. but II is
doubtful n the professional element would have
changed It's position if substantial banking in
ferests had not come 70 the relief Of the mar
ket no cared MAKE a prediction re-
Epecting the probability Of "a sustained advance,
but 1t was thought by many careful observers
that forced liquidation had been completed FOR
the time al least similar idea prevailed after
the August break in prices II appears reason
able TO believe however. that the recent extern
Eive selling has gone FAR toward mending the
weak points in the speculative situation, while
81 is safe TO advise the purchase for cash Of
GOOD securities al current quotations. The mar
ket is filled with solid stocks and bonds. selling
81 q level that returns > per cent and above.
and no investor should ask Tor better return
on his holdings than the quoted rate. II lime
money and commercial paper are to remain per
Inanently al the present hieh level, then secur-
sites are not 50 cheap az the ruling prices, but
there lis no good reason TO suppose that these
rates win continue for any great length Of time.
There are some stocks that are not especially
cheap. despite the big decline % the last twelve
months. but. a whole, the market may he
said 10 be- on a comparatively cheap basis This
fact doubtless appeals TO investors who have
ro- lost faith iu the country. as investment
houses report "a better inquiry FOR stocks from
people who pay for them and take them out
OF the street Many small shave lots have been
bought for this account in the last few days.
such stocks as Manhattan. Erie FIRST preferred,
Union Pacific. Baltimore and Ohio and New
York Central being ir good demand from cash
buyers The coal stocks ought 20 become more
popular. as earnings 81 the coal roads arc heavy,
and they are likely 10 remain heavy Through
out the year Erie. Tor instance, shows a gain
in net earnings ~ nearly SlUooohO for July
and August, while Reading. the report Of which
was received yesterday. presents an increase
for August Tor the coal and iron company OF
s. COS 636 in gross and gain Of SGos.2s6 in
net making for the two months OF the fiscal
year a gain in net of Sl.2g9G42 The entire
Beading system shows surplus after charges
FOR July and August Of SLSGl54G. against a
deficit n the same time last year OF Sl057,}05.
All The railroad earnings now coming 10 hand
show q most satisfactory condition OF railway
traffic. Southern Railway for August gives an
increase IN gross o. S24S0-6. and an increase in
net OF S222.3JS while all The roads in the South
show co-respondingly excellent results.
The Gould stocks were fn good demand at
advancing prices. Missouri Pacific was wei
bought and brokers reported excellent buying
Tor investors. There are many good reasons
for the purchase OF this sound = per cent Sc
curlty which now returns on the investment
over . per cent The Missouri. Pacific Railway
IS IN splendid physical and financial condition.
fts earnings are large and its traffic is becoming
more diversified. owing TO the expansion OF in
dustrial activities in the Southwest. A large
amount Of money has been expended on the
road in the last ten wears.
IN the FIRST dealings prices were uncertain.
and new low records were made by United
States Steel common at las and the preferred
81 5S2s, but heavy buying orders soon changed
the general movement 30 decided advance.
which was well maintained throughout the FAY
last prices being near the highest. with net
gains running from > 10 4 per cent Declines
were confined 20 few stocks in which dealings
amounted 49, rule. 10 Jess than two hundred
shares. as for instance American Tobacco pre-
ferred. which sale Of TWO hundred shares
lost , points. Dcs MOiucs and Fort Dodge pre-
felred, which "a sale OF one hundred shares
lost 40 points from its last preceding sale and
Fort Worth and Denver City. which lost Ia
points a sale Of one hundred shares In the
London market CouSols made "A new low record
AT 8. a Toss Of = from the preceding dav re-
covering 10 SaaN before the close Foreign in
vestment was depressed and in the local mar
ret foreign houses sold balance Money
rates in New OK were unchanged. but stersr1 Z
exchange was trlfie easier.