New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS
Early trading In stocks was at higher prices
rs compared with Mondays final figures. but
after the first hour weakness developed in the
greater number Of issues. with srrau net losses
at the close There were a few exceptions to
the downward tendency, notably The hard coal
securities Reading issues and Jersey Central
ware IN good demand while the decline all
stocks received buying orders from people who
believe that the general market is a purchase
on reactions, and that top prices have not yet
been registered. Selling Of American Steel and
Wire or more properly speaking. manipulation
Of this Chicago specially exerted an unfaVor-
able influence upon the list, and doubtless served
TO check the buying movement. which at the
opening gave promise OF reaching active proper
lions It was reported in the course Of the day
that the American Steel and Wire Company wax
divided against Itself. It is pretty well known
what happens to q house divided against itself,
but the chances are that the trouble In the Steel
and Wire Company does not approach the
dimensions Of a breach between Mr.. Gates and
some Of the directors Indeed, It Is thought in
some quarters that the reports Of trouble in the
American Steel and Wire Company have been
put out in order to influence the stock in favor
Of the insiders who are said to have sold
their holdings at the recent high prices, Little
known ABOUT
Steel and Wire Company beyond the fact that
+he stock has been under the influence of manip-
ulation for the last year. and that earnings
have apparently been large enough TO pay dfvi-
dends on both classes Of stock. There Is much
OF what may be called blind pool business in
American Steel and Wire speculation and the
stock has proved so disastrous to Wall Street
that II IS not remarkable that even the shrewd-
est spectators hesitate 10 deal in IT. The pub
lie that buys without thinking will doubtless
continue buy Steel and Wire dear and sell 1t
creap. American Steel and Wire speculation
has bad odor.
Speculation in Federal Steel and Republic
Steel is conducted upon a legitimate basis.
Both companies are we'll managed, with evident
efforts on the part of the officers and directors
TO improve the properties IN the interests Of the
stockholders. An indication OF the good man
agement In the Republic Iron and Steel Com
pauy is reflected In the action of the directors
yesterday IN so amending the bylaws that It
VIII be impossible for the directors to mortgage
any part Of the company's property without the
consent Of the stockholders. The greater num-
der o. industrial companies are ably handled
and the greater number Of preference issues Of
industrial concerns are attractive investments
Criticism has been made of the American Lin
seed directors because the preferred stock divt-
dend has been temporarily suspended and some
holders nave rushed to the conclusion that the
concern is poorly governed and losing money
AS a matter Of fact, the company IS making
more money than # made year ago. but the
need for additional working capital has arisen
and the manageuent proposes 10 raise It out OF
earnings and probably small bond issue. The
stocks have declined beyond the limit OF sense
and reason. Sales made have gone into strong
hands. and with good management Of the com
panys affairs the preferred stock ought soon
again 70 be In the dividend column. The indus
trial stocks in general represent more actual
value than they did year ago. but OF course,
discrimination should be exercised in their DUR
chase
Trading in yesterdays market was more pro-
fessionaI in character than at any other time
since the election. There was. however good
buying by banking interests IN many issues
particularly in the coal shares and Southern
Pacific Union Pacific. Republic Steel preferred
Peoples Gas and other good stocks were taken
on the decline by investors Foreign houses
sold. The buying Of Southern Pacific in the last
hour was followed by a report that important
developments would be forthcoming ir
connection with the relations between the com
pany and Union Pacific. The Southwestern
group was in fair demand and reactions made
were insignificant Earnings in the Southwes
heavy. Missouri. Kansas and Texas in
creasing S64 .N!ES for the third week IN Novem
Der. St. Louis and San Francisco So, 1SS anc
St Louis Southwestern So. $50. Violent effort,
were made in the last hour TO provoke liouida
ton. but few important sales made. In
vestors see no reason TO part with their hold
ings and spectators with ample means car
find no for selling at loss.