New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-21
BONDS.
THE DAYS OPERATIONS IN STOCKS,

Stock market trading was active an ad-
wancing level of values. There was a good de-
snand for the more important issues especially
for the so-called Gould stocks, Manhattan for
snstance supplying the heaviest dealings Of the
day. This stock enjoyed a net gain of over
three points on transactions amounting to H.
p745 shares Activity in Manhattan shares was
accompanied by reports that the elevated sys-
tenn in this city would be leased to the subway
accompany on dividend guarantee basis. While
rumors regarding the future Of the transporta-
4ion companies in New-York cannot he con-
55rned it is generally believed that eventually
s4he elevated systems the surface roads and the
underground will he controlled by the same in
aerests. II is extremely difficult TO believe that
the transportation business in New-York can
dong remain in the hands of independent com
rzanies Manhattan sold at its highest price of
1.-THE year in yesterdays trading.
Buying Of Missouri Pacific was for the account
OF substantial market interests. This stock is
isalling on A basis that yields nearly per cent,
land at its present price il Is Of the cheapest
railway investments on the lit. The Missouri
Pacific Railroad has practically been rebuilt in
the last ten years. Its physical condition Is eX-
cellent its financial condition is sound, and its
future position of the leading railway
systems of this country is assured. IT is absurd
10 saw that prices too high when sound
railway stocks may pe DouBnt aL prices IeNOilA-
ing from to , per cent on the investment AT
the present time of the most attractive
purchases are to be found among the industrial
securities II is interesting 10 note that In the
decline of the last few weeks the industrial
stocks have made only slight recessions from the
high prices of the summer The United States
Steel securities have been absorbed by careful
investors and by spectators who buy only good
stocks at cheap prices TO hold for higher quota
lions The entire industrial list. with only a few
exceptions. ought 10 sell many points above the
current level. and the chances are that in the
next active bull movement these securities VIII
he ,oruIar market favorites The recent decline
,sn the stock market has placed the majority of
investment shares on a level that ought 10 ap-
neal TO people with idle capital Indeed, Il Is
quite evident that in the last few weeks securl-
ties have been bought by investors in all parts
of the country. A notable feature Of this KIND
of buying IS the absorption Of stocks by OPP
orators who deal in small share lots. Fortu-
nately. Wall Street is growing a trife more OPP
tiristic over the outlook, but there are still
,,any- oessir1ists who believe that prices will
register further important declines. and that
business prosperity in this country is at an emo.
Generators who are inclined toward the pear
side If the market will do well TO investigate
conditions underlying the industries or thls
country There is absolutely no indication OF
every evidence of an increasing volume Of bust
ness in all lines Of trade. The advance in the
wages Of railroad employees in the United states
will II is estimated amount 10 increase Of
over so 100000 in The expense account Of Amer
.can railway companies. This increase, however
will be more than offset by the proposed ad-
vance in freight rates. When the new tarl1
schedule Of the railways goes into effect the
income Of the companies Will be more than
doubled
The local monetary situation is improving.
There is an ample supply of funds at this CEN
ire 10 meet all legitimate requirements of trade
and possible gold exports. This country can
easily afford TO ship the yellow metal TO Eu-
rope and if a movement Of this kind should
begin next week there will be no occasion for
Uneasiness IN investment circles. Notwith-
standing the reports regarding the time money
market il may be said on authority that the
demands for time loans not active, and that
commission houses and other borrowers are well
supplied with funds. Regarding payments on
syndicate transactions, it is interesting TO know
that the last payment on the International Mer-
camille Marine Company. due abroad, was made
last week Bank reserves in New-York are I'M
usually large for this period Of the year. and ii
is difficult 10 understand why so many people
are making such gloomy forecasts on the money
situation The banks viii doubtless endeavor to
maintain the price of money at a level which
will discourage active stock market speculation,
but il is likely that the money situation will
restrict trading after the turn of the year. If
conditions governing the real value of securi-
ties do not undergo an adverse change in the
course Of the next few months. there ought 10
be a resumption Of bull activity early in 1903
People who hold good stocks should not sacri-
fee their possessions because OF professional eff
forts 10 reduce the market value of securities.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-Market steady Final