New-York tribune., 1902-11-14
BONDS.
THE DAYS OPERATIONS IN STOCKS,

Securities values were irregular on moderate
Tolume Of business. In the better class Of stocks
buying was reported for the account Of sub
Ytantial market interests. while investment
houses announced that their customers were
disposed 10 take securities at ruling prices
There was. however little business for the ac-
count OF commission house spectators. Ad-
vsncing prices were due in great part to COW
ering Of short contracts by the professional ele-
snent and TO investment buying. while declines
when made, merely represented realizing sales
on the purchases of the last few days. and bear
pressure. There urgent liquidation. The
so-called Gould stocks were n good demand
throughout the day; also Southern Pacific, Ten
.aessee Coal Colorado Fuel. Atchison, st. Paul.
Union Pacific and the new Rock Island shares.
In the industrial list there was a fair demand
for the steel stocks. American Sugar Refining
and for the railway equipment company's is
sues
While current stock market trading reflects
the presence Of strong bear party in Wall
Street, there is, nevertheless, a disposition on
the part OF investors to buy securities. The
bear party is backed by powerful financial in
serests. who a few months ago encouraged the
purchase Of stocks at the high leveL-then pre-
Vailing while investment purchases are backed
by solid business conditions. Values may suf-
fer a further decline before the market turns.
purchase 10 hold for higher prices. Wall Street
oracles that are preaching panic and calamity
base their theories entirely their grasping
desire TO secure stocks at cheaper figures. Wall
Street is now overloaded with ''phanthropists.'
Warnings that the end Of industrial prosperity
IS at hand are gratuitously circulated. and the
advice TO sell stocks. at excessive losses is
freely offered by a number of commission
houses.
There is absolutely nothing In the situation
that warrants pessimistic forecasts Conditions
governing the actual worth of securities are alb
solutely sound while stock market quotations
fail in the greater number OF cases adequately
10 measure intrinsic worth. The present check
20 Wall Street speculation will help rather than
snjure the country's industries. Business circles
viii prosper despite Wall Street gloom, and real
snVestment values win increase, notwithstanding
stock market declines. In the rest OF the year
the money market situation may not favor
higher prices for securities. but in the new year
there ought TO he renewed operations for the
rise. In dull, irregular and sagging markets
careful buyers accumulate securities, instances
Of which furnished by the buying in the
current market OF attractive shares that are
selling at a cheap level There is a good de-
mand for the industrials and low priced railway
issues. Rock Island securities. especially
the preferred, win doubtless become popular.
Ihe preferred STOCK draws = per cent Until i'"0'
3 per cent for the following six years and g
per cent thereafter.
Prices were generally weak in the afternoon,
although final prices showed net gains in most
issues. Heavy selling of Brooklyn Rapid Tran
sit was a feature, the price declining over
points from the highest. Amalgamated Cop
per developed fresh weakness, falling 2% per
cent from it's initial price. Sentiment was un-
savorably affected by the afternoon decline i'm
the price of St Paul which. while closing only
fractionally lower. showed a loss Of 2ts per
cent from the highest point Of the morning
Louisville and Nashville declined 2l2 per cent
from the top price. Missouri Pacific was heavy
almost from the start, and lost over ! per cent
net for the day. Through the rest Of the list
there were late reactions Of about ld2 per cent.
Colorado Fuel and Iron was exceptionally
strong owing 10 the fresh contest for control
Of the property.