New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Although stock market trading was compare
lively light I'm volume there WAS fair demand
for stocks from substantial sources. and until
the last hour a generally firm tone in prices.
Fluctuations were not wide. except in few is
sues. notably Republic Steel preferred and
AmalEamated. but market movements, as \
rule Indicated buIl control The failure OF a
bank in Allegheny. Penn caused by the clos
ing Of the doors Of the Federal Bank Of Pitts
burg was without effect on prices. while re-
port that suit would be brought to test the
legality Of the Pennsylvania and Vanderbilt
controlled roads under the sherman antitrust
law was not a factor in the market In the af-
ternoon the Amalgamated Copper decision,
which was against the company and in favor
Of the Heinze interests. encoura ged a moderate
selling pressure. but outside of Amalgamated
and a few other industrial issues. recessions
unmportant. The legal fights in the Mon
tana courts against the Amalgamated Copper
Company have in most cases been unfavorahle
20 the company. and the only comfort for the
Amaigamated people in yesterdays decision is
the attitude of the court I'm the matter of a re-
ownership for the Boston and Montana Com
pany. Judge Clancy holds in allegiance his de-
cision this point and in so doing encourages
the conclusion that the defendants have much
more on their side Of the argument than the
Heinze people are willing admit.
Weakness in Republic steel preferred. amount
ing to a maximum loss Of over + points. fol-
lowed 4 dispatch from the West that the COM
pany would cut down its force 20 per cent. but
the most important influence in bringing about
the decline however was selling that repre-
serted collateral for expired loan that was
not renewed. Its final loss 2l4 points.
AmalgaInated Copper was heavily dealt in,
losing for the day Is Bear pressure was more
pronounced in the last half hour although SEN
timent did not favor the idea OF return to
power Of the bear element. The railway shares
were generally fractionaly above Wednesday $
final figures. Atchson ST. Paul. Alton. Erie.
Rock Island. Union Pacific and Wabash being
the strongest features. Money Was easy and in
good supply. while sterling exchange advanced
for demand rates L. points. Further transfers
OF currency were made TO the South. a Western
demand has not yet developed.
Bond houses report an increasing inquiry for
railway mortgage issues. reflection Of which
is seen in the growing volume Of business in the
bond department on the Stock Exchange as
well as in the heavier demand over the counter
Bonds are selling, as a rule. at attractive
purchase level and the fac: that investors are
buying is a most encouraging indication Of the
public's belief in the stability Of American rail-
way investments. Some investors have doubt
less been uneasy over the developments affect
ing various industrial companies and certain
financial institutions outside New-York and
Instances are known OF sales Of Industrial and
railway shares and the reinvestment Of the
money in railroad bonds. Notwithstanding re-
cent disclosures and the possibility OF trade
action. value is being drained from the
sound industrial issues. Well managed and
conserTatively organized Industrial combina-
tons not in danger of collapse although the
prices Of their securities are selling well down
the speculative scale Liquidation is apparently
at end. and short selling now appears more
risky than 81 has been at any time in many
months.