New-York tribune., 1903-01-28
'Ex rights
BONDS.
THE DAYS OPERATIONS IN STOCKS.

stock market values were strong in the greater
part of the day a light volume OF business
in number of issues the character Of fraolhS
suggested accumulation for the account of i'm
portant interests. and in well informed circles
il was thought that a number OF buying orders
had been executed for people Identified Win
properties concerning which rumors of imror-
1apt DEVELOPMENTS have been recently heard
commission houses. however. made few pur-
chases for public account. Sentiment was, OF
course. more cheerful over the Venezuelan situa-
4ion but the general disposition among OUTSIDE
speculators was opposed TO taking stocks. DOUBT
less on the theory that the absence of aggressive
bull operations by important speculative dealers
foreshadowed lower prices before an upward
wave developed. People who have mace up
their minds to buy stocks for an advance may
not find better opportunity than that now Oh
fered If the medium and low E-iced issues are
bought ordinary margins will. it is thought pro-
tect holders as there is nothing in the situation
that warrants big break in prices. 1t is con-
tended in many quarters that there Will be an
important advance in values in 1903, and that
1t viii take place in the first half of the year
Large corporate enterprises are under way
17norn7ous amounts Of money will be required TO
f7ance them evidence of which is reflected In
the S35.oo0ooo loan by the Pennsylvania Rall-
road The demand for money at this centre VIII
calls dirt easy money will hardly develop
For many weeks to come. however. borrowers
will doubtless md no difficulty in securing all
the accommodation desired at from 31a to 4 per
cent for call loans. A per cent money market
IS not a necessary requirement for bull mar
I1et i'll stocks. Speculative activity on the long
side Of The account has often taken place with
call money above + per cent and as all present
underlying conditions are favorable to opera
ket conditions will prevent an upward movement
in the course of the next few months. The very
fact that large speculative interests are heavy
holders of stocks encourages the belief that
vigorous efforts Will he made TO lift values to a
higher level the big holders naturally being
anxious To sell their securities at the best pos
eible prices When the larger interests are
ready 10 start an upward movement quotations
viii advance. and the public will doubtless be
anxious as il has been in past bull movements.
to absorb stocks at top figures
The heaviest dealings in yesterdays market
were in Amalgamated Copper, Atchison, Erie.
Missouri Pacific. Reading. Southern Railway.
Union Pacific, Rock Island and St Paul Bull
tips" were put out various issues. includ-
ing Southern Railway common and Wabash.
II was said that Southern Railway is slated
for 30 There are good reasons. which will
develop later. for purchases of the Wabash
stocks In yesterdays ooAd market heavy buy
ing Of Wabash debenture bonds was reported
Among the low priced issues demand devel-
oped for Colorado and Southern shares at ad-
1ancing quotations The Colorado and Southern
Is a growing property that promises TO become
an important factor in certain section Of the
Western railroad field. The road is now in the
hands Of the Hawley interests, who predict a
big future for the property.
In the last hour prices reacted under the IN
fluence Of pool selling and bear pressure. flnaI
figures showed. however, net gains in most Is
sues A favorable development Of the day IVES
break in the price Of wheat in Chicago and the
apparent collapse of the Armour corner