New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The course Of values in yesterdays stock mar
ket was generally in the direction Of higher
prices. In addition to the demand from the
shorts. there was a moderate inquiry for securi-
ties from commission houses for public account
and in q number OF issues absorption by invest
Inent interests. Wall Street bears continue to
advise sales on all advances. but it should be
noted that the bear element is meeting no re-
Spouse from outside interests, in few
cases where margins have become imperilled.
IT where holders are silly enough TO believe the
various unfavorable stories that are feat
lires Of certain publications. There have been
number Of failures in the last few months.
Reaction has weak ened tire business world and
the tendency Of things in general is in the di-
ioction of a healthful setback Now the bear
campaign in stocks shows signs Of weakening.
the bear rTraOr mandatory is ove-stimulated,
and setback in the bear orgy is developing.
IL is high time for a reaction in favor of higher
prices in the stock market. If the public had a
little more money and little more confidence,
prices would rule for any length of time
Ground the current level. Eventually there will
be money and confidence. and higher quotations.
In the active list the heaviest dealings were
supplied 10y Amalgsr lted Copper, Atchison,
Baltimore and Ohio. ST. Paul. Missouri Pacific.
Pennsylvania. Erie. Southern Pacific, Reading.
the United States Steel shares and Wabash
preferred. Among the usually inactive issues
great strength was shown by the Wisconsin
Central securities The fact that pool opera
tions in some of the Enimportant shares have
been resumed encourages the belief that the
leading banking interests are not opposed to n
campaign for higher values. and il also encour-
ages bull sentiment on the particularly cheap
stocks as, for instance. Colorado and Southern.
Chicago Great Western and the Wabash shares.
Wabash preferred has been taken by an excel
lent class OF traders in the last few days; also
the debenture B bonds The last named secur-
fly is practically continuing obligation Of the
Wabash company. calling for 6 per cent IL
earned. and carrying voting power TO the ex-
tent OF ten votes for each 81 600 bond. The
company has the right to redeem the debenture
A bonds par at any time, and. OF course such
redemption would proportionately improve the
s~osition Of the debenture B issues. Trading in
these bonds in the last twelve months has been
enormous. In yesterdays market they enjoyed
a net gain Of IL points.
The United States Steel sinking fund bonds
advanced over , points. the upward movement
being accompanied by the report that the pre-
ferred stock conversion syndicate had been dis
solved. OF course. the dissolution of the syn
dictate means a cessation Of sales Of the bonds
against purchases Of the preferred stock for
conversion purposes and il was on this basis
that heavy speculative buying OF the bonds was
INDUCED in yesterday. The preferred stock was
strong at net gain Of rs while the common
advanced a fraction II would seem that
with the underwriting syndicate out of the way
the speculative position OF the preferred stock
might be weakened.
The advance in stocks was more marked in
the last hour than at any other time in the
day, and rule final prices were at top fig
ures. Call money ruled at 80 per cent, and
foreign exchange was firm and inactive. There
were no further engagements for gold for i'm
port. but bankers felt satisfied that this centre
could draw another %10O00O00 from Europe il
the situation demanded further assistance