New-York tribune., 1903-05-22
BONDS.
THE DAYS OPERATIONS IN STOCKS.


THE DAYS OPERATIONS IN STOCKS.
Stock market values enjoyed natural re-
covery from the sharp decline OF the preceding
flaw prices being helped by covering OF shorts'
investment buying and heavy purchases lor
foreign account. The last named was the most
striking feature Of the days business, ana IL
doubtless served TO lessen the prevailing pessi-
r,;sr, On commission house circles, while en-
r-eurayiug sold out bulls again TO enter the mar
ket Foreign houses took upward OF 'oooo
shares including large lots Of St Paul. Balti-
more and Ohio Union Pacific Atchison, South
ern Pacific and Erie. II is estimated thet
Europe has bought at least 2ooooo shares IN
fhis market in the last ten days. and 1t is De-
I.ved that London operators have renewed
their interest in our securities for something
more extensive than mere turn EVidence Oh
returning sanity in the cotton market and
reduction IN the Bank of England's minimum
rate of discount were among the important news
Developments OF the Gay. In the local money
market there was especial change in rates
hut sterling exchange a triae easier. Ar
ransernents were made TO ship gold TO SouIn
America by Mondays steamer. There was
good demand for the hard coal shares IN Ihe
Afternoon, ,rices advancing from TO ia
points the latter gain being made by Delaware
and Hudson. ST. Paul was heavy in the carry
dealings. closing nearly one point up Other
St-onr active features were Anlalgamated Cop
per. Atchison. Baltimore and Ohio, Missouri
Pacific PENNSYLVANIA. Rock Island. Union Pa
cifc Wabash preferred and Canadian Paci1c
Many brokers received a circular yesterday
advising them TO sell the last named stock, bul
as tre matter vas ccuched in the familiar style
"A prominent banker says no one paid any
serious attention TO the silly illumination
The present position of the stock market nat
uraIly causes u1easiness among people who are
carrying securities on margin but actual owners
or investments are not alarmed over the situa-
7ion and they show no disposition TO consider
The recent liquidation and decline reflection OF
other than temporary market influences II may
be well TO bear in mind that conditions govern
ing the intrinsic worth Of American railroad and
industrial stocks and bonds are as sound to-day
as at any time IN the history of the country, and
that there is nothing In the industrial situation
that warrants the expectation of an adverse
change in the general position Of business
Speculators who have been overloaded with
stocks have been forced to sell their
holdings and as a consequence the mar
ket is improving in technical strength
despite the lowering OF values 1t re-
mains 10 he seen whether not this character
Of selling has run its course II liquidation is
over q period OF dulness may develop, followed
by an upward movement. An excellent buying
demand has appeared on the decline this week.
actual investors taking large blocks OF stocks.
while bargain hunters among the speculative
element have put in their appearance This kind
OF buying always appears when securities are
near the bottom. AS good railroad investments
may now be bought TO yield from AZ TO Sig per
cent and industriais al q higher rate, it would
if mistake would be made in buying
for investment account at the current level
Z Sc arss-p obtained
in responsible sources that there has been little
investment selling in the present market and
no great amount Of liquidation by wei secured
out OF town speculative holders. In the case OF
the latter brokers report that many customers
carrying stocks margin, which were bought
at higher prices have taken Up the securities
by paying in full The weaker class Of specula-
tors whose accounts have been injured through
the long period Of decline have in a large num-
her Of instances been forced to take heavy
losses. while many Of the people who have been
active in big railway deals, as. for instance, t1e
so-caIled Louisville and Nashville coups have
found il necessary to throw large amounts of
stock on the market at substantial pecuni-
ary Joss. Big men. called, have suf-
fered IS much as, II not more than,
the general public, and If the plans of
certain operators successful further
damage may be done among operators who a
year ago we're prominent bulls The decline in
the market value OF high class issues. such as
New-York Central. ST. Paul and Pennsylvania,
has not been sccoTnpa MED by a reduction in in
vestment worth, and Notwithstanding rumors
that these shares VIII go lower there IS no rea-
sen 70 believe that they v III rot eventually
cover. The decline IN Pennsylvania is respon-
sible for rumors that Standard on interests are
behind The hear campaign IL that issue. and that
the same interests anxious for lower prices
in St Paul and Nevv-York Central in order TO
accumulate both issues. Rockefeller and Gould
interests becoming more closely identified in
the control of railway properties and the efforts
of the Pennsylvania 70 check the Gould plans
IN the East and the refusal Of the Pennsylvania
company 10 renew its contracts with the West
ern Union naturally encourage the idea OF
active and powerful bear party working against
PennsyIvania stock Pennsylvania sold at 10
last September. in yesterdays market it closed
Al 1871. Street gossip says that this stock will
go 70 100. II VIII be q splendid investment pur-
chase 81 that price.