New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values were strong in the greater
part Of the day on a small volume Of business.
Noteworthy strength was shown by the local
traction shares. Louisville and Nashville and
Southern Pacific while fair advances were re-
corded by United States Steel preferred. Penn
sylvania and the usually active issues. In
few stocks. as. for instance. Republic Steel pre-
ferred. Pressed Steel Car and Corn Products.
prices were weak. but the declines in these Sc
curities were due entirely TO reports and de-
velopments affecting the properties concerned.
Buying OF Southern Pacific was helped by the
company's Improvement in earnings and rumors
that dividend might be declared the latter,
however. receiving little credence in well in
formed circles. II is likely that the company
viii place its stock a dividend basis in the
next fiscal year. If earnings keep up as well as
at present. but a distribution at the moment is
not probable. In Atchison. Brooklyn Rapid
Transit. Pennsylvania, Republic Iron and Steel
preferred Southern Pacific. Union Pacific and
United States Steel preferred, the heaviest deal
ings were recorded The decline of points in
Republic Iron and Steel preferred was accom-
panied by reports of forced selling by certain
Wall Street interests pressed for ready money.
Gail money touched az per cent. ruling at
per cent. Sterling exchange was heavy and bar
gold was lower in London two factors that
warranted the expectation Of further gold i'm
ports.
The current position Of the stock market en-
oourages the expectation in many quarters OF
2 gradual Improvement in values. although
under present money market conditions an
active bull campaign is not considered likely
There are many excellent reasons for an appre-
citation I'm market quotations, there are many
good reasons for the investment purchase of
stocks at ruling figures and there is a solid and
convincing argument in the condition of affairs
in this country for cheerfulness over the future
Of the country's industrial activities Efforts are
being made TO impress on the minds Of the gen
eral public that the current healthful reaction
in the business world foreshadows a period Of
trouble and suffering in the United States. but
fortunately the public is using its eyes and ears
in directions where facts rather than fancies
are reported. and as consequence the campaign
Of despair and destruction that is being waged
10y professional gamblers IS not meeting the sue
cess that the advocates of lower prices have been
counting on. Readjustment in stocks and bust
ness has been proceeding IN orderly manner
business men have been arranging their affairs
the basis OF conditions. and DESPITE the
heavy losses sustained by the country in gen
eral In Wall Street there is going to be no
period Of general business bankruptcy
Much has been said and written about the
Wall Street losses Of the last year. but practi-
tive gains made by the people who a year ago
had the courage Of their convictions and sold
stocks short for long pun. Huge gains have
been made on the short side Of the market and
the so-caled bears Of the last twelve months
are in position TO supply the funds for trade
and industry that former leaders are no longer
able 10 provide. There have been financial
giants on the short side OF the market and their
winnings VIII seek an outlet in the channels Of
trade This, Of course. is speculation. but then
inuch Of the money that goes into the country's
Industries is made in speculation. one Of the best
features in the situation is the fact that
dangerous speculation and. il may be said.
criminal promoting have been brought to an
end. The general situation is far stronger than
Il was year ago. and it is therefore high time
FOR sane ideas on factors affecting the intrinsic
value Of securities. There IS more money in the
country to-day than eyer Uefore recorded and
as compared with year ago money in circula-
ton shows an increase Of So. 2S2 SIC