New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-05
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading active throughout
The day on a movement OF values that showed
many striking advances and net gains in the
majority of active issues at the close. Heavy
buying for short account, increased outside
sernand for securities and a big foreign inquiry
tor American issues, with indications of grow
ing favorable sentiment abroad on our stocks
and bonds, were the influences that caused i'm
provement in values that from ] TO 2 per
sent In the active stocks and above in many of
The inactive issues, as, for instance, Westing-
house Electric which gained over t per cent.
IN several OF the active shares maximum gains
were over per cent, notably Brooklyn Rapid
Transit Metropolitan and United States Steel
preferred Other noteworthy strong features were
Manhattan, Pennsylvania, New-York Central.
Tennessee Coal and Iron, Union Pacific and
kmalgamated Copper. In these shares dealings
we're heavier than recorded in many days and in
United States Steel preferred the total opera
tons amounted TO more than 23S. 600 shares,
while the total in all issues exceeded 100000
shares Buying was general throughout the list
and price reactions at the close merely reflected
natural realizing sales. In the bond department
enormous dealings were recorded in the United
states Steel per cent bonds. in the Wabash
lebenture BIS, in Continental Tobacco As and in
Rock Island As. Brooklyn Rapid Transit sold
IS high as 1915 closing at 415s, a net gain Of
points. United States Steel preferred touched
B and closed at 5634, net gain Of points.
were news developments affecting
.ther issue but the revived reports of one con-
rol of all the New-York traction companies
helped Brooklyn Rapid Transit's advance.
That the decline of the last twelve months
outraged overconfidence on the part of the bear
clement is now beginning to be reflected in the
advancing tendency of the stock market. One
year ago last September many spectators be
ieVed that the upward movement in stocks that
lad advanced without important interruption
Tor two years would run indefinitely. but the
Inevitable reaction developed. and after contin-
uing for several months the so called market
shorts were convinced that there was no bottom
20 the market. while they thought that further
short sales would be SAFE despite the fact that
he movement of values was gradually correct
Ing the evils of the preceding bull speculation
md adjusting market conditions to a point
where investors would be willing 10 accumulate
securities Intoxicated with success on the
short side, just as many people had gloried in
the bull market of 1902. the spectators for the
decline sold stocks down beyond the limits of
sense and reason. forgetting that the weak spots
had been eliminated from the market and that
securities had gradually passed to the hands Of
the financially strong. AS consequence prices
have slowly been advancing from the low fig
ares OF the early fall until the last few days.
when an urgent demand for the shorts has
forced values up with considerable rapidty. A
week ago 1t estimated that the short inter
est in the market was larger than ever before
recorded. From the current course of United
States Steel preferred. Brooklyn Rapid Transit
and other issues this appears quite probable.
According 10 the known movement of money
N the week, the local banks have lost less than
100000 in cash holdings The shipments OF
currency 10 New-Orleans and San Francisco
we're Offset by receipts of gold from Europe,
and as consequence no important change in
the cash item in to-day's bank statement is
looked for by people who forget the Vagaries of
The average system. From the increased spec
llation in stocks this week ii might be inferred
that loans will show an increase but it is not
safe TO count on any item when its compilation
Is based on the present ridiculous method of
making a bank statement. Call money was a
.rifle easier yesterday and sterling exchange was
decidedly weak, demand sterling closing at
ES290Q4.So. the lowest price of the year. The
decline was due in part to the Offering Of bills
against purchases Of stock in this market The
cotton market was wild and higher