New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-14
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS
Opening prices in yesterdays market were
generally above the preceding days close, and
while the Improvement attracted no large
amount Of outside interest values enjoyed
marked early advances. which. however, were
materially reduced by the afternoons reaction
airy tendency. Although the general public did
not come into the market, there was, neverthe-
Jess, disposition on the part Of some con-
eervative operators TO buy stocks. their trans
actions being based on the theory that. ire
spective OF possible further decline, purchases
at the current level would eventually result in
substantial profits. Interest naturally
6 centred on the industrial list, and the move
rnents in the United States Steel shares. the
railroad equipment issues and Anlalgamated
Copper were followed with rapt attention.
United States Steel common sold high
1914. closing at 1915 against l2s4 the preceding
nights close. while the preferred. after selling
at 57A e new low record. ended the day at
57&, a net loss OF l1s points for Mondays final
figures. Amalgamated Copper moved in an
erratic manner, closing at net loss Of Il point
Wall street-that is, the professional element
is endeavoring TO create the impression that
the copper industry in the United States is
going TO the dogs and that the Amalgamated
company viii be unable to maintain its stock
are intent on depressing prices assert that all
industries arc going TO rack and ruin. What
sensible man believes such twaddle? So far
SIS the Analgamated Copper Company is con-
oerned. il should be remembered that the price Of
the stock has been declining for many months
indeed. beyond the level warranted by the re-
action IN the copper trade-and that the COM
pany's earnings in the last few months have
been far beyond dividend requirements.
In the afternoon dealing the professional eIe-
ment attacked various issues, especially certain
railroad stocks, in which it found indication
OF support Canadian Pacific sold down
from l19 TO 1861 the decline meeting little
resistance. while encouraging liquidation by
tinlid holders. There appeared to be a good
speculative demand in the last hour reaction
that is. demand from people who were not
interested in supporting prices. but in securing
good stocks at bargain figures. Union Pacific.
4 nsylvania. the Erie shares, Atchison and
tied States Steel preferred were taken for
this account. Chicago and Alton was again in
fair demand. and Il was thought that the buy
ing came from people wei informed regarding
the future OF the company. There are, OF
course, possibilities IN Alton and Erie affairs
that may lead to important developments.
Erie is forging 10 the front as one Of the great
trunk lines Of the country, and the election TO
its board Of men who are prominently identi-
fed with other big railroad corporations.
notably the Union Pacific. Great Northern and
Chicago and Alton, should not be lost sight OF
American Car and Foundry common closed
at net gain OF lis and the preferred at 2 net
gain Of =. American Locomotive preferred lost
~ Colorado Fuel and Iron lost 6 points and
the weakness In this stock, American Locono-
tive preferred and Westinghouse was ascribed
20 sales for Pittsburg account The Pittsourg
market was demoralized Money rates were
unchanged and sterling exchange was heavy
Domestic exchange at interior points on New
York was generally at a premium.
Wall Street pessnists are employing their
time in sending forth their opinions on various
properties, and, Of course, these outpourings are
naturally distinctly unfavorable, especially in
the case Of industrial concerns and railroad
companies that represent the railroad reorgani-
cations OF the last ten years. 1t is evident that
efforts are being made 10 make the public at
large believe that period Of general dividend
suspension is drawing near, that all Industrial
companies viii follow in the path OF the Ship
building Trust and the Consolidated Lake Su-
perior. and that railroad receiverships viii be-
come as common in the dark days Of 1895
ana the few succeeding years. The railroads
OF the United States have expended millions Of
collars on their properties in the last few years
and they are now in position to reduce to an
enormous extent operating, maintenance and
improvement expenses without decreasing the
operating efficiency OF the roads They are in
position 10 stand a smaller volume Of traffic
without reducing dividends, and people who be-
lieve that normal setback in business viii
paralyze the dividend end of the railroad rom,
panies are advised 10 make study Of tho
situation and then dispel from their minds the
unfounded ideas that the present Wall Street
nightmare has developed. Overcapitalized and
badly managed industrial concerns may he
forced 10 suspend dividends, but the solid com
panies are not n danger
Money is easy, and the prospects do not favor
monetary disturbance this fan Higher rates
may develop before the end Of the year. but no
trouble is expected. Wall Street commission
houses are well supplied with time funds. which
they are now lending cali Railroad earn
ings heavy, the crops are abundant and
general business is sound. The labor situation
has hurt the countrys industries. but ii has not
plunged the nation into business bankruptcy.
In the iron and steel trade q normal reaction
from feverish activity is under way. and in
other lines similar healthful movement is
promised The general volume OF business in
the next year may be smaller and earnings may
be lighter. Yet il would require a tremendous
decline, in fact. Industrial panic 10 bring
about the conditions that Wall Streets pessi-
mists predict. There is big political banner
in Broadway that tells the city's voters TO
stand pat" reference being made to the ne
cessity sno common sense OF supporting the