New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

~
THE DAYS OPERATIONS IN STOCKS.
The stock market was irregular throughout the
day On a light volume of business. Opening
prices were generally at small advances. as COM
rsred with the preceding days final figures. and
an a number OF cases moderate gains were re-
corded Foreign houses were fair buyers. and
the influence Of these purchases was rejected
iu che increase IN bullish sentiment in the
.rfssai dealings The attack. however. on certain
indust-ials in the subsequent operations caused
q most irregular movement in the general list
with the result OF lower prices in most issues
before the close. Perhaps the best buying in the
day was IN Pennsylvania. Southern Pacific
Union Pacific. Baltimore and Ohio Louisville
and Nashville and the local traction shares. In
United States Steel preferred there was vol
urne OF business amounting TO 4l.oeo shares on
q movement OF values that generally tended IN
the direction of lower quotations. Republic Steel
was also a weak feature. although the decline
was lighter than in Mondays market The
course of the Pressed Steel Car shares attracted
the same amount Of attention as in the market
Of the preceding day. bear operators apparently
not finding enough resistance TO warrant the be-
lief that strong holders were supporting the
stock
Efforts are being made to make the public be-
iieve that the carbuil6ing business in this coun-
try is going to pieces. but the people who know
a little more about the trade than Wall Street
spectators know are we'll satisfied with current
conditions in this line Of industry. The same
people who attacked the Pressed Steel Car shares
on Monday sold the American Car and Foundry
stocks yesterday. These securities represent
couapany that is doing the largest carbuilding
business in the country and there is nothing
in the company's condition that warrants pes
sirnism on its securities. The preferred stock
pays per cent and. according TO the opinion OF
the people who are identified with the concern.
earnings in the worst OF years viii be more than
sufficient to meet the requirements on the pre-
Terred stock This issue lost 3 points, while the
common closed at net loss Of over l point.
American Locomotive preferred lost 6 points,
Corn Products , points. the preferred II points
and Pressed Steel Car issues ) points.
The weakness in the industrial list did not
have an especial influence on the railroad shares.
losses in these stocks generally being confined TO
fractions. The close heavy and near the
lowest Of the day. Can money advanced TO So
per cent. ruling at az per cent. In the foreign
exchange market demand sterling declined 80
points II was reported that large block OF
loans i'm which industrial securities figured as
collateral had been called in during the day.
The decline in the market value OF the securi-
ties of the Corn Products Company in the last
two days has not been accompanied by adverse
Developments affecting the property. There
have been. however. various rumors regarding
the company's affairs, and as a consequence
some owners Of the issues have thrown their
holdings on the market. People who apparently
ere well informed on the conpany's affairs say
there is no good reason for the current bear at
u tack on its common and preferred stocks II is
pointed out that the concern is not being ma
terially affected by the recently developed com
petition and that the present outlook for the
next year is extremely encouraging OF course.
the normal reaction that is going on in the
business world is affecting the earnings Of virtu-
ally all Industrial companies and TIE bear ele-
ment in the stock market is exerting all its
power TO convince holders OF investments that
The current normal setback in trade warrants
the sale Of good securities. The most conserva-
tive bankers in the Street do not indorse the
opinion Of the bear element regarding the pros
poets Of the countrys industries in the next
twelve months. 1t is believed that a normal re
action in trade viii benefit the situation. and
that the long period decline ia the stock mar
ket Of the last year viii be followed by sea-
son Of rising prices. At present quotations there
IS no reason to sell investment securities stocks
as a rule, are cheap at these figures and buy
ers who have eye TO the future are quietly
accommodating first class issues. TO hold for a
long pull The idea that the country IS going
20 pieces next year because OF "A Presidential
election wiz be accepted by weak brains only.
The local money market is in no danger Of
collapse despite the fact that current rates for
cali funds ruling al high level So far this
week operations With the Sub Treasury have
been in favor % he banks. the gain since Fri
DAY night amounting TO upward Of Sl.000Oho
The return movement Of currency from the in
terror viii doubtless not reach important pro
port ions until the latter part OF December that
is il the movement this year corresponds with
the movements Of preceding wears. According
20 the records Of the last Few years. the return
fiow % money from the South and West has
amounted to small figures IN the first few weeks
OF December. but in the last week however the
receipts It this centre generally have been Of
fair proportion. Although last weeks bank
statement showed n material reduction in re-
serve. there is no uneasiness in banking circles
over the outlook in the money market. II is
generally believed that in the course OF few
weeks cash and reserve holdings Of the local
banks viii show marked increase over the eX-
hibit made in the Clearing House statement last
SATURDAY. The AMOUNT Of money in the country
Is larger than eve- before recorded. and the
oountry's position in the matter OF exports and
imports indicates power TO increase its supply
OF money whenever the situation demands as
sistancc q this character. Then The home sup
ply is constantly increasing through the large