New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Further selling Of the industrial stocks in yes.
terday's market carried many well known issues
10 the lowest point OF the year, notable declines
being made by American Car and Foundry pre-
ferred. Railway Steel Spring preferred. Interna-
tiopal Paper preferred. Corn Products issues
and Pressed Steel Car stocks The chief declines
wexe made in the first hour Of business, subse-
quenf operation generally showing improve
ment while at the close changes. as compared
with the preceding day. We're. a rule. unim-
portant In the railroad list there was little
evidence Of liquidation. Indeed prices exhibited
great resistance to the apparent efforts Of bear
operators to extend the decline in the industrals
10 other parts of The market. In the local trac-
ton shares the movement OF values reflects fur
Their accumulation Of these securities by specu-
Istors and investors. while the character OF the
days comment on the group indicated grow
ing impression in the Street that much higher
quotations will he recorded by Manhattan.
Brooklyn Rapid Transit and Metropolitan. Man
haitian is considered one Of the best traction
propositions on the list There were no new
developments accounting for the declines in the
industrial shares and well informed Street opin-
ion favored the theory that the selling OF these
issues represented a carefully planned specu-
lative attack based on indications Of the lighter
earnings for all industrial companies in the
next twelve months. II is quite probable that
securities in the last few weeks. but it is not
likely that this selling. the bear pressure on
these stocks. will upset the earning power Of the
companies. The decline in the industrial shares
has ALREADY more than discounted trade re-
action and possible dividend reductions. 1t is
understood that the short interest in the indus
trials and in the general market is enormous,
and IL therefore may be wise for traders TO pro-
coed with extreme caution in their operations
in the immediate future
The general market closed strong. with early
losses generally recovered and at net gains in
the greater number OF active issues. Covering
~ shorts and purchases by people who con-
sidered the industrial stocks at a bargain level
We're responsible for the advancing tendency in
the afternoon dealings, and it thought that
The rally would continue the resumption Of
business tomorrow. All the railroad equipment
shares have been bought in the decline of the
last few days by excellent class Of buyers.
especially American Car and Foundry preferred.
Call money rates were strong throughout the
Gay. ruling al per cent. with exceptions at
per cent and per cent. Sterling exchange was
weak demand falling TO a point that suggested
further imports OF gold. else a resumption
of investment buying Of long bills. The supply
81 exchange was heavy. while the inquiry for
remittance light. Some people are begin
ming TO worry over the possibility Of disturbance
In the money market when the United States
begins TO make the payments on the Panama
Canal account. but, according 10 the opinion of
the best Informed men in the banking COM
mUnity, the chance OF trouble is small. Nat
urally, the government viii do everything in its
power TO avoid disturbance, and il is therefore
likely that the payments VIII extend over
long period. probably several months
Union Paciic's annual report. which was -
ceived yesterday, encouraged moderate purchases
Of the conlpany's securities. The property en-
3oyed marked Improvement in tie last year both
IN its physical and financial condition. the latter
being reflected in financial reserve Of upward
OF SlloO0ooO0. IN the year the company adj
Nanced TO the Southern Pacific over S15O00OO0
IN cash, debt which. Of course. is absolutely
secure. The company also advanced various
amounts TO other allied properties. making IN
all about $50 100000 put out in this manner
OF Oregon Short Line participating Is available
Tor any purpose. 1t also has S9o0oaoyO OF
Southern Pacific stock free and u!ipledged and
u this is figured at 2 market value OF 40 il
may readily he seen that the company is in A
strong position in the matter Of assets Com
pared with Tour years ago, gross earnings Of the
Lnlon Pacific show a gain Of = 921 3g1 and
net earnings gain Of 81 Coz. 76l on the basis
OF last years earnings If the compauv's con-
NeTLble bonds were turned into stool The slIr-
Plus would show amount avaflabI for di,f-
bends on the common stock equivalent 10 : q
per cent.