New-York tribune., 1903-01-15
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS
Stock market trading moderately active
throughout the day an irregular movement
Of values There were number OF sharp ao-
vsnces and sharp declines. but as rule price
Huc.Dations were confined 10 fractions, with
final figures showing about an equal number of
net gains and losses. Trading was poorly o1s-
-rihuted commission houses were not active
r,,ve-s for public account, and the more suo-
stantial market interests did not work Tor
higher prices. Erie. Reading and Manhattan
issues were the leading active features, furnish
ing nearly one-half of the dealings in all stocks
and supplying the chief topic of speculative gos-
sin in the day. No facts developed to explain
the buying OF Erie but various theories some
Of them old and some OF them new, were ad-
vauced as adequate explanations Of the move
rnent. This movement may be wholly specuIa-
tive or it may represent buying by interests
identified with some railroad that would ike 10
control the property or have a voice IN It's hlall-
asenent. In some quarters 1t was thought Ohal
The strength in Erie and Manhattan renected
manipulation TO cover pool liquidation IN other
issues Hooking Valley was one OF the strong
exceptions Of the day. closing i12 per cent
higher. In the industrial group, Amalgamated
Copper after an early advance OF g per cent
reacted lss per cent. Sugar Refining showed
,orsiders HE rnsteadiness. the remarks OF MI
TIszen7ever at the companys annual meeting
rutting quietus the recent talk OF a pos
sjhle increase in the dividends Tennessee Coal
and Iron was firm. hut Colorado Fuel ana iron
was weak losing nearly two points People
Cas- Vas fairly well sustained; also American
Car and Foundry The United States Steel
stocks were barely steady. Afternoon dealings
were made on a declining market IN Whlch
many early advances were lost
call money ruled Al i per cent yesterday,
while sterling exchange was weak demand
rates declining - points from Tuesday Strength
5n the foreign exchange market at this period
Of the year is a normal development that causes
no uneasness in well informed circles The
prospects apparently favor all outward move
rnent Of gold in the course of the next SIX
weeks hut the chances that shipments, if
made will not reach important total Con
ditions governing the foreign exchange market
do not indicate large outward flow of the
yellow metal despite the statements made in
several quarters Of the Street that heavy eX-
ports may he expected The governments pre-
liminary report of foreign commerce for the
month of December shows a large increase in
exports Of domestic products from this coun-
try while the full statement, which will be is
sued to-day. viii undoubtedly present figures
well beyond the best December records Of pre-
oeding years. The growing export trade will
exchange market. In the last year the enor-
mons falling off in shipments of breadstuffs was
the chief factor in creating debit balance in
Europe but in the last few months A large part
of this debt has been liquidated, while IN the
current year moderate gold exports and larger
exports OF cotton, wheat and corn should wipe
out the remainder Of the debt, and possibly
create q balance in favor OF the United States
Tho local market is in excellent condition TO
lS re-
turning 10 this centre in large amounts from
the West and South. and as a consequence the
cash and surplus holdings of the local banks
are steadily expanding. The banks are also
gaining money on operations with the Sub
Treasury. According to the opinion Of the best
informed authorities in the Street. money viii
rule at a comparatively easy level throughout
the next six weeks.
Wall Street is filed with rumors regarding
possible railway deals the most important Of
which is one involving the Atchison. PennsyI-
vania Rock Island and Erie roads Stock Elk
change prophets are predicting gigantic con-
soidation scheme by which the roads named
win act as a unit There is Of course. little
foundation for current visionary talk, save, per-
hsps in the case of the Rock Island system,
which evidently would like to secure an Atlantic
coast outlet.
Bull markets are usually accompanied by fan
tastic stories Of railway deals, but. as a rule.
the END Of the bull movement is not marked by
the realization Of these rumored schemes. There
is enough in the present situation, without the
introduction Of rumors, 10 encourage the accu-
mutation Of stocks and bonds. In the greater
number OF cases securities are selling under
their intrinsic worth while in some cases alb
soiute bargains are offered Excellent buying
continues i'm the medium and low priced shares.
including The industrial issues OF merit. In the
railway list the stocks representing the South
western roads viii doubtless advance to ma
teriaily higher level in the course Of the next
six months. Missouri. Kansas and Texas COM
mon and preferred are being quietly absorbed
by people who are well Informed regarding the
company and the industrial conditions prevail
ing in the territory covered by this railroad
Earnings OF the Missouri. Kansas and Texas
have been heavy IN the last few years, while
large expenditures have been made on the
property AS a result Of these expenditures the
road lie now IN a position 10 handle heavier
traffic and to return larger net earnings. 1t is
quite likely that the preferred stock Will be
placed OF q dividend basis this year. Earnings
.n the current year viii lie helped by heavy
shipments cf corn-