New-York tribune., 1903-01-21
'EE dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

In the greater part of the day the stock mar
slet was practically stagnant- the only evidence
Of activity developing near the close when d,
traders selling movement caused a faint sho"
OF animation throughout the list AS a result
Of the days fluctuations in values net losses
we're recorded in the majority Of issues. De-
clines however, were not important seldom
running beyond per cent. while in most cases
they amounted 10 fractions only There was a
total absence Of outside interest substantial
rpeculative interests were inactive, and as a
,1Ile dealings were made up Of the operations OF
a7osrdroom traders Even the Franchise Tax oe-
rision in favor of the companies failed TO inject
life into speculation, the traction shares show
ing only a 1ronentary recognition Of the vic
7orv The days movements in the general hst
contained nothing worthy OF comment A few
stocks SUPPLIED the bulk Of the business. Atchl-
,on Erie. Union Pacific. Rock Island, Southern
Pacific. Reading and Manhattan being the
leaders
Current dulness in the stock market creates
.7isappoirtnlent in local speculative circles, but
4 does not worry the investment community or
The banks The rise that began in the middle
,f December and continued until ten days ago
carried prices from 10 TO l. points above the
low level OF the fall. hut it failed TO attract
,,ubIic b1Iving or 10 receive the support Of con-
xerva+iye interests The Western element started
she movement with its usual flourish Of trun-
nets. but it found few willing buyers, and as a
consequence the operation OF bidding against
ifself and other methods of manipulating prices
were suspended while values were allowed 10
,-ecede under the influence of boardroom
traders attacks On the decline last week there
were many purchases for public account. There
was a further concentration OF stock in strong
hands and an increase in the short interest
THE Western element started January rise
long before il was known how the money
market would work in the first part of the new
wear believing that money would work easy
and that the public would be willing TO enter
the market. The public had its doubts, how
eyer preferring TO wait until the actual de-
1elopInent of new year monetary conoitons-
Monetary conditions have turned out as pre-
djcted by the advocates Of the December rise
IN values. There is NOW a large supply of money
= this centre while the chances are that cash
snd reserve holdings viii increase for several
weeks TO come Gold may go out, but shipments
will not affect money rates. Exports of mer-
rhandise are growing so fast that outward
movement Of the metal may be avoided Money
snd business factors are all in favor Of a bull
market for securities. and prices are at a level
that oueht 70 attract public buying. If there
&c 10 he 2 big bull market this year it should
develop now and run along until the summer,
with the usua! reaction incident to bull ac-
4ivj1y Il is impossible to predict bear mar
lse+ as there is nothing which bear market
can be based. Stocks will not remain at a sta
57ionarv level They will either go up or down.
The r7rospects encourage the belief that after
tbe present backing and filling process has
r,7n its course securities values will advance
The loyv and medium priced issues will doubtless
become popular favorites.