New-York tribune., 1903-08-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

IhE DAY y UEERGIlUNS In SIUCkS.
There was a good demand for stocks in yes
terday's market and evidence of the best kind
of support in many issues that We're recently
the object of bear attack. Prices were strong
in The greater part of the five hours of business
with net gains of from ] to 3 per cent common
and greater Improvement in a few issues, as
for instance. Consolidated Gas. which advanced
!va4 per cent. and Delaware and Hudson. which
advanced Sl4 per cent 1t thought that the
weak holdings in Consolidated Gas had been
thoroughly eliminated and that powerful inter
ests cunning for the shorts There was,
Of course. active profit taking throughout the
list but prices were not materially affected hold
ing the best part of their gain until the close.
Amalgamated Copper was apparently taken by
a good class OF traders, Boston operators being
active in the ISSUE while Boston sentiment
showed a more favorable disposition toward the
copper shares Union Pacific was an active,
strong feature: also Baltimore and Ohio, Erie,
Atchson. St. Paul. Missouri Pacific, United
States Steel, Rock Island. Reading and South
ern Pacific. Union Pacific common is now sell
ing at a remarkably attractive level, as it re-
turns at its present price more than 51a per cent
while the road is earning at the rate Of over 10
per cent on the common.
The stock market presents many rare oppor-
tunties for the profitable investment of money,
market at this level, despite the remote posi-
blity of lower prices. In we'll informed circles
il is believed that quotations have sold at the
lowest figures for the year. 1t is admitted,
however by the interests that have come to the
support Of values, that advance will be
fought by the shorts. and they believe that
there viii be no large covering by the bear ele-
lnent until prices are much higher than at pres
ent. 1t is evident that speculation is no longer
cid ad ffair II iC all bat
financial interests are the largest owners of
stocks. and that a tremendous short interest
still exists in the market. A year ago there was
IN enormous long account, the liquidation of
which has apparently been completed after
months of declining values. The shorts are now
in the same dangerous position as the bulls were
last year. and people who persist in selling
short at this level and staying short will doubt
less find themselves wiser but poorer spectators
before the year is over. The bear element may
he able to force further small declines but.
cording to the opinion of careful observers, il
has lost its grip on the market, and it will soon
be fighting a losing battle. 1t is unreasonable
to suppose that stocks will move in one direction
all the time, especially downward, after a long
period of decline that has carried the prices of
active issues from 30 TO 60 points under the
high level of year ago. boom is not looked
for but gradual improvement is expected.
In the industrial list quiet but good buying
was again reported in Corn Products, which ad-
vanced III points. People identified with the
Corn Products Company buying the stock,
owing TO the excellent character of the con-
Germs business and to the belief that dividends
on the common stock viii always be maintained
Sugar Refining was affected a small extent
only by the reduction in prices of the refined
product the quotation being strong in the great
er part of the day with indication that il
would sell this year at par. the price predicted
bv lower Wall Street. American Smelling was
ilp over points. Rock Island was strong on
the report that control of the Seaboard Air Line
had passed to the Rock lsland company. While
Reading exhibited marked strength on buying
apparently for Pennsylvania and Vanderbilt ac-
count. Chicago Great Western was bought on
the report that the company would pass to new
hands but this was denied. Control of Great
Western lies in London. and much Of the recent
huving Of the stock has been from that centre,
London bought stocks in the local market on
srbitrage account while banking houses re-
ported good investment demand for European
interests. Banking interests were active buy
ers Of stocks and bonds the demand for mort
gage issues being striking feature of the days
business Total dealings were in excess of
100000 shares. Money was easy and sterling
was again weak