New-York tribune., 1903-01-27
BONDS.
rEE DAYS OPERATIONS IN STOCKS.

rEE nays OPERATIONS IN STOCKS.
The more encoura ginpg position OF Nenezuelah
.-s,rs was responsible for strength in yester-
esv's stock market. Advancing values We're MOI
scconnanied however, by increase in deal
.-s trading continuing dull throughout the
So, with total transactions amounting to less
80, $4,000 shares. Foreign houses bought
.+ocl,s II, The local market. In foreign banking
circles no uneasiness is exhibited over the ven
szuelan situation, and the idea that the unl'eo
Estates will ever become involved Win e1eIiiAiS
as result Of complications in South America
iss NOT for q moment considered seriously III
rbe present case foreign bankers express Ihe
view that Germany's aggressiveness IN NeneZ-
,,e1ar waters is INDUCED in for the purpose ol
CREATING greater national patriotism at home
and to silence Reichstag opposition 10 an IN
creased navy. The greater part Of the day
business was furnished by Atchison' Pennsyi-
.vania. Chesapeake and Ohio. St Paul, Ere
missouri Pacific. Reading, Rock Island, Southern
ipacifc Union Pacific and United States Steel
Advances we're generally confined TO fracuons'
the chief exception being ST. Louis ana 0an
Francisco. General Electric. ST Paul boulsNlhe
and Nashville Missouri Pacific, Peoples Gas
and Erie General Electric advanced over three
,,oin1s on buying for inside account strenglh
=, Eric was TO some extent due TO forecast OF
December earnings showing an increase IN net
of 5000 600 Pool buying was reported IN CheSo-
7,eake and Ohio There were no striking 1eal-
,,res in the day and no active buying, advances
generally representing covering Of shorts Caii
money ruled at per cent, while sterling e2-
change was heavy.
An encouraging factor in the present spocA
market is fl1e resistance shown by prices to per-
sistent efforts 10 bring about lower level In
The Iasf two weeks traders attempts TO torce
lioufdat5on have been unsuccessful and as
consequence short selling has not made note
worthy impression on values. Adverse develop
1nents have checked bull activity. but they have
not Iessened the worth Of investments Inc
,,,,rse of trading in the last fortnight encour-
ages The belief that the stock market will readily
7osrord 10 q satisfactory settlement Of the Ven
ezuelan situation; indeed the movement OF
values yesterday presents adequate evidence OF
17e tendency OF prices The upward tendency
can he srnot hered for time by uneasiness over
international developments. hut it cannot be
held permanently in check unless actual war
develops Germanys misdirected efforts TO
crafty ambitious plans will not involve the
United States in war, and operators who are go
sng short Of stocks for long turn on expecta-
zion Of complications of a dangerous character
can hardly hope TO profit by their transactions
There are mighty poor arguments behind cur
rent bear operations.
In a few poorly Informed circles the parrot
like CRY that prices are too high and that in
dustriaI property is on the down grade con-
sjnues TO gladden. the ears of the bearishly in
elined The same cry was heard year ago,
end IL VIII doubtless be heard at regular in
aervals throughout the current year. Well de-
fined signs will herald the approach Of an ebb
tide IA the sea of business. There is no sign of
fhis kind at present, and no indication that
business prosperity viii suffer a setback for
many months to come The best trade barome-
ter foreshadows further industrial activity
Iron market conditions have always been faith
full guides in forecasting, and IL is therefore well
TO note that the present year opens at record
rate Of pig iron production, which, II maintained
viii result in 1s,5Ooo00 tons for the twelve
months. In 1902 the country's blast furnaces
produced II 100000 tons OF pig iron, the largest
s-nount on record, larger than the production of
sny other country in the world
Receipts OF grain at Chicago last week were
30 Der cent heavier than in the preceding week
and 60 per cent heavier than in the same week
~ year ago. There will be big grain receipts
throughout the year, and big grain exports, fac
tors Of great importance TO railroad earnings
and international exchange market conditions.
The efforts Of the Arrnours to run wheat
corner in Chicago has advanced the price of
wheat 10 an unwarrantable quotation and
checked 10 some extent the export movement.
This condition, however viii not be permanent.
Attempts TO corner wheat in the Chicago pit
have generally been colossal failures. and de-
spite the fact that millions of dollars behind
the present manipulation there is no reason to
believe that it can be carried successfully many
points beyond the present price. Winter wheat
conditions are excellent. II may come TO pass
that the Armours viii. like their predecessors,
underestimate the amount of wheat in farmers
hands and be compelled 10 buy more than they
can handle or see the market slip away at rap
tdly declining prices. The man who endeavors
80 corner market generally becomes adversely
,r7volved with the law If supply ard demand.
TIE DAYS OPERATIONS IN BONDS