New-York tribune., 1903-05-14
BONDS.
THE DAYS OPERATIONS IN STOCKS

There were few important price movements
in yesterdays market, and no decided chanee III
the character of dealings from those OF the last
few weeks Trading was light in volume in the
greater number Of issues. on an Irregular move
rneut Of values that ended with many more net
losses than gains. Further persistent selling OF
PENNSYLVANIA stock left unfavo~abe impress
sion on the trading element, but as the Iquloa-
1ion represented sales against the new STOCK IN
vestors were uneasy over the movement
Pennsylvania so certain Wall Street gossip pre-
diets viii go TO 40. If it does il will be a
splendid purchase at that figure. or 10 points
above. as IT is one of the safest railroad invest
Tnents on the list. There is no reason Tor III
vestrnent sales of Pennsylvania or New-York
Central but stock market traders doubtless be
lieve that both are attractive short sales, owing
20 the new capital requirements necessary TO
complete improvements that eventually Will add
heavily 10 earnings Hooking Valley reacted
fractionally from its closing price OF the day
before but the idea that negotiations concern
ing the future control of the property were
under way was not abandoned Colorado Fuel
and Iron was one Of the few stocks that showed
a material change in price, its closing figure
being 35z points above the final quotation OF the
preceding day. Activity in this issue had the
ezrrnsrk of manipulation Mexican National
was again in fair demand, but efforts TO create
activity In Mexican Central were not success
full Although sterling exchange was ffm
throughout the day. no further gold export en-
gagements were made Stocks closed generally
above the low figures
Efforts to depress prices in the current mar
ket bring out no important offerings. and quo
tations go down much harder than they ad-
vance 1t requires considerable volume Of
sales to reduce values. while the slightest de
rrand is effective in putting them higher II
is easy to see why this is the case Stocks are
strongly held by people who are waiting
for a better quotation level The floating sup
ply available for market purposes at the cur
rent range is not heavy, and on all reactions
good buyers stand ready absorb offerings.
especially the offerings OF the attractive issues
that are yielding from to 10 per cent. In the
industrial list there are many sound issues
turning from TO 10 per cent with the pros
pect Of paying dividends indefinitely. irrespec-
tive Of periods Of depression in the business
world. Of the latte: there is no indication in
trade reports. and it is not believed that the
labor troubles will spread TO an extent that
Will check the industrial prosperity of the
try. At the moment sentiment among board
room traders on the Stock Exchange is bearish
the labor outlook. but investors exhibit
10 uneasiness over the situation.
According TO Pittsburg dispatches there has
been no cut in the price Of steel billets, while
the demand has never been better. The reduc-
tion in prices in some lines in the iron and steel
industry cannot be twisted into bear argu-
nent on stocks. inasmuch the decline still
leaves prices above last years level and en-
courages a cessation of the heavy import de
mand and increases the home and foreign in
Quiries from consumers. In the most trust
worthy c1cles of information no confidence is
placed IN the reports heard in quarters
that the iron and steel business is the down
grade and IL evidence is desired showing that
the trade is still active it is only necessary to
refer TO the profits Of the United States Steel
Corporation for March, amounting to S9,9OO.O00.
or $4,000 more than recently estimated. Com
mission houses are bullsh the outlook for
securities values, ard they do not despair of
5oying an active demand for stocks from the
general public. despite the apparent unwilling
OF this element TO enter the market al the
present bargain level If the stock market had
able bull leader prices might enjoy ten
point rally, and then the public would doubtless
rs usual begin buy at the top