New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-09
BONDS.
THE DAYS OPERATIONS IN STOCKS

Trading in stocks was heavy in volume on
movement Of values that tended in the direction
Of higher prices in the greater part of the day.
In the afternoon realizing sales caused reactions
from the best figures and in some instances re-
suited in small net declines as compared with
Mondays closing figures. In the morning many
eubsta ntial advances were recorded especially
I'm Erie. Illinois Central, Pennsylvania, United
States Steel preferred and Union Pacific among
the active issues. and notwithstanding the re
dictionary movement in the final dealings, these
issues maintained d part CT their early improve
Ineu1. London quotations for American securi-
lies were strong. and cable advices from foreign
bankers indicated renewal of speculative and
investment interest in our stocks and bonds.
4 noteworthy feature OF the days operations
was the revival of buying in the low priced
stocks and an excellent investment inquiry for
the high grade issues. such as Pennsylvania, st.
Paul Manhattan and Illinois Central Among
the very cheap stocks Chicago Great Western
Colorado Southern. Rock Island, Erie and
Wabash preferred were bought by people who
apparently believe that these securities Will
reach much higher level before many months
20 by There are various good reasons why
some Of the low priced stocks should be advanced
10 better figures Earnings of the companies
which these securities represent have been eX-
pandinE for many years, and the greater number
Of properties are now in condition that war
rants the expectation Of dividend disbursements
at some period I'm the not distant future. For
instance the Erie Railroad is earning at rate
equivalent 10 more than / per cent on its COM
mon stock which IS selling at a comparatively
cheap quotation. All the Erie issues well
thought Of by careful market observers. espe-
cially the first preferred. which recently
placed on a permanent / per cent basis and
which is selling at a level which returns on the
investment over per cent
Amalgarated Copper stock opened at a sharp
advance. hut lost all the improvement recorded
I'm the early dealings. This issue has been ac-
lively brought by well known local and Boston
market interests in the last few weeks. and the
short account in the stock has been severely
punished. Less than fortnight ago the bear
crowd was predicting 20 for Amalgamated Cop
per hut since that time the stock has enjoyed
steady Improvement, advancing 10 points
in the last ten days There have been no par
ticuar trade developments waranting the ac-
tivity in this issue. and the advance may there
fore he put down TO the operations of powerful
financial interests against a bear party that has
overstayed the market. When a stock that is
hacked by the so called Standard Oil people has
had a big drop from its high price it is ex-
tremey dangerous for the ordinary Spectator
10 make further attempts to depress its value.
AmalEamated declined from 1870 to 81 and the
people who insisted on selling it short below 40
suffering for their folly The so called
Tockefeller-Gould group OF stocks was advanced
in the early dealings. and the theory naturally
was created that Standard Oil people were ac-
lively engaged in the market. Doubtless many
Of the people who were identified with the
called Standard Oil party were factors in the
days speculation. Canadian Pacific was a
strong feature also American Smelling Mis-
souri, Pacific Southern Pacific. United States
Steel preferred. Pennsylvania, Atchison and
Union Pacific. Sentiment in the Street was gem
orally buIlish. and the majority OF commission
houses expressed the opinion that higher prices
would be recorded in the course of the next few
months In the afternoon dealings the whole
list sold off, but final prices showed more net
gains than losses.
There was no particular change in the condi-
ton Of the money market. Call money ruled at
6 per cent. while time loans remained at I'M
changed quotations Sterling exchange was
strong, but further engagements of gold for
import were made, bringing the total of gold en-
gagged and received on the current movement 10
nearly Sl6O0o0e0 While the present holdings
Of the local banks are not large the outIooI, "a
vors a material increase after the turn of the
year. il not before. Shipments Of currency 10
the South continue in moderate volume but
the movement between the local banks and the
West is in favor Of this city SO far this week
;he banks have lost over 81 100000 If anv nm
oasiness were felt IN local banking circles over
the money market outlook an active bull specu-
lotion in securities would rot be permitted.