New-York tribune., 1903-02-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
px-h.,. ,h. r,nst noteworthy feature IN yes
..~sevss market was the large demand for
e,onks from out of town. On the advance
bro,xers reported an active inquiry from the
hest class OF public operators. orders for ''""
end 1000 share lots being common. Ihere
-pe~-e many important advances in the day.
END despite heavy realizing sales in the last
hour prices closed near the tor, with n11n1er-
ous instances of substantial net Improvement
over Saturdays last quotations. a mani
Hesitation of public trading, especially when the
trading is made up Of the orders OF people who
are strong financially. is an excellent indica-
rion OF q bull campaign in securities, and
in the present case there is nothing in the
situation that warrants the opinion that prices
viii mt work higher. That part of the public
srecuIaff1e element which is weak financially
is not in the market, and, as usual 1t VIII
NOT h- in the market until the crest or the
bull wave is at hand Heavy buying of the
Could stocks an6 Rock Island was again
leading feature OF the dealings, but trading
,vas hv No means rnoncpoIized by these shares,
IS throughout the list business was Wei
distributed the more important dealings being
in Amalga1nated Copper. Sugar Refining, Atch-
ison Norfolk and Western, Union Pacific,
~ Paul Southern Railway, Southern Pacific.
Cy,osaneskc and Ohio the Mexican railroad
issues and United States Steel Buying of the
last named was again for the account Of Sub
S,au1iaf interests who are convinced that the
STOCK is selling much too low and that it viii
gradually work higher This stock is becoming
better distributed every day. and the offer
irrs on advancing quotations VIII soon cease
10 be heavy enough TO keep the price Of the
issue at its current low quotation level Rock
he srtiE t0rk Oh
closely followed by Missouri Pacific. Wabash pre-
fer-red and Amalgamated Copper. Rock Island
Wabash preferred. ANA lgamated. Sugar Rein
ing ST Paul. Denver and Rio Grande, Mexican
Central. Missouri Pacific, Missouri Kansas
and Texas issues, Norfolk and Western, ST
Louis Southwestern, Texas and Pacific and
Wheeling and Lake Eric first preferred gained
fron? ! TO = points. Progress Of antitrust
legislation and the pessirnistc remarks of u
prominent Western railroad president were
without effect values.
Current conditions governing the speculative
and investment situation naturally encourage
predictions nf higher prices for securities and
an active demand for all the medium and
low class stocks in the course of the next
six months. The Wabash shares have been
accumulated by substantial interests, and the
movement that is now under way in these issues
VII be followed by similar movements in
many other attractive cheap securities In
The industrial list, The United States Steel
shares and the stocks of the car building COM
panies should work many points above the
current level. In the railroad list Missouri,
Kansas and Texas, Wheeling and Lake Erie,
Colorado Southern ana Southern Railway fur
nish notable examples of stock market quota
lions that are far under intrinsic value There
sre many good reasons why the low and
medium priced issues should be bought i'll
preference TO the stocks that selling many
points above par The latter have responded
TO improvement in their actual work 10
point that more than measures their increased
investment values, while :he market movement
of the low and medium shares has not kept
pace with the growth in their actual value
and favorable prospects for greater worth
Sound industrial shares paying substantial div
sdends ought TO prove attractive at prevailing
;,rioes; also the railway stocks that are selling
under par and whicn either pay good div
idends or else are ~ a position soon to join
the dividend class.
The congestion in railway traffic caused by
lack Of motive power and freight is
sIl that restricts railway earnings With this
restriction. however. earnings are heavier than
ut this time in any preceding year, while there
is enough business in sight 10 keep the Va
Iious roads busy f.r months 10 come. Grain
than in the preceding week, owing to the in
sbilifs, Of the railroads to handle the business
offered but compared with n year ago there
Was an increase OF }295000 bushels. With
railroad earnings increasing, general business
expending and money IN good supply, il is
difficult TO find crumbs Of comfort in the
situation for the bear clement. The bear ele
rnent however is at present an insignificant
factor in the market. In their operations with
She Sub-Treasury the local banks have gained
since Saturday over 100000 against loss
Of So 600 COO in the same time week ago, while
with the interest the advantage has also been
with the city institutions. Sterling exchange
nas firm yesterday, but there was no definite
talk Of gold exports Cold exports were avoided
at q time last fall when they appeared inevf
"a BILE For this the ability Of local bankers was
responsible While the money market could
spare the metal now far better than it could .
few months ago, il is likely that shipments viii
rot be permitted At present, or if an export
movement should develop. that only small
part Of the metal viii go out Cab money
ruled at o. per cent.