New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values enjoyed another sharp
upturn in yesterdays market, and once again
the enthusiastic people who recently believed
that the time would come this year when the
short interest would be in danger suffered for
their poorly founded theories. In some stocks
the movement amounted to bear panic, nota-
bly, in Amalgamated. in which there was max
inurn gain Of points and a net gain Of the
same extent as compared with Saturdays final
figures Sharp advances We're made throughout
the fist, dealings exhibited expanding ten
dency and brokers reported better demand
from the so-called public But the chief cause
Of the advance was the presence in the market
Of powerful interests the long side and
large uncovered short account. 1t has been
pointed out frequently that the shorts would
be i'm extreme danger whenever the larger in
terests decided TO work for higher prices and
there should therefore be no surprise at the cur
rent course OF values, save that the collapse
Of the bear campaign came a little sooner than
many people expected Excellent buying was
reported in the local traction shares, while
throughout the list there were many indications
Of a demand that only appears when bull
movement is under way. This movement may,
OF course. have sharp setbacks before the end
az the year. but the impression is growing that
much better prices viii be recorded in 1904.
President Roosevelts message was well re-
tone and the sensible recommendations on af-
fairs that affect the financial situation exerting
q most favorable impression in banking circles
Sentiment in the Street was also encourage by
;he optimistic predictions from various railroad
and general business men regarding the indus
trial outlook I'm this country while the tenor
of opinion among leading brokers and bank
presidents encouraged greater confidence in the
future than has probably been exhibited at any
,.,.T-.,
gold import engagements were made, and over
81 100000 was credited TO the local banks on
Sub-Treasury transfers from San Francisco.
The return flow of currency from the interior
has begun, an indication of which is the large
increase in the receipt OF notes for redemption
at the Federal Treasury and after the turn Of
the year there ought to be usual a rapid
increase in the local bank holdings Well in;
formed bankers apparently never felt easier
over the monetary situation than they do at
present. TRADE has quie;ed down TO health
full normal basis. Industrial company promo
lions have been clicked. wildcat fnanciering
has been brought 20 az end. the country has
paid its foreign debts and is holding up q big
credit balance abroad, there is money in
the United States than ever before on record,
and financial conditions rest on a stronger basis
than ever before known. There is nothing in
this situation that suggests that the country is
going 10 the dogs.
Gold TO the amount Of s.. 10000 was engaged
for import, making the total so far received or
engaged Sl4,6S5,000. Sterling in the local mar
ket dropped TO 1929 for sight bills, while the
price OF gold bullion in London was advanced to
ISs. I'D. Call money was easier, ruling at 4
per cent against an average of I per cent last
week Total dealings in stocks above
10000 shares. with the heaviest operations in
Amalgamated. Sugar Refining, Atchison, Brook
Ign Rapid Transit. St Paul Erie, Missouri Pa
ciic Pennsylvania, Reading, Peck Island, Union
Pacific and United States Steel preferred. A
feature Of the day the buying Of the high
grade stocks and the accumulation Of the low
priced issues. Development Of strength in the
so-caned Gould-Rockefeller group, especially in
ST. Paul and Missouri Pacific, had favorable
influence on the general market.