New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-10
BONDS.
The DAYS OPERATIONS IN STOCKS.

Conditions I'm Thursdays stock market sug-
rested violent break in values in yesterdays
trading. but again the unexpected happened,
and instead Of severe losses fractional declines
only were recorded in the opening dealings.
New low records were made by Amalgamated
Copper and United States Steel common, the lat
ter for instance declining TO 14I., but there was
no panicBy liquidation and disposition among
professional traders TO go heavily short Of secu-
rites Early heaviness was followed by i'm
provement in many issues. while at the close the
active list showed more net gains than losses.
Disclosures made IN the shipbuilding trust hear
ing were reflected in Thursdays market 10
extent that created the impression in some cir
cles that investors would lose confidence in all
industrial concerns. but there was no evidence
In yesterdays dealings Of liquidation in invest
n7ent quarters Investors OF sound minds realize
that the current tendency Of stock values does
not Screshadow the end OF interest returns on
American Investments. The country will live
nno prosper and the Stock Exchange will not
60 out OF business. Market values are below
nesr present actual worth. but this is no indica-
doc that conditions affecting the real worth OF
securities VIII reach a position warrantng
eeneral slump in dividends on railroad and
BOUND Industrial issues. While Wall Street is
suffering from hysteria. the country's industries
give evidence OF health. The fact that reaction
L. certain lines is developing merely reflects
normal setback following a period OF extreme
business activity.
Trade reports received last night from the
various commercial agencies were not at all
aiscouraging. Indeed. they reflected sound
industrial situation, and none Of the lack Of
confidence in the business world that is so
marked a feature in Wall Street. The reduc-
ton in the price Of pig iron and other
materials to their normal levels is not a bear
argument and the chances are il viii
he found that the country's industries have
reached a more healthful basis than al any
time in the last two years. Money market
conditions are without the uncertain features
that characterized the situation a year ago.
Owing to Secretary ShaHs wise policy OF in
creasing public deposits in national banks
throughout the country. the demand New
York for funds has been extremely light, and,
according TO the best judges in the money
market. the outgo Of currency from this centre
this fan viii not be heavy enough to cause dis
turbanoe in the loan market. The inquiry for
money from the West is unusually light for
this period OF the year the loss in the week
ended last night amounting to only S1.50000o
This loss and the loss TO the Sub-Treasury
Were offset by receipts OF new gold and money
on bond redemption account, the weeks move
ment showing net gain TO the city banks OF
upward Of $4,000 in cash holdings.
Total dealings in stocks amounted 10 565. Dos
shares. OF which the greater part was supplied
by Analgamated Copper. which was the most
active stock the list al a net loss Of * after
a maximum decline Of IL. Atchison. Balti-
more and Ohio. s.. Paul Erie. Missouri Pacific.
Pennsylvania. Rock Island, Tennessee Coal,
Union Pacific and the Steel shares. The rail-
road stocks named closed at fractional ad-
Nances. save Union Pacific which ended A.
en- unchanged quotation. Tennessee Coal and
the Steel issues were down from 4 10 q. United
States Steel common closed AZ l4&. the pre-
ferred az els and the bonds al Il. Concerted
pressure brought against the market
az the opening. large amounts OF Pennsyl-
wanna, St Paul and other high class issues
being thrown over at concessions from Thurs
DAYS prices. but or the decline support MAS
noticed and further active efforts 10 depress
values ceased. Metropolitan shares declined in
me early dealings = point from Thursday, on
sales based on the de6cit shown IN the annual
report but closed q net gain Of ] point
Metropoltans deficit much smaller than
expected. but tho fact that the report showed
that the = per cent dividend had not been fully
earned suggested 10 some minds the idea that
the stock ought no; TO have been placed on a
guaranteed : ner cent basis