New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-21
BONDS.
THE DAYS OPERATIONS IN STOCKS

Wall Street was in a calrner frame Of mind
yesterday regarding the importance Of the Bal
tirnore troubles factors in the general finan-
cial situation. and a consequence the profess
sionai element covered its short contracts. while
commission house traders We're more disposed
10 enter the market. The heaviest buying. how
ever. was for short account. Prices recovered
the losses made in Mondays trading. maximum
gains running from l TO . points. while net
advances were nearly large. New-Gork
hanks sent nearly 100000 to Baltimore
20 protect the situation at that centre. Pitts
burg reported an easier condition Of af-
fairs. and Philadelphia. about which many
adverse rumors were current on the pre-
ceding day. announced that il was in no trouble
and that its financial institutions were as strong
as the rock 90 Gibraltar. Realization OF the
fact that no general collapse was imminent en-
Outraged confidence in the Street. and the mer-
curial spirits Of the speculative community
were therefore bubblng over with bull enthu-
SLASH, Wall Street is now going through alter
nate periods Of cheerfulness and despair. with
the tendency. however. more in favor Of the first
named.
There was good demand from the shorts for
the industrial issues, notably in Sugar Refining.
American Car and Foundry, Amalgamated Cop
per and the United States Steel shares. Lower
Wall Street was an active buyer OF Sugar. the
belief that Cuban reciprocity viii be the chief
topic OF discussion at the extra session Of Con-
zress in November. Traders who sold Car and
Foundry preferred short in Mondays market
were anxious buy IL back yesterday, but
they found considerable difficulty in securing
stock This issue is distributed among investors
The floating supply available for speculative
purposes is not large, and naturally people who
sell il short accept big risks. The ease with
" hich the market now rallies from bear attacks
encourages the belief that liquidation is at
end. that securities have passed into strong
hands and that stocks are purchase on all
recessions Wall Street ought to regain
its senses IL ought 20 realize before long that
the country is not going into bankruptcy and
that the adverse results Of the overpromotion Of
stock companies gradually being remedied.
There is no good reason why the Wall Street
fog should not lift. Stock values have dis
counted business reaction and corporate trou-
bles. and if holders maintain a firm grip on their
security possessions the professional element
should not be able to make further material
Roadway against prices.
In the railroad list active buying was reported
in Atchison. st. Paul Baltimore and Ohio Mis-
souri, Pacific, Pennsylvania, Reading, Union Pa
cific and the Erie issues Erie stocks, especially
the first preferred are growing more popular
with conservative buyers. and it is be-
leNed mat eventually the common STOCK
viii be sound dividend payer. The Erie
system is in a process Of physical reorganization,
and when contemplated improvements have
been carried out the company viii have one
OF the best properties in the country. II will
be comparatively low grade line between
New-York and Chicago. as proposed grade
auctions viii place the road BIO per cent
grade from Chicago to New-York. As matter
Of fact, when the improvements are completed
Erie VIII be the lowest grade line in trunk line
territory. Engineering genius and financial
genius are at work in the Erie company. Al
though there were realizing sales IN the after
noon. final prices near the best of the day.
Money was easy and sterling exchange firm,
demand rates advancing 10 points.