New-York tribune., 1903-01-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stuck market trading was exceedingly ou'i
.,-,,,,,,o,,+ +be dax on an Irregular movement
of values. While some stocks advanced olheis
declined. but. as a rule fluctuations were con-
fired 10 fractions. with about equal numper
Of net gains and losses at the close Ai'housn
fhe character Of buying was trifie pe'ter 'haH
that Of the preceding days Of the week. there
was no important public demand for secuIiOie9
snd little activity on the part Of the more SUD
...-4is1 interests. Bear traders endeavored TO
deuress values on the theory that the latest OUT
break by the bellicose German admiral against
Venezuela would cause uneasiness in investment
circles and provoke liquidation, but no especial
selling pressure developed, save for the account
Of foreign houses which put out a few thousand
shares Prices were weak in London. The
strong showing of the Bank of England pre-
vented. however. serious declines
Active buving Of St. Louis and San Francisco
stock at an advancing price was the only strih-
ing feature Of the day. insiders were salo 10 De
accommodating this issue, and various reports
were circulated regarding possible change IN
the control OF the property, no actual news
however. accompanying these run1ors. Ihe 81
Louis and San Francisco system had mileage
and operates 4.315 miles, which will soon be in
creased by 57S miles now under construction
Several wears ago the statement was made IN
This col1,r,n that the St Louis and San Francisco
oompanv had a most promising future, and that
its common stock. which was then selling at I"'
would eventually he in the investment class It's
highest price yesterday was 7S94- All the South
western roads are growing. In addition TO ST
T.ouis and San Francisco. moderate activity was
shown by Atchison, Chesapeake and Ohio, St
Paul. Erie, Manhattan. Missouri Pacific, Read
ing Rock Island. Tennessee Coal and Union
Pacific. With the exception of Rock Island and
Tennessee Coal. the stocks named ended at net
declines. Delaware and Hudson, on light deal
ings. advanced over 1 point. American Bicycle
common sold at 121k cents share. and the pre-
ferred at 90 cents a share. The market was
firm in the afternoon
While there is as yet no active public demand
for securities. commission houses report IN
ouiries from customers regarding the possibility
Of an advance ana the wisdom Of buying at the
current level. Leading Wall Street interests
quite generally believe that there viii be an
active rising market this year, and they are
advising their customers accordingly. More
over, they advise the purchase Of stocks at
prevailing prices and on reactions, they be
neve that under present conditions values will
not suffer important declines from present quo
tations There is no factor in the situation
that can be twisted into bear capital. Some
traders assert that the Venezuelan trouble may
develop into affair involving the United
States but there is nothing in this argument
that need worry the bulls. The outlook for
the next six months is favorable for the ad-
vocates of higher prices. Important market in
terests hold stocks which they viii not sell at
ruling prices, ano it is therefore natural to as
surne that they will work with the bulls.