New-York tribune., 1903-04-21
BONDS.
THE DAYS OPERATIONS IN STOCKS

stuck market values enjoyed two periods OF
advance and one Of decline IN Yesterday N--
kat with final figures at net gains IN the greater
number Of issues. Early strength vas 1oilo"eo
by weakness due to selling induced by the rear
~ = decision against the payment OF DIVIDENDS
II the holders of Northern Securities spocks'
while strength in the last hour reflected cover
s-r Of shorts and renewed commission house
t-,ving following the court opinion favorable 10
the Northern Securities COMPANY Ihe oe-
cision gives permission 20 the Northern Faclnc
and Great Northern TO pay their ciVldenes u
all stockholders the Northern Securities Com
psny included. and II also permits the lSSl
named company TO ray dividends II hoIoeTs u
SIS shares. This decision is certainly just ana
proper es otherwise innocent stockholders TToCio
he deprived OF their income until the Supreme
Co1rt COLD act on the decision OF a lower court
declaring the Northern Securities Company an
illegal organization Good buying characterized
the dealings IL the leading railroad shares ana
sn wabash debenture bonds. which were
rgain the chief active features N the bond oe-
ra-tr,ent The outlook for the wabash conf
rauy encourages investment buying OF the
Wabash issues especially the debenture p
ends There are S26 ,50o,0eo Of these issues
outstanding. and it is now matter OF snort
zine only when the per cent interest 10 which
,bev Ar. entitled viii be paid. the road is
rapidly increasing its earnings and laying 4
foundation IN its new lines and Atantc coast
outlet for dividends its preferred and com
mon stocks In the early dealings Northern
securities shares declined 2S4 points. but suDse-
ouertly recovered over points, closing well
above Saturdays final figures. Aggressive buy
ing was reported in eli the Goulo stocks par
ticulariy IN Manhattan and Missouri Pacific
ho+b of which enjoyed marked price improve
rnent the former gaining fo- the day over :
pofrtg Brokers who are identified with INSIDE
interests we're active in these issues. In the IN
dustriaI list the Steel socks. Sugar Rehning
Amalgar1ated Copper Consolidated Gas ana
American Ger and Foundry were features, The
last named stock is selling al price that re
turns 10 per cent on the investment and as
the company is not an experiment but an estab-
ushed BUSINESS that VIII he profta bic as long as
there are railroads in the United States its
securities are desirable purchases OF present
quotations The market closed with prices near
the best Of the day.
Railroad earnings so far received for the sec
oud week IN April show an increase Of u per
cent over the same time year ago. when
traffic receipts we're unusually heavy I'm
movement is confined to no one section of the
country North. East. South ana West are re
spending with large increases. That this growth
sn traffic receipts viii continue one who
examines the character of conditions under
living the current railroad business can doubt,
.rasrnuch as these conditions contain the prom
sse OF expansion in industrial activity through
out the year in ali parts OF the United States.
Bear operators in Wall Street. have until the
last week been selling stocks short for the
last eight months but the accompanying de-
cline has not reflected adverse changes in the
business situation OF foresnadowed the near
approach Of the end Of the wave Of industrial
prosperity that began several years age The
decline in stocks from last years high prices
has been due il great part 10 conditions that
DO not extend beyond Wall Street, hut II may
NOW reasonably be expected that the conditions
outside the Street will exert considerable in
f7uence on stock market values in the direction
of higher prices. This. at least. IS the view of
the best observers in the financial district.
The Western primary movement OF grain last
week showed al increase over the preceding
week and a large gain over the corresponding
time a year Total rail receipts Of wheat at
Chicago. while above the same week IN 1902
were smaller than IN many months showing the
effect Of the opening Of navigation on the lakes
q large quantity Of grain IN the Northern and
Northwestern States haying been shipped from
the head Of the lakes on the cheaper rates
available by that route Last years bountifu
spring wheat crop and the record breaking corn
crops will insure heavy earnings throughout
the current year On the grain carrying roads.
while from current indications the railroads may
6er,erd on another year Of big harvests.
The week starts of with improving condi-
lions in the money market Call money ruled
ct 31a 10 3sz per cent in yesterdays market,
while the growing ease in rates was reflected
i7 q frnler tone in the foreign exchange mar
ket. sterling advancing 70 A-S712 for demand.
Since Friday night the local banks have gained
over sI5Oeo90 on Sub-Treasury operations.
while they have received from the interior
t,s,r-fl,, 81 pF