New-York tribune., 1903-03-04
BONDS.
rEE DAYS OPERATIONS IN STOCKS.

Liqutcation Of long ACCOUNTS and active pear
pressure brought about lower Level OF Ndlues
IA yesterdays market Money market conol-
kiouS the failure Of the Aldrich bill TO reach q
kota tn the Senate and several reports or rail-
koad earnings showing net losses for January
h-sre responsible for bear sentiment IN specu-
hsttya circles while they doubtless were efteo-
kivs factors in creating uneasiness among pub
l,e holders whose bank accounts are too small
hc eupply additional margin in case OF calls
from brokers. The so called Western element
worked for lower prices. and the greater num-
Roer OF traders the Exchange were engaged
Ehroughcut the day In making turns on the
short side. Sales were taken by substantial IN
ksrssts Including the bargain hunters, who are
always on hand in declining markets. London
sod upward of 10000 shares in the local mar
8xet much OF The selling representing straight
liquidation rather than short sales. The borrow
znR demand for stocks for foreign account was
aight but for local account the stock loan mar
szet exhibited indications Of big increase in the
short interest. Washington houses sold freely
while commission houses in general were better
supplied with NQuidating orders than noted In
several weeks, the heaviest sales being IN
AnaIganated Copper, Sugar Refining, Atchi-
son, Baltimore and Ohio, St Paul. Manhattan,
Rock Island. Southern Pacific. Union Pacific,
Reading and Wabash preferred.
The Wabash shares were adversely affected
by the reports regarding the possibility Of a
strike on the company's lines and by bear press
ure, which exerted on the theory that the
bull speculation would not be resumed in these
issues until the general market developed an
upward trend. Missouri Pacific and all the
Gould stocks were well taken on the decline,
while light offerings Of Missouri, Kansas and
Texas were quickly absorbed The Southwest
railroads occupy position that is attract
mo NJ ~
and fnanciers in the country, and ii is believed
by the best informed men IN the Street that
the stocks OF the various companies will event
uaIly return handsome profits to purchasers at
prevailing prices The progress of the Gould
Rock Island and Southern Pacific interests in
the Southwest will result in increased railroad
mileage, increased industrial activity, increased
earnings and increased investment values in
that section Of the country. There are many
good reasons for holding the Missouri, Kansas
and Texas. ST. Louis Southwestern. Texas and
Pacific, Southern Pacific and Missouri Pacific
issues
In the last hour covering of shorts was fol-
loved by a rally throughout the list, and as
q consequence final prices were well above the
lowest Of the day Total dealings were heavier
than on any day since February 9, amounting
to S74611 shares. Call money ruled at per
cent. with time money at JQ51z per cent
lEr
keen disappointment over the failure Of Con-
gress TO enact currency reform legislation, hut
there is. however. no uneasiness over the
monetary situation. save. perhaps among
Gpeculators who hold stocks light margins.
The monetary situation would not receive i'm
mediate assistance from the passage Of the AL
drich bill, and rates for loans would doubtless
continue at firm figures. Bankers have been
looking to the fail or the current year for the
6rgt radical effect OF recently expected cur
rency reform on the local market, but they are
now compelled 20 admit that the usual period OF
gtringency will develop in the autumn, just as it
has in past years, result OF the present
unfortunate system that forces money from the
channels Of trade into the Federal Treasury
vaults. II the outgo Of money from the local
market continues at its current rate the Secre-
tarf Of the Treasury will doubtless employ
drastic measures for the relief Of the market.
From known conditions the chances appear 10
favor q stiff money market throughout the
month and part of April, while thereafter until
the fall demand develops comparatively easy
rates are expected. Calling of loans re-
ported yesterday. and it was inferred that the
banks were actively engaged in protecting re-
serves above legal requirements by reducing
loans and deposits. Since Friday night the Sub
Treasury has gained nearly 100000 from the
local money institutions, while shipments 10 the
interior have been largely in excess Of receipts
The money market situation delays an upward
movement in stocks. but it permits no reason
for the sale OF good securities. Conservative
brolsers advise their customers to maintain a
arm hold Of their possessions, and TO exercise
,stsence as conditions will. II is thought, be in
tsvo- Of fbe bulls when the spring demand fol
money subsidies.