New-York tribune., 1903-02-14
BONDS.
TIE DAYS OPERATIONS IN STOCKS

r,.s.--,o-eI so 5srs we're active sellers in che
fret half Of the Gay, and in the absence OF any
rrtive outside demand for stocks. eIlor1S %
bring about lower prices were successful II
c,ires however. were unlmportant- aHloui'i"7
rnIe. tn less than per cent, while before
she close early losses were IN part recoFeie"'
v-b.re was no news DEVELOPMENT that var
-.a -h.a-er nuotstinns but the existence 81
,.r.1 weak mil accounts in issues that re
~e,-,v en1oved marked activity on the long sioe
,f the market induced bear pressure from d
moderately influential speculative element Aie
-roposed Erie bond issue and q frmer forelsh Il
exchange market were also used by the opera
.ors for a decline arguments Tor fraIlsaclioi'S
mn -he short side Of speculation NO posslole
s,ortnrtion of the imagination could twist eilhei
.actor into a satisfactory reason for the sale ot
good securities. Erie needs money Tor carrying
out mans that will increase the value OF lts
,,ri.,es and .he growth of the company in
,be last few wears and its prospects for further
p.rnznsion fully warrant increase IN lts
bonded debt Foreign exchange conditions may
force gold shipments next week, but the move
r7ant will not upset the local money market III
* estimated by good authorities that this coun-
=rvas debt abroad has been reduced over S-u'-
,rraoa, in the last month while it is believed
that the balance will be liQuidated without the
necessity Of large shipments Of gold 1t is IN
,e-estine to note that exports OF domestic prod
aIcts in January increased over January l9"-' III
value S56423lS
According 10 the known movement of money
in the week the local banks have gained up
ward of 81 100000 in cash holdings a further
exransion in loans is looked for, and as conse-
ouence an increase in reserve above legal re-
ouiremenfs is not expected It may be well 10
bear in mind that bank statements are most
uncertain quantities. having the reputation of
showing results totally at variance with pre-
lirninary estimates. The fear of a poor bank
statement may also have been a factor in yes
,erdays weakness in stocks, but it is not likely
that owners of good securities in existing
monetary conditions or in the prospects for the
rest Of the fiscal year Il convincing reason for
ssIes Of their investments The days sales
found ready buyers. afternoon covering of
shorts following q well defined feeling that buy
ing on the decline had been for the account Of
substantial market interests Analgamated
Copper. American Smelling. Atchison,' Balti-
more and Ohio St. Paul. Erie. the Gould shares,
Reading Rock Island. Southern Pacific Union
Pacific. United States Steel, United States
Leather and Wabash preferred supplied the
chief dealings. Erie lost over l point for the
Day: also Rock Island and Southern Pacific.
while elsewhere in the active list final declines
were fractional.
The progress or industrial expansion in the
Northwest is reflected in the earnings Of the
Northern Pacific Railway for January and fer
the seven months of the fiscal year as reported
Yesterday. In January traffic receipts increased
S245, 1876, making from July l gain of S3.106,-
oee total gross amounting in that period 10
500 0q5 S46- The growth Of the Northern Pa
cifc Railway has been due 10 good manage
nent good crops and rapid increase i'm the
wealth and population Of the country through
(which the company's lines run Reorganized on
the basis of hard times. this property is now in
9 position 10 withstand the shocks Of business
depression without cutting off the income of
its security holders especially the North
roads developing industries, expanding the
old and furnishing homes 10 thousands of new
settlers Both the Northern Pacific and the
Great Northern will enjoy the benefits Of the
enlsrging Oriental trade. which is becoming
such an important factor in the business pros
peritv Of the Puget Sound cities. In the South
west railroad earnings tell similar tale of in
Custrial prosperity. prosperity that is based on
solid foundations and which has not vet
osfved its full appreciation in securities values.
in the South railroad earnings are increasing
from the expansion Of general industries
that section of the country is longer depend
ert on cotton alone for it's income. For the
frs. week in February Louisville and Nashville
shows 2 gain of s119ooo and Southern Railway
3 gain Of SS2pn
rp,c,N crCIptrirc AaPnaD