New-York tribune., 1903-05-23
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
Perhaps the most significant feature in yes
terday's strong market the buying Of the
standard investment issues, notably Pennsyi-
vanta. st. Paul and New-York Central for In
vestuaent and speculative account Pennsyl-
vansa was helped by the announcement that the
P.nnsyivania's new stock issue had been under
Written by q powerful group Of bankers. and
that there was no possibility Of the issue fall
ing despite efforts of certain spectators to hin
der subscriptions 10 the stock by attempting TO
depress the price 10 120 below. Street opinion
favored the theory that the underwriting OF the
new Pennsylvania stock would be an important
factor in weakening bear influence in the cur
rent market. The strength in Pennsylvania was
also encouraging in view of the conpany's action
against the Western Union Telegraph Com
paay which Il was thought might lead 10 re-
nea,ed pressure on Pennsylvania securities. on
The theory that the fight between the Gould and
PENNSYLVANIA interests would be renewed. and
carried 10 a point that would affect market
values The situation involving the Gould and
Rockefeller interests on the hand and the
PENNSYLVANIA people on the other is interesting.
and il is flied with possibilities that may de-
velop into powerful stock market factors. For
eign houses bought stocks i'll the local market
b-t their dealings showed a heavy falling of In
volume from the big record Of the day before,
total purchases amounting 10 about 25,WD
shares against S5 600 shares on THURSDAY
There was fair demand for dividend paying
stocks selling under par. as Baltimore and Ohio.
Atchison and Erie first preferred. Wheeling and
Lake Erie and Wabash issues were taken by
good class Of buyers; also Canadian Pacific and
The 500" shares. Trading was moderately &C
tive in the morning. but in the afternoon the
market became dull and uninteTesting. with
dealings confined entirely 10 the professional
element. Prices however. retained at the close
The greater part OF the early gain. Sterling was
weak under offerings Of bills drawn against
foreign purchases OF stocks in the local mar
ket, but the exchange market was stil in sight
Of the gold export pont owing TO a decline IN
the price Of sterling in Paris on London
The bear party in the stock market may con
-:7ue its operations for some time to come, but
unless there should be a serious crop failure this
wear stocks bought ruling prices ought 70
show material gains in market value before the
end Of the summer Reports from various quar-
rers Of the corr belt indicate backward plant
ing season. the leather in ire early spring hav-
ing been too and cold. while il is nov too
dry and hot and little seed has therefore been
r.It in the ground. If weather conditions are IA
vors bic in the summer the present delay in
r1an4fna viii not interfere with 2 large harvest
hut of curse. there is too much uncertainty re
sarding future climatic changes TO make present
predictio,s Of the corn harve-t Of much value.
Winter wheat conditions str indicate q record
breaking crop. and even if there should be
Weld OF 100000 bushels less than conditions
on April ! suggested there would still be AZ
usually heavy harvest. The crop situation will
undoubtedly play an important part in the Sc
curftv and cereal markets in the course of the
rlext few months bur holders Of stocks should
bear IN mind that Wall Streets daily advices re-
garding the crop situation are generally colored
10 s. he wishes Of stock market interests. 1t
1nav also be well 10 bear in mind that the coun-
try survived the corn crop failure Of 1901 with
cut damage TO railroad earnings Or industrial
prosperity. The failure Of single crop can no
lorger upset this Country's prosperity.
According 70 the known movement Of money
In the week the local banks have gained S1.T00
o00 in cash holdings, There heavy loss
on Sub-Treasury and gold export operations, but
q large gain from the interior. domestic ex-
change having been n favor Of this centre
throughout the week. Bank statements Of the
last few weeks have not been much in line with
preliminary estimates, and Il is therefore unsafe
20 make predictions regarding to-day's probable
showing The building OF reserves OF trust
companies that intend 10 maintain Clearing
Eiouse privileges may be factor in the state
r1ent. also operations connected with the inter
national money market. Gold exports a rner-
chandise balance in our favor. and transfer Of
loans for American account in Europe TO this
side have been effective factors IN reducing the
balance against this country abroad and the
chances Of gold imports in the fail are bright.
There IS z vast amount Of money in Europe seek
ing investment, reflected n the oversubscrip-
#, ton 10 the Transvaal loan. in the reduction in
the Bank Of England's discount rate. in the gen
orally improving financial situation in all the
foreign capitals, and in the demand in the local
market for American securities for London AMI
German interests. There was an encoura ging
gain in exports OF breadstuffs in the current
week. shipments Of grain showing z gain Of
over 100000 bushels over the preceding week
and Of over 100000 bushels compared with
The same time year ago. Exports Of corn were
lSl41s6 bushels. against L431, ,257 bushels in
the preceding week end %, ,969 bushels last wear
THE DAYS OPERATIONS IN BONDS.
CSOK KEENMENT BONDS rl,e+ e-es5.- Rival