New-York tribune., 1903-03-28
sFx dividend. TEX rights-
BONDS.
TIE DAYS OPERATIONS IN STOCKS.

TIE DAYS OPERATIONS IN ST0CKS'
Stock market trading light in volume III
me early dealings on Irregular noVeiiieii' -
xslues that was followed in the at'ertooH ~
ahsra decline throughout the ISL AcCoiiip0
t,v heavy liquidation by nearly every oroAei"ee %
houss in the Street. few gocd ouyhie o
were executed at the opening induoeo ho 49,
h- sacretsrv shavv's government bond re1uno-
ing plan but in the absence OF furtheF liiipo ''I
support prices soon declined, while near pres
Syre vss resumed notably in NeW-fork Cen
4rer Pennsylvania St Paul and Southern IA
c,ec which declined from to 3 points Ihere
Was no news development responsible LOT 'iie
loss in these issues. the decline apparently oeiie
due in great part to active bear pressure anu
IN the case Of New-York Central TO uhlodul"e
on the dividend the stock selling ex-diVidend at
the opening Rock Island, Atchison, LoulsNlIle
and Nashville, Baltimore and Ohio, Amaisa-
mated Conner and a number of less active issues
sold down a point more. The general course
Of values reflected the operations of the present
arRressive bear element and the liquidation Of
ancounts on stop orders and sales by holders
who have become alarmed over the constant
pressure against values. The decline was ac-
CELEBRATED by the failure of substantial interests
to support the market, a sale Of Northwest foT
instance at a loss of points from its last pre-
ceding price rejecting the poor demand from
strong financial quarters. Shorts were the
heaviest buyers. although in the last hour
somewhat better Inquiry was noted for the high
class investment issues.
The decline in Southern Pacific caused COM
nent in speculative circles, as it thought
that the offering down Of the stock indicated
pressure from the Union Pacific interests against
the Keene pool. IT said that the time loans
Of the Southern Pacific pool would mature next
month and that difficulty would be experienced
in extending them. Investment selling re-
ported in Pennsylvania for the account of hold
who are not favorabIy disposed toward the
eompany's policy of expansion. New develop
ments OF the day affecting the real worth of
securities were favorable, railroad earnings and
weekly trade reports all presenting encouraging
indications of further expansion in industrial
prosperity.
Of the noteworthy earnings received those of
the Erie deserve attention. For February.
gross income increased S60O,S46, and net in
creased $4O4,S39. making a gain from July l Of
$I728.6S3 in gross and 1898, ,9S7 in net, a truly
remarkable showing in view of the serious loss
In traffic in the long period of the coal strike.
Erie's earning power is increasing. and the
handling Of the property reflects unusual ability
on the part of its managers. Ontario and West
ern is also showing good results, and Il is rapidly
TO surplus for the stock. Owing TO the coal
strike the road reported a deficit last October
for four months of $75, ,992. while the statement
Tor the eight months ended February % shows
g surplus Of S426.022 above fixed charges. The
export movement Of grain for the week from
this port amounted to 5000 1S7 bushels against
S.043.315 bushels in the same week q year ago.
corr supplying 361S210 bushels compared with
189.215 bushels a year ago. People who are
worrying over the financial situation in this
country would better study the current move
ment OF foreign trade and the outlook for gold
imports later In the year
While the proposed bond refundtnR plan of the
Secretary Of the Treasury Will not result in an
immediate important increase In the supply of
funds at this centre, Il will serve the good pur-
pose Of making gradual increase in bank note
circulation possible The banks now carry
against bank note circulation $S856 $50 Of the
<a Of 1907, and $5593, ,020 OF the SIS of 19OS-'18;
Gnd security for government deposits SS5-
S26,600 OF the As OF 1907, and 50 S6S $50 Of the
Ss Of 19OS-'1S or total OF sos. .643, ,720 Of the
bonds which can be refunded. an amount S.
6z3-T20 in excess of the limit set by the Secre-
tsry for refunding. The new 2s will be far more
Desirable as basis for circulation than the old
Bs and As and the chances are that there will be
O steady gain in bank note circulation through
out the year. despite the belief expressed in
some quarters yesterday that the banks would
not make a substantial response to the Secre-
tAry's proposal II the whole $100O000O0 is re-
funded upward of $5OO0.0O0 in cash will be
paid out in the operation. but this amount will
hardly be an effective factor in adding material
Iy 70 the current supply of funds at this centre.
The Importance Of the proposition lies in the
possibility of a gradual increase in bank note
circulation and also in the reflection 1t contains
OF the governments determination to extend re-
lief TO the monetary situation to the utmost of
its ability.
= According to the known movement Of money
in the week the local banks have lost upward
OF 50 600 900 In cash holdings. 1t is believed
that b~th loans and deposits will show a ma
teriai contraction and that the reserve above
legal requirements will not be materially re-
duced as a result Of the loss in cash. Govern
rnent disbursements will be heavy in april, and
the 81 100000 appropriation for the relief of the
suffering people in the Philippine Islands will be
available for use in the local market The gov
eminent has paid the amount to q New-York
financial institution, which will finance the oper-
alton through the exchange market, having Its
branch house in Manila. sell exchange on New
York and Europe to Philippine merchants who
desire 20 make reunittances. The gold viii there
fore not leave this country. but remain in circu-
ia&2on IA NeW-YcriS. A. similar operation will be
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