New-York tribune., 1903-02-11
BONDS.
THE DAYS OPERATIONS IN STOCKS

-h. rand advance OF Monday naiurally q
sracted realizing sales III yesterday MAJ ne
and. as a consequence. the movement OF Fa4ues
,,rssen,ed considerable irregularity. At the
close prices showed more net losses than gains
rs ,on7pares with the final figures of the pre-
,-adire day stocks sold for-proits were easily
al,sorl,ed 1,J1ir1e representing further eNI1ah-
s;o, in the outside demand and accumulation
r, inside interests in various issues broheI9
report q more active inquiry from out OF TOW"
and z growing disposition on the part OF 1"e
,o-ca He'd public to resume operations IN secuii-
,ias especially in the medium and low prlceu
,.e,,es both IN the railroad and industrial de
-,art,,ents conservative brokers advise Gus
,,r,,ers 10 buy the cheap stocks. as, in thelr
rnirion. the prospects favor better profits ana
,ass danger in speculation in these issues than
On The fancy priced issues that have been mar
ter features for several years Properties rep
-eseutins the cheaper shares are growing ano
steadily moving toward position that VIII
make their securities good investments Stocks
such as Norfolk and Western, st LOUIS anu
s=n Francisco Afchison and Union Pacific sold
only a few years ago at prices ranging rom ~
90 20 To-day they range from 40 to TO- Ihere
.re many shares now selling under 30 that VIII
eventually reach ;he prices now prevailing fof
the group mentioned
Interests identified with the Gould shares ana
Rock Island were again active III the market
and traders efforts 10 produce a reaction were
rut effective in causing important declines'
Wabash shares showed the effect OF heavy
realizing but the character of the buying suS-
sested the belief THAI prominent operators are
buIliug these issues for much higher prices.
Missouri Kansas and Texas shares were well
taken. The preferred i0 being accumulated on
the expectation that it will be placed on regu-
lar per cent basis this year, earnings justify
tng such action as at the current rate of in
come the company will show a large surplus
for the common stock at the end Of the year
Missouri Kansas and Texas shares have been
neglected for many years, but il now begins to
lock as If their day for substantial improve
rnert were not far distant
Total transactions IN stocks were under Mon
DAYS record with the heaviest dealings in
Aualgamated Copper, Atchison, Brooklyn Rapid
Transit Erie. Manhattan. Missouri Pacific,
Rock Island. Texas and Pacific, United States
Steel ard Wabash preferred These stocks,
with the exception OF Atchison and Rock Island.
closed az small net losses. An unexpected loss
ay the banks 10 the Sub-TreasuTy encouraged
hear pressure.
Wall Street interests naturally anxious
for legislation that viii provide a. more
elastic currency and Sub-TreasurY reform, and
they believe that the passage of the Aldrich
hiI viii mark important progress in that di-
rectfon. This bill if enacted into law. will per
,rit the Secretary of the Treasury to deposit
tn national hanks public money received from
all sources. against which the Secretary may
sccept as security. United States bonds, ap-
proved railway bonds or interest bearing
obligations of any State. legally authorized
bonds Of any city Of over 100000 population
that has been in existence as q city for twenty
Fve years, and which for period of ten years
preceding such deposit has not defaulted in
its payments. The banks will pay interest on
deposits At a rate Of not less than li2 per cent.
Under the present statutes depository banks
cannot receive customs payments, which must
he turned into the Treasury, while against gov
srnment deposits government bonds alone are
required as security The heavy absorption of
money by the Sub-TreaSury from the local
banks is an Objectionable feature, the influence
of which has many times been the leading
factor in tight money Al this centre With the
reform as proposed by the Aldrich bill, the local
market viii not be driven TO the point of panic
in the period of currency withdrawal for crop
~-or,7-