New-York tribune., 1903-03-18
BONDS.
TIE DAYS OPERATIONS N STOCKS

~-.4.or. IN s+ockR we're light In volume
-. e.. ,,ova-,snt of values exhibited trregu-
fHs-iex At the close there were many more he'
ratns than losses the greatest strength oeiiie
eyoxn hy the copper shares, ST. 6Sul' Noi III
E~ast Colorado Fuel Consolidated CAS- heaolne'
Rock Island. Southern Pacinc' tennessee Ia IA
.,S Union Pacific Commission houses were not
,.t,,,.rIx, active although a number OF con-
-u,s+ave Arrrs were quiet buyers OF good STOCKS
xN.+ ~. now selling at attractive prices. IN
t~t-.l.. where discrimination is employed IN tne
-rurchaee of securities sentiment favoraoie 10 lie
.1rdustrial shares is developing, the contentlon
lAtar made that these issues are rapidly oecoIh-
kn9 aeesoned that their actual Vaioe mas III
creased while their market quotations nav
r+actfcsIIy remained at standstil ano 'ha' tiie
,,,-orn.rous condition OF the country warrants
the expectation Of increased earnings among eli
Industrial companies for months to come re-
8scftoB of the industrial prosperity Of the coun-
inv and the growing investment position OF IN
Aust-is1 shares is presented in the oiv1oeno
declaration OF per cent on the common STOCK OF
che Corn Products Company. The preTeTeo
atock of this concern pays 1& per cent. while II
a seIlinS on q basis that returns nearly per
cent The COMMON as & per cent STOCK Is
,1on,feetIv too low at 8sh. its closing price
yesterday. Current big railroad earnings are a
strong argument in favor Of the sound Industrial
rh.-es as they indicate activity among the In
A,,-4r3s. that are represented by the industrial
ta<ues listed on the Stock Exchange
Railroad companies. while making record
breaking earnings, handling more uafnc ehah
ever before reported. are unable TO pro'lue
enough cars for the grain movement to the sea
hosrd and other points. Fully 100000 bush
eIs OF grain are stored In Chicago. waiting rsH
UhI,nent to the East while, in addition there
sr. 100000 bushels in the holds of lake yes
~ T-{R {R9f
not only diffcult to secure cars for the gram
-,ovsment. but freight traffic In general is suf-
<rrinR from the same scarcity Of transportation
facilities When II is recalled that over one
hundred thousand new freight cars have oeen
added to railway equipment in the last year the
extent Of the current industrial and aericuH-
urzl activity in the country will be more reaoily
S,rrecisted There is absolutely no reason to
look for q reduction IN railroad earnings In the
course Of the rext twelve months, and 1t there
fore follows that there xll be no setback in
industrial prosperity in the current year, as Dig
railroad earnings reflect business expansion.
es,orts received from the iron and steel trade
spdicat te s. continuance of present favorable con-
d.tJong Figures compiled by the Bureau Of Sta
tistics show rapidly increasing exports Of mer-
chandise results in February. for instance CIV
ing gain both in the outward movement OF
farm products and manufa ctures- Eventually
fbese favorable factors will find recognition IN
the stock market especially prices are SELL
SnF from 10 to 40 points under their best
figures Of year ago
The Southern Pacific hght money market con-
ditions and labor troubles are the only bear
arguments. and they have already done more
se-vice than their Importance warrants. The
Southern Pacific speculative pool appears to be
in control OF the market end Of the fight, but it
does not own the Southern Pacific company. and
fts chances Of success against the Hartman in
4erests appear exceedingly remote. Money mar
tl<et conditions improving, and la Dor troubles
will not upset the country. Beer operators are
not treading on safe ground, for the simple
reason that they moving beyond the limit
-cf sefety. The short interest is large. Stocks
are more strongly held than before. and
people who now sell securities that they do nSt
own, expecting to cover at cheaper prices. would
better reduce their contracts on all reactions
the foundations of the bear campaign ex
ceedfngiy shaly. When the advance begins 1t
VII! be sudden and swift. Foreign exchange
vas irner yesterday. indicating easier ten
dency in time loans at this centre and higher
discounts abroad. Cali money ruled at per
cent, with a high rate Of per cent, against
rer cent on the preceding day. No important
foreign loans for local aecount being made
81 present as the New-York bankers are able
TO supply the current limited demand for time
money.