New-York tribune., 1903-03-19
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was light in the greater
number Of issues on a generally advancing
movement Of values. Improvement at the open
faT was followed by decided strength through
cut the forenoon, while subsequent transactions
presented only unimportant reactions from the
early gains last quotations showing net ad-
v.,css IN all ssve a few issues. In the last hour
southern Pacific moved up with considerable
animation, closing at about its best price at
674 The rise in this stock due in great
usY4 to covering Of shorts. a movement that was
Y5-orutneTt throughout the list Of actiye issues
Accumulation Of good stocks on quiet scale
continued. although the greater part Of the days
huStness represented the operations OF the pro-
Hess1onsI element. There was an excellent de-
fnsod for q number Of the industries. nota bly,
tks United States Steel stocks end Corn Prod
rctE buying of the last named being induced by
ths declaration Of dividend of 4 per cent on
thu stock and a better idea Of the real worth Of
SAe issue as a permanent investment At Its
rrnaeut price this security yields nearly II per
cant, but the chances are that this Will be ma
terdalIy reduced by an appreciation In market
value The lending rate Southern Pacific
stock advanced to premium Of one-eighth Of i
Per ceat IN the late dealings for the use OF the
stock over night, and evidence was not wanting
of a frightened short interest, the price OF the
issue jumping from "a TO 67%, accompanied by
heavy trading It was thought that the rise was
also helped by demand for the stock for use at
the annual meeting. Union Pacific. Erie. Anal
Fzmated Copper Sugar Refining, Atchison, St
Paul Missouri Pacific, Pennsylvania. Reading,
Rock Island and Tennessee Coal were active
features supplying. with Southern Pacific, the
bulk OF the days business Sugar Refining
gained over two points and. with the exception
Of Amalgamated Copper, the industrial list ex-
hibited noteworthy strength.
x1-I1 dn71h$
less be a development Of the next bull market
These issues have been gaining in intrinsic value
fer the last two years, while their market quo
tsfions have failed to exhibit noteworthy I'M
provement, the bull speculation in this period
hsvfrg been confined to the railroad securities.
It should be noticed. however, that the greater
number Of industrial issues have presented great
resistance to thu downward tendency that has.
within the last six months carried prices for
the railroad shares from 10 to 10 points under
the high level of 1902. in the majority of solid
dfvfdend paying industrial stocks listed on the
Stock Exchange the return is from to 2 per
cent while in the better class OF railroad issues
hoIderr are compelled to he satisfied with from
to per cent and in some instances less
Business expansion in this country is reflected In
the dividend payments on industrial stocks, and
while this fact has received comparatively little
attant1on IN the stock market, II is reasonable TO
believe that the actual merit Of this class Of
securities VIII eventually find it's proper measure
fr market quotations. The so-called new in
duEtriais represent, rule, old securities
under G new name. In the new corporations Of
recent years there is merely the consolidation of
long established concerns that have been
brought together for the purpose Of conducting
business at cheaper cost and larger profits
There are. of course, Industrial stocks of doubt
fui development, Just as there are railroad
shares of the same class; but it will be found by
examination OF the statistics OF railroad and
Industrial companies In the last ten years that
in proportion to respective numbers there have
been as many bankruptcies among railroads as
among Industrial corpora tons.
The local banks have lost less than 100000 on
sub-Treasury operations far this week,
against 8 loss of over S2OO0O0o in the same
time last week. while interior exchange on New
York suggests q gain on the interior currency
movement in favor of this centre. Sterling ex-
change has enjoyed marked recovery from
last weeks decline, owing to the higher dis
count rates abroad and the easier tendency in
the New-York money market. The position Of
the international exchange market is more IA
vors BILE TO this country than IL was this time
q wear ago and the prospects are decidedly i'm
proved IS compared with those OF this period in
1902, which, according to some observers.
showed signs of q permanent decline in our
foreign trade. In February exports and imports
were heavier than in any preceding February.
exports increasing in value S23 90OOscver Feb
rua-y, 1902. and imports $15330.o0o. with an
excess of exports IN value Of $42.922ooO. an In
crease of $S649.000 over the same month last
wear. There ives an excess Of gold imports Of
&5eSO 900 and an excess Of silver exports OF
50 Is5 600 making a favorable trade balance for
the month Of 81, $4,000 Call money ruled at
a ner cent Yesterday, while sterling exchange
advanced points.
The DAYS OPERATIONS IN eoNDs.
GOVERNMENT BoNDe-Market steady. Finsi