New-York tribune., 1903-03-31
BONDS.
TIE DAYS OPERATIONS IN STOCKS

TIE DAYS OPERATIONS IN STOCKS
ssoek market values were weak in the early
6ssrnsx strong IN the midday tracing anu
hsavy Sssin before the close, last Quosa'loiis
showing net declines in the greater numoer ol
SsEuee There was little active hquidanon' saleS
eorntnx chiefly from the professional operators
vthc we're encouraged to resume TRANSACTIONS ."
ths short side owing to the absence Of outsloe
tn&sreet and support from banking circles Lon
Aor hoveve- bought upward Of 2o.Nn snares'
ana some of the commission houses reported an
inquiry from investment buyers, who were at
t-acted by the comparative cheapness OF STOCKS
Declines were not important, and IN rev Is
sues notably Manhattan and North American
net gains were recorded. Many traders have re-
cantiv been selling Manhattan stock short on
strike possibilities but they have not met es-
uecaaI success. while their operations have
brought ont little long stock. Manhattan is now
q aeusranteed investment. It's floating supply is
small and It is therefore dangerous security
70 sell short Strikes will not affect its dividend
Call money was advanced to per cent, and
4 was thought that higher rates might be made
over chs April settlements. although in we'll in
forrae- quarters easier tendency would 1t
was thought soon develop. The advance In
money and labor trouble talk were used by the
bear element as arguments for the last hour
ever, resulting in the heaviest losses Southern
Pacific sold at IS. closing at 59A. q net loss OF
IL points while Union Pacific only frac-
tIonaIy under Saturdays last quotation. Sell
ing IN St Paul, Atchison Baltimore and Ohio
Ne~-York Central, Pennsylvania and United
States Steel preferred represented in many
cases liquidation by holders to protect other
issues. Southern Pacific sold 10 points under it's
prise Of ten days ago and % points under its
panied by the report that members Of the pool
were selling their own stock short. expecting
by this operation to average their losses
The Southern Pacific situation is not pron1is-
ing for the pool members. while the controlling
interests in the property are confident that the
course OF affairs will indorse their management
Of the road. The pools natural expiration. may
result in losses to the members and cause
further liquidation in the general market. but
the position of Well Street affairs will be i'm
proved when the Southern Pacific matter is
brought TO a close Wabash preferred shares
were unfavora bly, affected by the announcement
that q meeting had been called for the pur-
pose OF voting on a proposition 70 issue
S100e00O0 3 per cent bonds for permanent i'm
provements.
The course Of values in yesterdays market
reflected little public interest in securities. de-
spite the encoura glng character OF Saturdays
bank statement. 1t is not likely that outside
speculative buying will develop until stocks
have enjoyed e week more of rising values.
inssmuch the outsiders sentiment needs the
Flip Of advancing quotations to develop in 1t the
ouoysnt MOOD Of the bull speculator. Few peo-
pie desire to make predictions regarding the
current market, but there not many people
who hesitate to believe that the rally which
started in yesterdays early market ought to
continue to the extent Of 4, few points at least.
And there are only few people who DO not
believe that later in the year stock market
values Will sell materially above the existing
level The theory that prices will eventually
sell higher is based the belief that there will
be more money az this centre a few months
hence. that business prosperity will continue and
that the present wave of depression in Stock
Exchange prices and sentiment does not fore
shadow change in the country's industrial
position. The chances are that the S50O00o01
70 be paid or Panama Canal account Will add
that amount Of money to the available supply
OF funds in New-YoTk; it is quite likely that
gold imports will be made next fall and that a
special session OF Congress will be called to
ratifr the Cuban treaty and enact currency
reform legislation. The favorable position OF the
ccun1ry's trs de and commerce and the favorable
possibilities in the situation Just outlined
more than Offset the alleged bad features that
are worrying spectators whose vision is ot the
short range variety
Grain receipts at Chicago last week amounted
70 24fo0o0 bushels gsin of 1.114.000 bushels
over the same time year ago. Bad roads and
increa sed farm work the last named incident
20 preps ration for this years crops, respon-
GibIe for decrease in primary receipts and
shipments 80 compared with the preceding week
but the movement in both wheat and corn is
well in eEcees Of that in the corresponding
period in 1902. Reports from the winter wheat
belt show most satisfactory condition OF the
growing grain and unless heavy damage is
done TO the crop later in the season the
yield VIII break aIl past records. Crop condi-
tionS the movement to market OF last years
heavy grain tonnage and big railroad earnings
and no response II the current securities mar
ket bat In view of the heavy shrinkage in
vRiaes that hss taken place In the last seven
1acaths II 10 probable that many quiet investors
,sFe picking up stocks to hold for the time wher
business factors viii be reflected In rising stock
, esIoketioaG Net earnings for February are
aheu4ng better results than expected, ST. Paul
fer 4bst1nce after increasing its expenses $2lO.'
III ever the same month last year, exhibits q
! Raaz In net OF $eo.6sT, making for eight months
oF ths fiscal year gain of $SSo,b11. 1t may os
! aalA on the authority OF the banking houses
sencssneA ths4 large sales Of American railroad
hnn6S te eoresgr investors nave neen n1Aos an
60 saaE ezre WlaeseR Rn2 fbGt further sales are