New-York tribune., 1903-03-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

UA1 - O66hA&4VN0 SN S4SSAAS'
Closing prices in yesterdays stock market
were EeneEaIly at small net gains as compared
with Tuesdays final quotations. Higher values
,ve-e due 10 covering of shorts and to moderate
nurcbsses for the long account by operators
no arparen4Iy believed that substantial rally
was warranted by technical conditions. In the
carly dealings further selling for the account
Of small local pools and out Of town holders OF
IouE stock Was reported, The latter including
fair sized liquidation ny Washington interests
who recently bought securities on the theory
shat currency legislation would be accom-
pIished al the session Of Congress which
ended yesterday AS result of the early
sales prices in the first two hours eX-
hibited irreguIarity and heaviness, while in
commission houses sentiment remained for
time nervous and unsettled. Subsequent rallies
naturally created more optimistic feeling, and
at the close the idea that current money marker
conditions would not upset the general sltua-
tion was gaining ground in circles where an oP-
posite view had been entertained.
While the monetary situation at this centre
does not encourage predictions of bull stock
market in March. il presents no symptoms that
reason TO believe that conditions later on will
not he in favor of operations for better prices in
securities.
Dealings w,re we'll under the preceding days
total, amounting TO 417,939 shares, of which
the greater part Was supplied by Amalgamated
Copper. ,Atchison, Baltimore and Ohio. Erie,
Manhattan, Missouri Pacific, Reading, Southern
Pacific Union Pacific, United States Steel issues
ST. Paul and Wabash preferred. There were
the injunction proceedings restraining the em-
pIoyes from striking were not received we'll
in the Street. it was thought that this move
ny the company merely postponed the strike.
while il was believed that it would tend to ir
ritate and disturb labor interests in general
The Wabash company has adopted commend
able step. and there is a warrant for its action
in the provisions Of the interstate commerce
law which make il the duty of railroad
panies 70 receive and transport all kinds of
interstate traffic. while it provides for action
against persons who combine to defeat the
provisions Of the law. strike would clearly
tend to defeat the Law. The United States Steel
shares were not materially changed from Tues
days prices. despite the publication of the bond
conversion plan. which provides for an ex-
change of S200.G0o.000 preferred stock for con-
vertible bonds and the raising Of $4,000, 600 ad-
ditional capital Call money advanced to AZ
per cent. ruling at per cent; rates for time
money and mercantile paper were firIncr, and
sterling exchange weak at a decline of
- points in demand rates. Domestic exchange
New York WAS 81 cents discount at Chicago
II is understood that large share of the burden
the local money market is being transferred
10 Europe; indeed, the course of money rates
in foreign financial centres makes Il movement
Of this character evident. Discounts in Paris
and Berlin advanced yesterday. while London
advices stated that the recently predicted ad-
vance in the Bank Of England's minimum rate
OF discount would not take place.
The volume Of money in circulation in the
country decreased in February ST 743J04 as
compared with the preceding month while the
general stock Of money i'm the country. includ-
ing Treasury holdings, increased 4.497 979 It
Will he observed from these figures that despite
Treasury absorptions from the NeW-York banks
the total stock OF money in the United States
has been little affected by the operations of the
Federal Treasury. The need, however for a
reform OF the currency system is obvious, in
spite of the slight decrease in the amount Of
money in circulation. as the governments heavi-
est receipts are made at the leading financial
centre, yhiie its payments distributed all
over the country. Thus it happens that there
is constant drain the Eew-York banks for
federal Treasury account. without The COM
-pensatlng oHset oI large government eXpenol-
lures New-York is called upon to finance the
business transactions of the whole country. yet
its supply of money is steadily reduced by
enormous payments TO the Sub-Treasury Of
funds that ought to be left in the channels Of
trade The recurring periods OF stringency
in New-York money rates are due to the
Sub-Treasury system and not to the opera
lions of the banks with the interior. These
% RODS cause acute disturbance in local
circle: and severe losses in speculation.
while they interfere with trade and upset many
business transactions. The failure OF Congress
TO enact currency reform laws leaves the way
omen for monetary trouble again next fall and
rnakeshift arrangements by the Secretary
of the Treasury to relieve the situation.