New-York tribune., 1903-04-04
BONDS.
THE DAYS OPERATIONS IN STOCKS

Fairly dealings in yesterdays stock nlaIf-7'
were At declines in the greater number OF issues
MANY shares exhibiting marked weakness, WIN
losses of l per cent and above common IN tiiS
afternoon. especially in the last hour, PIloeS
advanced throughout the list, recovering '1ie
morning losses. an6 IN many cases cI0slils a.
.et gains ss compared with IhurecaE lIll94
figures Al oversold condition OF sPecola'ioi
,a-as RESPONSIBLE for the upward move, but the
ss--e-c,-7c tendency was Helped by a report on
-be Exchange that 7. P. Morgan & Co hao
+slxer over the pool holdings Of Southern Paclhc
stock.
trading was fairly heavy II all the leading
market fsvor5tes. including SUthern Paclhc'
R-ooklv7 Rapid Transit, ST Paul Atchison'
Union Pacific, Pennsylvania Wabash preferred
New-york Central and American Sugar henh-
s1E Selling pressure il the last named STOCK
IS encouraged by q reduction in the price Of
refined sugar. which created the oellef that an
active resumption Of the sugar trade war hao
developed The price Of sugar is now al
-,e lowest point of the year, but well informed
.ra5A authorities are confident that higher prices
VIII he made n the course Of the next few
,zsAaks The action Of the ArbUokles in nahlng
g further cut in sugar prices naturally created
considerable uneasiness among speculative hoid-
ers Of American Sugar Refining shares, ana as
e consequence a large amount Of the stock vas
Tigujdated in the course of The day southern
Pacific made a new low record. the quotation
falling 10 551&. and closing a. .. q net loss OF
$ roint There were no developments Of con-
sequence in the Southern Pacific situation and
no known reason for the heavy pressure against
-ha Stock in the early trading. save the uneasi-
ness in srecuIa1i,e circles over the outcome OF
-hz fghr between The Keene and Hartman IN
-e~ests The decision in the legal END OF the
-7gh- will not he handed down until next week
There may be sufficient number Of small long
accounts in the present stock market TO en-
courage further ac,ive bear operations Ior lower
r,-i~es but il IS not believed that the course Of
the market IN the next few weeks will carry
with Il important liquidation among investors.
Selling OF investment stocks in the last few
weeks has IN most cases. represented sales by
holders who have found il necessary to secure
funds to protect speculative holdings and sales
for the account Of people who have found It
more profitable 10 employ their money in the
loan market
Call money rates were firm throughout the
dsv with z high level Of 2 Per cent. ruling at
Der cent. The continued strength Of the money
market has caused great disappointment in
commission house circles while Il has made
necessary the readjustmenr Of many plans in
volving stock market operations. The present
tendency Of rates will doubtless continue until
after the middle Of the month. while thereafter
& gradual reduction in quotations for call loans
Will rroba bly, develop According TO the known
movement Of money ir the week the local banks
have lost upward Of S1.296.ooo in cash holdings
As there has been no important activity IN the
stock market the chances favor contraction in
the loans Of the associated banks If a sub
s-an+ial reduction in loans has taken place the
reserve above legal requirement ought 10 show
;rlproverent as compared with reserve holdings
Of week ago. The official statement Of the
Treasury Department for March shows an in
crease IN the amount Of money IN the country,
exclusive of federal treasury holdings, Of over
$500 oOO as compared with March, l9f2- This
increase in the amount Of money in circulation
s. particularly significant in view Of the large
rbso~ptions Of currency by the government from
the channels Of trade Cold production Is in
creasing AZ 2 rapid rate in this country, and
all that is needed 10 strengthen the monetary
situation in the United States Is q readjust-
rnent Of the present currency laws This will
doubtless be accomplished al special session
Of CONGRESS next November