New-York tribune., 1903-04-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Stocks were strong until the receipt Of the de-
cision in the Northern Securities case, which
caused 2 downward movement throughout the
list Activity developed with the decline es-
pecially in the more popular railroad issues. but
the increase in dealings failed to show important
investment liquidation. while the losses in values
were not as rule extensive. On the curb
Northern Securities stock declined over 5 points
The decision favors the government, but it does
not mean that the railroad industry in the
Northwest will be disturbed or that the North
ern Pacific and Great Northern railroads VIII
retire from the traffic business Trains viii
continue to move and earnings will enjoy further
expa nsion For the present the decision will have
no effect upon the status Of the Northern Secu-
rities COMPANY as the case will be carried TO the
United States Supreme Court, where il will
doubtless rest for many months The opinion
of Judge Sanborn OF the Circuit Court. holds
that the Northern Securities Company is formed
and exists in violation Of law. bat il does not
necessarily follow that all railroad combinations
are so formed or that a general dissolution OF
the community Of control scheme OF railroads IN
this country viii result Plans for the foru1a-
ton Of holding companies similar TO the North
ern Securities Company have been held in abey-
ance pending the settlement of the Northern Sc
curities case and instead of killing these plans
the decision may help 10 perfect them by point
ing out the conditions which holding COM
rany may be formed without violating the law.
Il the decision in the Northern Securities case
had been given before the present period Of
liquidation and reaction. serious trouble would
coubtless have developed. Fortunately stocks
are now in strong hands Commission houses
ere not loaded with weak accounts. and prices
re from 20 TO 60 points under the high level OF
1902 Investors will not be frightened into
liquidation at this level, while they will doubt
,ess be Influenced 70 buy on any further de-
cline. Buying in yesterdays market was better
in character than the selling. short sales sup
pl,-izg a good part Of the latter movement
Weakness vas general throughout the list. with
the heavier maximum losses in Atchison, Balti-
more and Ohio. Canadian Pacific St. Paul,
Louisville and Nashville, Nev--York Central,
Pennsylvania. St. Louis and San Francisco and
Union Pacific. The declines followed early sub
star,tial advances. Ar the low level the market
received generous support. and after subse-
o1,ert decline support was again forthcoming,
carving prices well above the lowest. with last
quotations showing nearly as many net gains
as losses The industrial shares were strong
features net gains being recorded by Arnalga-
mated. Sugar Refining Consolidated Gas. Peo-
PIES Gas Pressed Steel Car. Rubber Goods and
United States Steel. Good buying was reported
In the steel shares. Delaware. Lackawanna and
Western enjoyed net gain Of points light
dealings CSI money fuiSQ from 81 10 y per
cent. with high rate Of 10 per cent, rejecting
TIE demand covering the three DAY holiday.
Sterling exchange closed under Wednesdays
final figures.
Local and foreign money market conditions
ere improving. The Bank Of England's week
" report issued yesterday. showed an increase
in the proportion Of reserve 20 la bility from
1913 per cent 2 week ago to 1912 per cent,
which compares with AL per cent at this time
D.
suggest the necessity Of gold imports from the
United States while the movement of foreign
trade is running steadily in favor Of this coun-
Try. warranting the expectation OF gold ship
rnents from Europe TO New-York in the fall.
The balance OF foreign trade promises to be
more IN favor this year than in any year
in which records have been kept. save, per-
haps 1901 when the excess Of exports over
imports ran in value beyond S600O000Oo. The
outward movement Of grain will be heavy
throughout the year while from present in
dioations exports of manufactures viii equal. if
not exceed, the figures OF 1902. With an active
foreign trade, there need be no fear of COL
lapse in the country's industrial activity. Big
foreign trade returns reflect business pros
perity-
From the known movement Of money this
week the local banks have gained upward Of
81 100000 in cash holdings. receipts increasing
both on Sub-Treasury and interior operations.
There is reason 10 look for expansion in
loans. while there is q chance of a contraction
tn this account and q larger gain in cash than
indicated. as last weeks average system showed
decrease of several million dollars beyond the
estimated decrease Of the known loss IN hold
lngs. Ease in the money market ought TO in
crease from while low rates will doubt
less prevail in the summer In July the Penn
sylvania Railroad will pay OFF its loan Of $40
100000 with the proceeds Of the June insta,-
rnent Of the stock, and a consequence
the bear argument thet the payment on the
Pennsylvania stock Will hurt the local money
market falls TO the ground. Later on the
Panama Canal payment viii he made and. in
stead Of taking the amount involved out of the
New-York market it viii probably add that
sum 70 the local supply, as the operation will
doubtless be conducted through the foreign ex-
change market.
The Stock Exchange viii be closed to-day
and tomorrow, and operators viii have an
opportunity 10 consider the Northern Securities
decision with q calnness and intelligence that
ought to result in the banishment of uneasiness
over the situation