New-York tribune., 1903-03-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Stock market values were heavy in the greater
mart Of the day, with final figures at net losses
in most issues Trading was light in volume
commission houses mad few orders for either sloe
~ the account and important market interests
were not active, although sales were taken IN
many instances by operators of large nnareia
resources. Selling represented. as a rule proleS
sonal operations for the decline, pear sehtliiiel't
being based on firmer rates for call mone! anu
the failure Of the many encouraging FEATURES
,n the situation to attract an outside demand for
secur1ties The many labor disputes through
out the country were also used as arguments
far 1oEer prices selling OF New-York Central
for instance being attributed to the possiolfty
of labor troubles on the Central lines IN case OF
a strike on the New-Haven. NeW-Haven STOCK
IN held By investors, and far the strike sftua-
ton has not induced many holders to SELL yes
terday.s dealings in the issue amounting 10 only
500 shares at a net loss of points from the last
preceding sale. There sre various cases OF Ia
Hn- rrr.st throughout the country, but there
were inst as many, II not more, a year ago IN
the forenoon dealings a number OF sharp de-
cItnes were recorded, points in Union Pacihc'
21z In Southern Pacific, 27s in New-York Central
21k In ST. Paul and is in Amalgamated Copper.
In the lest two hours there was an Irregular
recovery which in the case OF Southern Pacific
carried the quotation fractionaliy above Satur-
.,
preferred and Tennessee Coal were strong feat
ures Eew-Tork Central made a new low record
for the year selling at 1864, decline Of about
20 points from its high prices Of January, and
a decline OF 321z points ss compared with the
high level Of 1902. Buying of Southern Pacific
in the last hour was for the account OF brokers
who represent Keene interests.
The movement Of grain in the West is far
heavier than It was at this time year ago,
while current prospects favor active shipments
throughout the year. Railroad earnings reflect
the gain in grain tonnage in large increases
over the same period in 1902 when. IT may be
recalled trafic was enormous. despite the lighter
grain deliveries. Total receipts OF grain at Chi
cago last week amounted to 4.3SSOO0 bushels,
against 2.334 900 bushels IN the corresponding
week last year. At primary points 2,1l4.OOo
bushels Of wheat were received, a gain OF 51.OOO
bushels over 1902. and of corn. 3.SS5,OOO bushels
were received. increase Of 2,123.OOO bushels
over the same week in the preceding year. Rail-
roads will handle an enormous volume OF freight
for months to come and consequence the
chances Of payments to holders OF non-dividend
railroad issues will become visibly brighter. Low
priced railroad and industrial shares bought at
prevailing quotations ought to return, handsome
profits TO patient holders, as. in the greater num-
ber of cases, market figures do not represent
their actual worth; real values having increased,
while market values have stood still or else de-
clined. There was q time when the equity in
many stocks was worth little. but the course
Of industrial activity IN the last few years has
created value in these issues that must eventu-
ally be reflected in higher prices.
Time money exhibited easier tendency yes
terday. and for the first time in many weeks
Sub-Treasury operations with the banks showed
8 gain for the latter Payments by the govern
rent will be heavy for pension account this
week while before long the effect Of Congress
appropriation WILL be reflected in an increase in
the amount Of money in circulation. Februarys
foreign trade statement, showing q gain in
ports in value of about S24.O0o.o00 over the
ssme month year ago. and an excess Of exports
over imports In value $40 800 914 notwithstand-
ing the heaviest imports for any February on
record, is Of the most encouraging factors
IN the money market situation. 1t indicates
the liquidation Of all foreign Indebtedness
through our shipments of domestic products
and manufactures. and the accumuIs tior Of a
credit balance that will force gold from Europe
20 Nev-York. The influence OF such conditions
on stocks will be reflected in higher prices later
Meanwhile, eagging values will not inture the in
vestment situation, while they certainly will
strengthen the market by transferring securi-
ties into the hands Of strong financial interests
Stocks as a rule are now well held, and prices
are rnanx points under their best figures Of the
year The bear party is becoming topheavy.