New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-08
BONDS.
THE DAYS OPERATIONS IN STOCKS

A reactionary tendency from the advance of
the last few days marked the course Of prices
in the greater part OF the five hours of Stock
Exchange business The decline was not &C
companed by adverse news developments but
traders had a report that the Atchison system
would issue more bonds and considerable SELL
ing resulted. Some evidently anxious
20 secure Atchson stock at a cheap figure, as
there was no truth in the rumor of a bond is
On the decline to 19Ia the stock well
<aken. while all shares in which offerings were
active found willing buyers. Foreign opera
tions IN the local market. which wholly
for arbitrage account were generally sales. but
the volume Of business too small to exert
any particular influence on prices and the sell
ing movement the London Exchange was
only family reflected here. An extraordinary
movement in United States Shipbuilding bonds
may have had sentimental influence In some
quarters of the market These issues changed
hands at surprisingly high figures as compared
with their recent quotation on the curb. and
were then offered down, apparently without any
regard for their value. The movement had all
the earmarks of manipulation There were no
important losses in the active list declines gen.
orally being confined 10 fractions, Sugar Rein
ing Atchtscn and Colorado Fuel. which lost
above per cent, supplying the only exceptions
Call money easy Sterling exchange was
change on London was strong. The Transvaal
loan was subscribed for many times over.
In their operations with the Sub-Treasury the
local banks have gained on balance this week,
Shile the interior movement Of money has
again been in favor of this centre. A shipment
Of SJ9e.000 gold has been made to South Amer
lea, and light Withdrawals for Canadian
account are reported. but these factors
have been offset by currency receipts, and
OWL
statement will show a gain in cash. and.
unless there has been a big expansion in
loans an increase in reserve above legal require
raents There has been no important bust
ness in the Stock Exchange loan market in the
week week ago loans rose on special fnan-
ciaI transactions, but it is not thought that to-
raorrow's showing will reflect operations Of this
character. Gold exports have again been pre-
vented, Just they were about TO be arranged
for. by an advance in sterling rates in Paris on
London. and while conditions may change next
week 10 permit shipments, there are many
observers who believe that no important amount
Of the metal will leave these shores. Foreign
financial conditions do indicate need Of
gold imports from the United States. Bank
holdings in London, Paris and Berlin are i'm
proving. and il gold goes out from here it will
not be because of inducements the other side.
Several times within the last eight months gold
exports have been imminent, but at the eleventh
hour foreign exchange market conditions have
changed enough to make an outward movement
improbable and a similar situation may de-
velop this month
Gold shipments at this period would be viewed
with eQuanimity, the money supply at this
centre is increasing. and exports Of ner-
chandise from the United States running
heavily in excess OF imports. The strong posi-
ton of the countrys foreign trade, the increas-
ing amount Of money in circulation and the
prospects for currency legislation by Congress
fl the fall are factors that ought to create great
confidence among investors over the financial
situation in this country. Factors OF THIS cnaF-
acter. heavy railroad and industrial company
earnings and the relative cheapness Of securl-
ties are responsible for -he current absorption OF
stocks by careful buyers, and when prices are
from 10 to 20 points higher the general puphc
r.ay find enough courage to enter the market
a gradually rising price level on the present
class of buying is far better for the health or
the financial district than an active bull boom
Most stocks and many bonds viii be attractive
purchases until they are quoted number OF
r-oints above prevailing values, especially guar
anteed stocks such as Manhattan cheap rail-
road shares such as Brooklyn Rapid Transit,
Atchison. Wabash preferred Baltimore and
Ohio Chicago Great Western. Erie issues. Mexi-
can National. Missouri Pacific and Missouri.
Kansas and Texas. and sound industrial is
sues. as for instance. American Car ana
Foundry shares. Pressed Steel Car and Interna-
tional Paper preferred.