New-York tribune., 1903-03-10
BONDS.
TIE DAYS OPERATIONS IN STOCKS.

uxh,.,.sttc followers Of market operators
who -ere active on the bear side or Iest "eeA
n.arket were grievously disappointed over 'ne
course Of values In yesterdays trading HI
stead Of an expected sharp opening break IN
,,-,c.. there were a number of slight recessions
from, Saturdays final figures. while IN 'ne
greater part of the day quotations were actively
..- +hronShout the list 1t vas noted in
this column last week that the bear sloe Oh
e. -,arket had become too popular for safety.
view fuJIv upheld by the movement OF yes
+erday's quotations. There was little import
ant outside liquidation. Professional shor's
covered their contracts operations OF this cnar-
acter being especially heavy in southern I'd
e,6c and Union Pacific, in which the snort III
terest was enormous. So called Keene interests
were active in Southern Pacific, while the IN
st1ers in Union Pacific were buyers, both OF
Union and Southern Pacific issues. southern
Pacific gained for the day AZ points "hlie
Union Pacific was up points. transactions in
the two stocks aggregating nearly one quarter
Of the total dealings in all issues. amounting 10
more thar one million shares. Other active
o1ronr features were Amalgan1ated Copper,
Sugar Refining Atchison, St Paul. Manhattan.
Missouri Pacific Reading and Rock Island
Call money advanced to 4 per cent closing at
8 per cent, time funds were quoted at . per
cent for all periods, and foreign exchange de-
clined sharply, demand sterling closing at
1851 English and German discount rates were
firrner and cable dispatches reported a heavy
borrowing movement for American account
in foreign financial circles. 1t was also reported
that efforts were being made to secure gold in
Australia for the account Of the United States
Gold imports are not customary at this period
of the wear but there are at present certain
indications that suggest the possibility Of ship
ments of the precious metal from Europe TO
this side this spring Sterling exchange rates
have been declining for the last week Money
at this centre is at a level that is beginning
TO attract outside funds, while the outward
movement of mercha ndise is heavily in excess
of imports of merchandise. IN the last week
the imports Of drygoods showed decided fall
ing of from the preceding week and from the
same week year ago. while total imports
wer. in value about 81 .500Oo0 under the record
of the corresponding period in INV On the
other hand. exports of grain and general mer-
chsndise are increasing and when current
speculation in cotton subsidies there will doubt
less be an active demand from foreign spinners,
who at present are waiting for more stable
prices Foreign exchange experts do not In
ccrse the view that gold imports are possible
st this time Of the year. but the foreign eX-
change market is pointing nevertheless, so
strongly in a direction contrary to precedent
that the ideas of the experts may be upset
in the course OF the next few weeks. Despite
the low bank reserves at this centre there is
nc reason for alarm over the situation, and
there is no excuse for sacrifice of stocks that
are backed by large financial resources.
The local stock market situation has been
greatly strengthened by the liquidation Of the
last few days. Prices are, in most cases, at
level that ought to appeal to investors and
from the character Of buying yesterday, it is
quite evident that many people Of substantial
means are accommodating securities that have
been forced on the market from weak bull ac-
counts Improvement recorded yesterday may
not be maintained, as monetary conditions are
not favorable TO ali active bull campaign
Later in the season, however, bull market
Of large dimensions will doubtless develop
based on the remarkable progress that the
railroads and Industrial companies making
and on the expansion in the country's foreign
trade It U.s. OF course. too early to make es
finnstes OF this years crops. but 1t is encourag-
ing TO note that conditions have been almost
nerfect for the winter wheat that is in the
ground Receipts Of grain at Chicago last
week were heavy. Both the East and West
hound movement of freight is enormous,
current railroad earnings. II was said yester
day IN certain we'll informed quarters that large
ar,ountx of money were withdrawn from the
banks last week in the interests OF speculative
combination, engaged in working for lower
prices in stocks Powerful interests are. or
course. able TO employ means TO affect the bank
statement in such manner.