New-York tribune., 1903-03-25
sEx dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

Efool market trading was light IN VOLUME
fhrouKhout the day irregular movement
Of values that resulted in net losses N 'n7
greater number Of issues at the close Absence
Of demand frcm the public and no 1nnpor'an'
ATTEMPTS hy the pools to advance their special
e., ID. tb. market in traders hands, and, as
. -rl. Yhe tions Of this element were on
.Es short side Of the account Wabash pre-
<ArrA6 exhibited some degree Of strength IN 'ne
early dealings but elsewhere among the aC'Ne
sssues ssggirR tendency prevailed. notaoiE III
t-,sr-.-,e=ed American Smelling. Atchtson.
r,ouisviIIe Manhattan Reading. Rock Island
and ST Louis and San Francisco Selins q
the last named was induced by the atttuoe OF
4b. Railroad Commission Of the State Of Texas
with regard 70 certain consolldauons' VIII"
would. it was thought. postpone the announce
-,s,+ os the Rock IsIand-'Frisco merger In
the greater part cf the day the market was
,-Ithout life and traders found II almost I'M
rossEble 10 secure profits in scalping turns from
one another while the short interest was not
large enough TO encourage q professional move
y,snt on the long side. That which may be deS-
3sasted as the floating short interest was pretty
fborourhly covered last week but 1t Is gen
ersIfy believed that there is still in the market
. Iarxe short interest made up Of operators who
believe that the market is on the down graoe
and that the ball side will be profitable for
have confidence in the bear position. but the
weight Of good Wall Street opinion is against
4he idea that the market is a permanent bear
affair. The more important market interests
are looking forward to active bull market
before the fall. II is interesting to note that
exports Of merchandise from the port for the
week ended yesterday amounted in value to
s11.21441s, against 1892, 1o2 IN the same
month last year, and from January l, $12s-
n0c . Ak
responding period in 1902. The country's ex-
port trade this year is going to be a very i'm
portant factor in the financial situation. There
can be no extended bear success with big for
eign trade heavy railroad earnings and health
ful conditions in general business. Money may
rule higher over the April settlements
Selling OF Manhattan stock in yesterdays mar
ket did not represent investment liquidation,
sales as a rule. being for the account Of oper-
stors on the short side Of the market. There
appears little proba bity Of serious labor trouble
on the elevated road. but even if strike should
develop investment holdings Of the stock would
not lose one cent in actual value, as dividends
are guaranteed. At its present price Manhat-
tan stock presents of the attractive oppor-
tunities for both spectators and investors and
Il Is likely that fuller appreciation of this fact
will soon ne reflected IN the market movement
rnent ~ the road viii pass 10 the Interhorough
COMPANY and there are reasons for believing
that following this transaction there will he de
veIopments favorahly affecting the property.
BROOKLYN Rapid Transit shares being ac
cur7ulated by a good class of buyers the ex
pectation Of higher price level and dividends
At no remote period. 1t is safe to say that
dividends OF B. r. t. stock are in sight, as
thu cor17pany's period of extraordinary expendi-
tIJres or the property is nearing end. while
every day the earning power and actual earn
ings are increasing Brooklyn covers a vast ter
ritory, and expansion in the population Of New
York City must eventually become heavy in the
Borough Of Brooklyn. owing to the fact that
SURPLUS population vilI have other direction
in which TO move Population in Brooklyn
Sc growing up TO the mileage Of the Brooklyn
Rspid Transit system. which has q greater
mileage than any other street railway in the
world
Weakness in the foreign markets doubtless
had some effect on local values, but it is not
likely that important selling developed as a re-
suit Of q further decline in British consols. Con-
soils are weak owing to conditions that relate
entirely 10 these securities. and the decline does
not foreshadow developments affecting secur
ities in general In the last hour the market
IVES uniformly weak with the heaviest losses in
the active list In Amalgamated. Atchison. Louis
willie and Nashville Reading. st. Louis and San
Francisco and Union Pacific. Call money was
6rrn while sterling exchange was again weak.
..~re AeeoA4ioHe IN RnNna