New-York tribune., 1903-04-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Higher London quotations for American
stocks the settlement of the labor trouble on the
Wabash Railroad and the decision in the South
ern Pacific vote injunction case favorable TO the
controlling interests in the property we're the
encouraging developments that were responsible
for Improvement in sentiment and prices in yes
terday's securities market In the greater num-
Der Of shares advances were recorded. the chief
exception being Southern Pacific. which. before
the close declined nearly y points from its
best price TO 56s.. Weakness in this issue may
have been due to pool selling and bear pressure
the latter on the theory that the defeat of the
Keene interests upsets all prospects for divi-
dends for many months to come. IN view Of
the policy of the management of the Southern
Pacific company to place the road in 4 condi-
ton that will insure the maintenance Of diVl-
dends when they are once declared, the present
price Of the stock is far from dear. The South
ern Pacific decision is in line with popular ex-
pectation and the carrying of the case to
higher court does not lessen the confidence of
conservative investors in the belief that the
Hartman party is in the right. and that the
Court Of Appeals will uphold the dissolution Of
The injunction against the voting of the Union
Pacific holdings Of Southern Pacific stock. Good
buying was reported in Union Pacific. which
was the leading active feature in the railroad
list Enjoying a maximum gain of 15s points,
this stock closed at a net advance of 3 point
on q business aggregating $1,000 shares Other
active features were Amalgamated Copper and
Sugar Refining. both of which were heavy;
Brooklyn Rapid Transit Pennsylvania. Rock
Island st. Paul Erie Missouri Pacific Wabash
preferred. Baltimore and Ohio. Atchison and
New-York Central. Weakness in the last hour
was due to selling induced hy the indefinite post
ponenent of the Southern Pacific annual meet
ing in order TO give the Keene interests time to
appeal from Judge Lurton's decision dismissing
the injunction Final prices were well under the
best figures OF the day. but at net gains in most
issues Call money was easier ruling at 612 per
cent
Deliveries of grain at Chicago last week
amounted to 3.061 900 bushels. an increase of %
per cent over the same week year ago. En-
couraging prospects for the years crops Will
send grain forward in heavier volume, while the
improvement in country roads Will from now
on exert a beneficial effect upon the reception
and shipment OF freight at all interior points.
No reduction is looked for in railroad gross
earnings from last years records. while bet
ter showing in net returns is expected to de-
velop Roads reporting for March show. as a
rule big gains over March. 1902. Missouri Pa
cific for instance. increasing $4,000. the gain
for the last week in the month amounting to
1896 600 Chesapeake and Ohio shows a gain
of Sl4i093 for the month. and Norfolk and
Western a gain of S433 4e9 Railroad officers
are unanimous in the belief that prosperity will
continue unabated for the railroads throughout
the current year. the whole country is busy
with industrial activity that exhibits pronounced
indications OF constant expansion. The winter
wheat acreage is larger than ii was year ago.
while the condition Of the growing grain is far
superior to that reported at this time last year.
and It is expected that the yield in 1903 will be
the heaviest on record. Kansas alone counting
on one hundred million bushels. The general
situation is rich with premise for all lines Of
industry. and bear sentiment stocks ought
gradually TO disappear.
Southern Railways earnings for the last week
in March Increased S195 225 Missouri Kansas
and Texas increased for the same time Sl3,969,
and reports of all Southern roads showed note
worthy improvement over the corresponding
time in the preceding year. In the North the
heavy movement of freight is reflected in the
gross gain by the New-York Central of
81 600 for the month of March. 1t is absurd
10 contend, as some critics do. that the present
valuation of stocks discounts the tendency Of
railroad and industrial companies earnings. and
that the movement of securities quotations will
for a long period to come be in the direction Of
lower prices, with only occasional rallies
Stocks have already declined from 20 to 90
points. Adverse factors in the situation are
gradually passing away. and the bugaboo Of
undigested securities, which is now doing ser
vice as the trump card Of the present bear
game. viii have no more effect on the general
situation than the bear assault values has
on the actual worth Of investments. There are
fewer undigested securities than generally sup
posed New securities Of the last year repre-
sent value but from current irresponsible talk
on this subject in many quarters the idea ap-
pears 20 prevail that the country has been
flooded with vast amount Of capital creations
without corresponding increase in the value of
the business OF the concerns represented. The
rev stocks and bonds that have not been taken
h,y the public are held by strong financial en-
terests and danger from this source is. there
fore remote.
The DAYS OPERATIONS I'M BONDS.