New-York tribune., 1903-04-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

s disa npoirting bank statement ~as respcn-
eible for a selling movement in the last half
hour Of stock market business that carried
prices well under Fridays closing figures,
although final quotations exhibited a resistance
10 the downward pressure. While the statement
Of bank averages showed d loss of S1..'2i.'oo in
cash holdings and a decrease of S4,15o,0I5 in
reserve above legal requirements. there was 10
expression Of uneasiness in banking circles. as
conditions governing the movement Of money
were known TO be sound and healthful. More
over it was generally considered that the
satisfactory method employed in compiling the
bank statement was responsible for an exhibit
that did rot accurately reflect the actual posi-
-ion Of the banks. An average system is totally
inca apable of presenting a faithful picture OF
bank conditions, and it is surprising that the
speculative community places such implicit
trust in the Clearing House figures as a mirror
OF the monetary situation. The financial situ-
alton is intrinsically sound. There is 10 eie-
rnentary weakness save in the relations be-
tween the banks and the federal treasury as
governed by law. but in this particular improve
ment is promised through currency legislation
at the probable special session Of Congress IN
the fall Meanwhile. if the necessities OF the
situation demand government assistance the
Secretary Of the Treasury may be depended
upon 10 buy bonds in the open market or 10 IN
stitute some other form Of relief.
The trade Balance is increasing rapidly in
favor of this country. People who are uneasy
over the situation would do well to make q
careful study Of foreign trade conditions and
OF the factors that viii 5e influential in causing
q big export movement throughout the year
From the port Of NeH-ToTk alone exports since
January ! show increase in value of S23,4b4i-
oGo over the same time a year ago Government
figures on the courtry's foreign commerce in
March have not Yet been published. but from
the known movement of general merchandise
the official statement ought to make record
breaking showing. in the short month OF Feb
rIarv total exports amounted in value 20 Sl-'.-
800 If5 an increase over February, 1902, of
500 a32 40 and an excess over imports in value
of s429o29 914 making for the two months of
the year trade balance in our favor Of S9l,-
S53 $40 There will he enough exchange in this
market 20 handle the Panama Canal payment
without shipments of gold. while in the fan
gold imports viii undoubtedly be made There
is absolutely no ground for the pessimistlc pre-
dic4ions heard in some quarters regarding the
money market. And there is no reason for
continuance Of bear sentiment on stocks Prices
have declined from 20 to 80 points. and at pres
ent quotations securities may he bought on
most satisfactory investment yield The general
situation is strong. and sooner or later if Will
he reflected in an upward movement in Securi-
ties values
Southern Pacific stock again under press
ure recovering. however part of the loss before
the close Denials Of reports that the pool hold
tngs had been taken over by prominent banking
houses were responsible for bear attacks on the
whole list hut little stock came out, while on
the decline evidence of cautious buying was
reported. American Car and Foundry showed
exceptional strength. and many brokers recon-
Tnended the preferred one Of the best indus
trial investments on the list The greater num-
her Of industrial shares are attractive. They
are cheap market wise. but valuable on their
merits American Car and Foundry common
has been esta blished per cent basis. and
Corn Products common has also been placed
!n the per cent column. Corn Products sells
at about 34 returning nearly u per cent. Amer
ican industrial prosperity stands on firm
foundation ard American industrial securities
listed on the Stock Exchange represent, a
rule great investment value. The parrotlike
cry that prices are still high is becoming
tiresone in the extreme especially good rail
road stocks may be bought TO yield from } to 6
Per cent and good industrial stocks from to
u per cent.