New-York tribune., 1903-03-11
BONDS.
ro.DAY's OPERATIONS IN STOCKS.

cornpsrative frrnness in the opening prices
was followed by renewed liquidation and bear
attacks Throughout the list Of active stocks.
and despite subsequent rallies. final quotations
were at net declines in the greater number OF
issues Early bear pressure was based on the
big reduction in the short interest in Mondays
market and the theory that the Leading
speculative interests would continue their work
for lower values until money market condi-
tions undergo a radically favorable change
Cunning" for weak holdings is a farorite Stock
Exchange pastime that is becoming more popu-
lar every day, but it may be we'll to bear In
mind that there must be limit to the amount
OF stock that be forced on the market
and that this limit Is generally reached When
the bear camp is enthusiastically chanting It's
songs Of battle. Pressure in yesterdays market
was heavy in the high priced issues and In
Union and Southern Pacific. The lower priced
. issues were heavy in sympathy. but decllneS
were. as a rule not important. Union Pacific
lost Il, points: Southern Pacific. 2hs; Metropoll-
tan oSS; Nev-York Central 3; Missouri Pacific,
/: Rock Island 1A; Atchison, g; ST Paul, rs,
and Consolidated Gas. 1%. The American Ice
issues broke sharply on the poor showing made
by the company in the last year. Call money
did not 20 above per cent, but sterling ex-
change was frmer In the foreign markets dis
counts were higher and in London British con-
soils suffered severe oecnfe- f1loNlIS 10 lne Io"-
est price touched since 1870.
Unfortunately the local banks continue to lose
money to the Treasury. but long call
funds remain at their current level there need
be no reason for uneasIness over the monetary
situation 1t is generally believed that the New
York banks are in much stronger position
than indicated by last weeks Clearing House
statement of averages: indeed. IL they were not
better provided with reserves than figured out
by the average system. call money would I'M
doubtedIy rise far above per cent Bankers
feel easy the situation. because there is
nothing radically wrong With underlying con-
ditions. They krow that there is enough money
in the world TO carry on the needs of business
that high rates at this centre will attract funds
and that successful relief measures within
their call il panicky conditions should develop
in the local market. The banks ought to feel
satisfied with the situation. they receiving
big rates for the use of their money. with every
prospect of having an active demand for loans
throughout the year 1t does not follow. how
ever. that the satisfaction in banking circles
prevent further liquidation in stocks or check
disturbance among the pools and syndicates that
may be overloaded with securities. which
stronger financial interests Will only take = IF
their hands at cheaper prices. People who can
afford to buy stocks outright will find nothing
Of a dangerous character in the current market,
but for traders who are carrying stocks bought
at higher prices on margins the immediate out
look is not so promising. Commission houses as
g rule are advising customers to operate for
turns. selling all rallies.
Money will doubtless rule at stiff figures until
the middle of April at least IL in the mean
while the stock market becomes thoroughly
cIeansed OF ali speculative weakness. and the
substantial inter ests decide to work for higher
expansion in vaIues Bull movements have been
conducted in the past with money at high fig
ures Bear traders counting on the labor
situation throughout the country developing
conditions Of such an adverse nature that sue
oessfui bull campaign Will be out of the ques-
ton In. the Central West the railway labor
situation is not at the moment encouraging,
while throughout the country strikes are in
creasing in number. 1t is probable that failure
ton secured by the Wabash company, prevent
. ing the declaration of strike on the company's
lines Will be followed by tie-up of the system.
which may extend to other roads, and of course.
such development would be far from reassur-
ing to speculative holders Of securities. This
country however. is too large TO suffer I'M
pertsut setback in It's industrial progress as
result Of labor troubles. Labor ie better paid al
Dreeent than ever before. but this fact appears
te exert no influence on the minds OF those labor
leaders whose chief employment seems TO be TO
create dissatisfaction among employees.