New-York tribune., 1903-03-06
BONDS.
TIE DAYS OPERATIONS IN STOCKS.

TIE DAYS OPERATIONS IN STOCKS.
The bear element in the stock market was
again successful in yesterdays trading. eHorS
70 BRING about a lower level Of values resulung
sn marked declines throughout the list Genu-
sBe reufdation was powerful factor in the pear
eampairu. Liquidation of long accounts was
a.tsve IN the greater number of issues sales
being forced by stop loss orders and exhausted
-nsrs1ns 10 a larger extent than had been re-
corded in many weeks. In addition to the IN
6usnce on prices Of the growing ftrnnesS OF Inc
money market. stock values were adversely al
4ec4ed by runors Of financial troubles in inc
mercantile district and by the talk Of possible
s.~3or, Isbor troubles as result Of the wabash
Injunction against would he striking employees
Sentiment was thoroughly saturated with a near
mist II was reported from all sides that clouos
ware gathering in the financial. railroad ana
general industrial situation. From London came
selling orders in American stocks. accompanied
lv -Ano-ts Of extreme concern in Europe over
fhe financial situation at this centre Chlcaeo'
4he rreat storehouse of bear ammunition, sent
ouf q hatch Of dclefuI tales, while from various
other quarters of the world the telegraph wires
MERE supposed to he warm with relntorcenehtS
for the warlike tribe Of Wall Street bears While
the decline in values was in progress conserVa-
five peopIe With idle funds bought securities 10
hold for q future rise in quotations
Nothing of serious moment happened yester-
dsv Indeed the general trend OF develop
Tnents strengthened the local situation ana
added value to the actual worth OF securitles'
Many loans were called, and as a consequence
there was an offset to declining surplus reserve
Many weak speculative pool accounts were
forced out cf the market; further indications OF
a collapse in harmful cotton speculation were
presented in the course of affairs on the Cotton
Exchange: sterling exchange was weak and the
demand for money from the South and West
was lighter. Current money market conditions
are normal for this period of the year. res
eintsts are predicting stringent money market
for months TO come. but they will doubtless hnd
later in the spring that conditions viii develop
as they have in other years, that Will induce
comnsratIvely easy loan market throughout the
lsfe Spring and summer. People who are pre-
dieting that money will not return TO this CEN
tire in April made sirpiIar predictions last fall
regarding the course Of money in January. Ihe
usual January return flow of currency deFeI-
oped, nevertheless. Local monetary ahalrs arc
in the hands Of able financiers. who have the
means and intelligence TO prevent acute disturb
ance IN the money market. and if the necessity
arrives methods similar TO those adopted last
+su viii he employed fund of $J0O00oo0
was pledged last December by the banking COM
rnunity TO protect the situation. Time money
,,.Stardav reached 5IA per cent for certain pc
riodz This is a rate that cannot fail to attract
funds to New-York, money, like commodi-
lies moves to the centre where the prices are
the best
No damage was done to real values in yes
terday's market The decline was speculative
in character, the result of passing factors that
viii leave no mark the actual value OF IN
vestment securities. Some people who are easily
frightened sacrificed good stocks and bonds
losing sight Of the fact that there have been no
adverse changes in underlying conditions and no
rrospect Of a decrease in the earning power or
railroads and industrial companies. Railroad
earnings received yesterday for February
showed many striking gains. as for instance
S13I1 1O8 for New-York Central, $3J4,9tI Tor
Southern Railway. $336126 for Louisville ana
Nashville $4,000 for Missouri Pacific, $1S6342
for Missouri. Kansas and Texas. and SIS,I6S for
Chesapeake and Ohio. Growing earnings re-
feet growing industrial activity that will even
tusIIy receive due recognition in the stock mar
lset. The heaviest net losses in stocks were
made by Amalgamateds Copper. which declined
2Lk: Atchison 2Sk; Canadian Pacific. 4; ST. Paul,
2a. Northwest 3Iz: Consolidated Cas- 2; Erie
second preferred, 2h; Manhattan, 2N; Missouri
Pacific. 2h; Rock Island preferred, 2ss; South
ern Pacific, 3: Tennessee Coal. 3A; Union Pa
ciAc. 81; Wabash preferred. "a. and General
Electric. 51S Total dealings were above 9OO.OOo
shares while in bonds the par value of sales
was over S25O00oo. Wabash debenture Bs and
Union Pacific convertible As were leading active
weak features. In the outside market the new
limited States Steel bonds declined 8 points.
closing at SSGSSh. In the late dealings cali
money rose to per cent. an advance from the
prevaiIing rate to that time OF 11z per cent.
Fcreign exchange developed further ease JUST
before the close demand rates going under 4-c'.
Heavy selling Of stocks fer foreign account mao
NO erect on exchange quotations. this being ac-
counted for by the large Offering of bills against
sterItng loans. It is understood that the volume
OF business transacted in sterling loans this
week VIII be reflected in a large contraction IN
associated bank loans I'm to-morroWs statement.
k-vesr ago loans decreased 100000
TIE DAYS OPERATIONS IN BONDS.