New-York tribune., 1903-03-27
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values exhibited great frresu-
farfty throughout the day, with nnsI prices d.
inSiRnidcsnt net changes in the greater Iuliiuei
NJ tseues Trading was light IN Voiume' INC
onTv evidence OF activity being shown IN 'le
movements of few OF the more important rs
sues. notably Pennsylvania, Rock lslano' Fedu-
ing ST Paul. Atchison, Amalgame1eo Coppei
and Baltimore and Ohio. In the early oealiheS
fyrther efforts were made to weaken values, and
in q number Of issues declines OF one point anu
above were recorded, the losses. however, being
tououed bv recoveries which left final quota
tion. fer most issues near above the opening
esures In Pennsylvania, Louisville and Nash
1-UIs and AmaIgamated selling pressure was
pronounced but elsewhere there was little ei-
factiye work for short account pennsylvania
new stock Issue apparently the cause Vi
the weakness IN Pennsylvania shaTes' White
sales of New-York Central were made on the De
lief that this company will also soon De IN the
market for money for improvements AT the
rnoment new stock issues are not consldered
hull argument hut it is quite likely that later
in the wear fuller appreciation OF the reasons
for new stock issues, and OF the increased earn
inc noU-er that will follow Improvements Tor
r.bicb stock is sold will develop in Wall Street,
ard lead to buying of stocks for the very red-
SONS on which securities are now oelng sold'
New stock is being issued. but Ii carries WIN
:. m ;,orease in actual property worth. The
demand in the loan crowd was not heavy al
+bourh efforts were made TO create the beileL
,b.t there was an active inquiry Of this char
scter A number OF well known specuiatorS
we're moderately active in bidding up stocks IN
- 1t bour especiallv in ST. Paul and Penn
srt-.rga There was fair buying Of Anaiga-
mated Copper on the decline. Last prices were
the bpsf of the day In most issues Cail money
ruIsd Il JIk per cent, sterling rates were uii-
changed Wednesday, and Chicago exchange OH
%eU--York ruled IL cents premium. In Lonoon
corsois closed at 903-1S. against So-l" on 'he
nreceding Gay. while The general market WAS
little changed, except for Spanish Is, which Iost
o,er point A good London demand has de-
,-eloned fo- United States of Colombia bonds
in expectation OF beneficial eHecls from 'ne
bujlding Of the Panama Canal
Current stock market trading continues to re-
eec+ in duIress the unwiIlingness of the public
IN engage in speculation and the refusal or the
larger interests to encourage activity pending
the return CT easier conditions In the money
market Efforts however, Of the pear elehe'lt
:, induce important liquidation are not success
fuI declines representing as a rule snort sales
and selling by small operators whose mdr%lhS
ba,-s becon1e exhausted. Declines bring forth
no investment liquidation, as condltlons re-
Sronsible for the sagging tendency do not repre-
curities. Genuine holders of stocks see IN 'le
present situation many good reasons for conn
dence In the stability Of the country S prosper
;.-- and as a consequence they find in pear ar
s,1roeuts for lower prices no excuse loI s"ie''
z-hire those investors who have unemploH ed cap
itsl are quite willing TO add to their mornings
AZ ruling quotations. The short interest III
.,ocEe Z. growing again. Brokerage houses are
,sr-xinz few long accounts that represent small
n1s rsin traders, their books showing a DIG pre-
rcndersnce OF holdings that are PAID 1or anu
accounts that are heavily margined, and whlch
will not be forced on the market on passing pear
raids. The best judges in the Street preoic'
better prices when the local monetary si'O
becomes more favorable.
In banking circles no especial change in rates
for loans is looked for until the middle Of April
ssxa nerhans over the first of the month, when
the hprfl settlements may cause some olsturp-
snce in Ioans After the middle Of next montn
money ought 20 move toward this centre IN VOL
rr,e So far this week the local banks have
lost on Sub-Treasury operations over S2,OVoOVo'
which compares with a much smaller loss in the
same time a week ago. Foreign borrowing mas
bean moderately heavy and il is expected that
}osns of the local banks will show material
aoetraction in to-morrow's statement or aver
.r.s The Bank OF England made change in
~ minimum discount rate at the weekly meet
tne Yesterday. Among the railroad earnings re-
o.fysd Yesterday those OF the AtChison and
Sev,hsrn Railway deserve special mention. Atch-
ssor for February shows increase in gross
earnings OF 1851 954, and gain in net of
$40 sOo Southern Railway for the third week
a, March increased in gross $142.20e. making q
gain OF So, ,136. .9o1 from July 1.
the DAYS OPERATIONS IN soNos.