New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The failure of the market 10 make important
response TO the f. yorable developments of the
last few days-as. for instance, the heavy
foreign buying and the lower Bank of England
discount rate. the settlement of the Union Pa
cifc strike and the announcement of the forma-
ton of an underwriting syndicate to finance the
new Pennsylvania bonds-has created I'M
favorable impression in speculative circles that
Will. traders say. be reflected in lower securities
values. In yesterdays market prices were weak
throughout with sharp declines in many issues
10 figures we'll under the low record made in the
slump following the recent decision against the
Northern Securities Company. Pennsylvania,
after opening at lbs sold down to 12G14. against
132. the low point April H. New-York Cen
trail went TO 12515 loss of liz for the day. and
St Paul suffered a net loss of 81 points, clos
ing at 1511z. as compared with Us on the day
Of the Northern Securities break. Atchison.
Amalgamated. Baltimore and Ohio Erie. Della
ware and Hudson. Illinois Central. Missouri Pa
cific Reading Rock Island. Southern Pacific.
Tennessee Coal. Union Pacific, United States
Steel and Western Union lost from Ito points.
The Steel shares were sold on reports that some
of the corporations Western plants had been
closed down owing 10 labor troubles while the
railway shares were affected by Chicago reports
intimating the coming of big strike among
freight handlers. Then the bank statement,
reserve above legal requirements. had distinctly
adverse influence on speculative sentiment
The violent break in St. Paul was not ex-
planned by news Developments and the mys-
terry Of the selling IN this issue exerted an I'M
settling effect in speculative circles. II is now
quite generally believed that the influence of the
so-.,aIled STANDARD Oil party is on the bear side
Of the market and it is also believed that prices
are being hammered in order to allow accu1nu-
lation al cheaper prices. There is nothing in
general conditions that warrants the persistent
attacks on values but il is quite evident that
there is yet enough long stock bought at higher
prices that can be forced the market by the
aggressive tactics of powerful speculative IN
terests. It is unreasonable to believe that
the drastic manner in which the Pennsylvania
Railroad is proceeding against the Western
Union company makes impossible Tor a long
time TO come harmony between the Gould and
Pennsylvania interests. Pennsylvania rights
we're actively dealt in yesterday from ~ down
to y buyers doubtless being confident that the
action of the group OF bankers who are TO UNI
derwrite the stock issue will soon be fol-
lowed by higher prices for Pennsylvania shares.
The Pennsylvania Railroad is paying per cent
dividend and earning at a rate equivalent TO
over II per cent on its enlarged capital ana the
bear campaign against the stock ought not
therefore TO brighten legitimate holders Of this
security.
Loans in yesterdays bank statement showed a
decrease of S5416 100 cash. a decrease of
81 326o 600 deposits decrease of Sc 224. 400 and
reserve above legal requirements an increase of
$500 100. Total reserve stands al 1927, 40,
which compares with S14 301 40 at this time a
year ago and S21 ,2SS.915 in the year before.
Bank conditions sound. but higher rates for
money may develop in June. Stock market
values in the week just closed established for
the greater number of issues a new low record
for the year, but the decline did not represent a
change in the actual worth of American invest
ment issues. The country does not appear to be
going TO the dogs. and there is no reason for
uneasiness in investment circles over the present
unsettlement of values the Stock Exchange.
Good investments that will always pay dvi-
dends If their future is to be judged by their
past records, may now be had at most attraC-
tive investment level in the following table a
comparison of the high prices of 1902 of num-
Der Of active issues with the present range is