New-York tribune., 1903-03-24
BONDS.
rur DAYS OPERATIONS IN STOCKS.

a Cen >.
.rHE DAYS OPERATIONS IN SToCAS'
- -..-t,s+ values were heavy tnrousnou'
=, g small volume OF business
made up almost entirely OF pi
.I.-x cornufssion houses having lev o'
g.. .o~ outside interests on each sue - W
...oount Southern Pacific. "aoash ~ -
YTnfon Pacific Rock Island 81 + Faui, Do-s,-
.n5 Ohio Atchison and missouri r"e'.l -
,h. onlv instances IF public interest .,,
.Ae ,.,,,s named the public was only a slldli
- - 1op,.- nrices in London and dlsappoiIl'
-. - the failure of Saturdays IaNol aoie
- .....,,an+ 10 attract active oennaho ioi
,r,+;as were responsible for much VI
z.-.s hear sentiment. while moderately '
,o.. IN hank holdings to the Suo-Ireasui'
&,thuted TO the heaviness OF values
M indYcst tion of important hQu'oa'oll' o -
rave however quiet purchases Oh 'ne -
e. the account Of substantial market in'-
eov+b.rn Pacific moved in an erraue
%N.11tou+ +be dav selling at one time point
above Saturdays close ano eno"s a ..-+
S., - ner cent Union Pacific lost IN per 0ei,
-. ,o...s NJ ner cent and above were mace
- 1-.conda Atchison. Baltimore ano ohlo'
.-.-.A,or Pacific. Consolidated Gas. Delaware
and Hudson Erie second preferfeo'
Electric Illinois Central Louisville ana INo'
1u. Nau-York Central New-Haven' FenhsSl
vsnis- Rock Island and Reading. new e
6ecItned 81 points dealings OF oVV shai
Gall money ruled at 81 per cent with eAcep'iote
ar per cent while sterling e1chanse was
So e +. decline of 20 points in demand rates
In the London market a furtrer snarp oe'i'.ie -
consoIs caused depression in all issues, ana III
zt..y --.s rasnonsfble for sales of American
sbs-As IN the London Exchange and in the New
vort market Consols reached the lowest price
s,nce the break Of 1870 selling being due 10
dearer money, to the expectation OF rur'neE
large government offerings and to the lower III
terest rate which will be paid this year on these
securities The decline in sterling exchange ana
the award in the coal strike settlement had no
apparent effect on local values. Total dealings
were less than $4,000 shares.
While the conditions affecting money suggest
ne further disturbance at this centre the general
monetary situation does not warrant extreme
activity in the current market for securities In
.h.,r onerations with the Sub-Treasury the
hanks nave lost since Friday night over S5OO'Uo
tr cash. and the prospects favor material loss
for the week This will doubtless be offset in
part by an increased movement OF money from
interior points. domestic exchange on New
York indicating larger shipments OF money from
the West and South. Pension payments by the
government will not be heavy again until the
middle Of April while in the mean time customs
rece,ntE at this port will be large. owing to the
growing import trade, and as consequence the
local banks viii be compelled to pay g. consider
able amount Of money into the Treasury vaults
Call money will doubtless rule in the neighbor-
hood Of its present level for several weeks TO
come Careful observers of the stock market
advise the purchase of good securities on all
reactions but they suggest the wisdom Of pro-
viding large margins IN all purely speculative
operations. Factors affecting the real worth OF
investment issues are in favor Of higher quota
sicns for the greater number Of stocks and
bonds and Just as soon monetary conditions
are more IN favor OF speculative activity higher
prices will undoubtedly be recorded. It is gen
orally believed that in the next upward move
the medium and low priced issues especially the
industrial shares will be the leading active feat
ures- The industrial stocks of merit are being
slowly accumulated by we'll informed operators
who are confident that purchases made at pre-
vailing figures will result in handsome profits
later in the season. In the majority Of cases the
industrial shares selling many points under
their intrinsic worth. The rapid expansion in
the country's industries in the last two years
has caused & marked appreciation in the real
value of the industrial issues, and in view of the
probability of further growth in business
throughout the country the prospects of the
industrial shares are extremely promising.
Railroad earnings last week presented encour-
aging increases in all parts Of the country. In
view OF the fact that comparisons are made with
q period a year ago. when earnings were heavier
than ever before reported, the current exhibit is
truly remarkable Reports from Chicago show
great activity on all the lines that are large
carriers Of grain. The interior movement Of
grain for the week showed slight decrease
from the preceding week, owing TO the bad con-
d!tions Of the country roads and the consequent
inability of the farmers TO transport large
amounts of grain to the railroads. The move
rnent OF corn was about double that of the same
period yesr ago. total receipts at interior
points amounting to 1.742.O00 bushels more than
the corresponding period of 1902. Deliveries Of
all kinds Of grain at Chicago last week aggre-
gated 100000 bushels, compared with about
100000 In 1902. Reports from the winter
wheat belt are extremely satisfactory, showing
conditions far more favorable than those re-
ported at this time last year. The winter wheat
crop Of 1902 was comparatively small, but from
present indications this years crop will be un-
usually large. Conditions In all parts Of the
West and South are particularly promising for
the agricultural community, and. az a matter OF
fact. for all lines Of industry. Western opera
tors In securities believe thSt the bull side OF the
Ha-