New-York tribune., 1903-04-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Wall Street recovered its senses yesterday
and the stock market regained its equilibrium
After short period Of hesitancy al the open
ing due 10 liquidation left over from the pre-
ceding day. prices developed an ADVANCING
tendency. and despite heavy realizing sales con-
tinued TO improve until the close. Sentiment
was favorably affected by the encouraging views
of leading financial interests in New-York and
other cities regarding the Northern Securities
situation and the inprobability of adverse de-
-elopnents affecting money and business. Ihe
first effect OF the Northern Securities ruling as
an influence on the schemes Of various railroad
men is reflected in the announcement that the
Rock Island Frisco deal Is of, but instead OF
being unfavorably received. this development is
welcomed in banking and investment circles. as
the proposed merger of the two properties has
never received popular approval healthful
check TO the plans Of railroad interests that are
more ambitious than conservative viii have
most beneficial effect the general railroad
situation. a properly conducted community OF
interest idea as reflected in the Vanderbilt ana
Pennsylvania policy in the East. helps the rail-
road business. and it does not violate the law.
Foreign houses were active buyers in the
1oca1 market. Gable advices from London re-
r,orted favora BILE sentiment American securi-
r;es and no uneasiness in the London market
over the Northern Securities decision. For sew
eral weeks local foreign banking houses nave
noticed a growing disposition abroad TO invest
in American securities and difficulty has
been found in placing large blocks Of railroad
bonds IN the hands OF foreign operators. A
large amount OF foreign capital is invested IN
the Northern Securities Company. but there IS
no indication in the market Of fear among the
foreign holders because Wall Street manipula-
1ors have endeavored to convince the world at
large that the ruling in the Northern Pacific
merger means & depreciation in the actual value
Of the investments represented by the Northern
Securities Company. Value has not been in
+,red Foreign investors often show greater
confidence in American securities than Wall
Street shows. especially - days Of declining
quotations and the refusal Of the foreign opera
Tor 10 rush into panic over passing adverse de-
veloprents may we'll be followed by local trad
ers Many Of the leading Stock Exchange spec
ulators. whose operations run into thousands Of
shares a day. were pronounced bulls yesterday,
their attitude being an effective factor in shap-
ing sentiment among the smaller dealers
4 check TO railroad mergers viii decrease the
issuance Of new securities Il viii assist the
money market and help % eliminate from the
field Of discussion the question OF undigested
securities And II viii serve 10 bring TO the
front the important factors affecting invest
r71ents that have so long been overshadowed by
deals and rurnors Of deals. The strength of the
general situation is reflected IN the absence Of
failures in Wall Street in the last three months
Of declining values, and in ,ha low percentage
OF business mortality in all lines Of industry
Trade reports indicate a remarkably strong
situation. and il may now prove wise to base
stock market operations on the condition Of
trade rather than Oh the factors that viii have
10 permanent influence on values. The low
prices made in Mondays market attracted in
Vestuent money yesterday. buying in large vol
un7e being reported on this account, notably in
the shares that are selling under par, such as
Atchison, Brooklyn Rapid Transit, Baltimore
and Ohio Union Pacific and Reading. St. Paul
and Missouri Pacific and Pennsylvania were
leading active features, covering OF shorts and
buying FOR long account both being prominent.
Stocks that suffered the greatest weakness in
Mondays hysterical market naturally enjoyed
the heaviest recoveries yesterday. but improve
ment was general throughout the list, with clos
ing prices at the best OF the day. The weekly
government crop report showing even better
conditions than reported on April !. an easier
tendency in money rates, a declining foreign ex-
change market and the March statement of for
eign trade, showing a heavy gain in the excess
Of exports over imports, were influential factors
in the afternoons advance. Sentiment was
buIlish at the close. On the curb Northern
Securities stock advanced 10 9S14, closing at 97iz
G9S, against 951zG9615 in Mondays market.
The full statement Of foreign commerce for
March received yesterday shows total exports
in value Of S131. $685.. the heaviest for any
March on record save March. 1901. Imports
were larger than in any corresponding month in
preceding years. The excess OF exports
amounted in value 70 S35. TO-. 424. as compared
with an excess il March, 1902. Of So. .466. .475
and S4S $50 800 in 1900. For the three months
OF the current calendar year exports have
amounted in value 10 S390.4s5,394. an increase
Of S53, ,O21. lis over the time last year.
in March the gain, as in the preceding months,
was made up of cotton. breadstuffs and manu-
factUres.
-ur naNrs npEphrInMe Ia RnMnc