New-York tribune., 1903-03-30
SDCsTRLALs.

I4ss5Rs'isSRedi PTssses sSs.i esio: e. 30
Tsrasssss Coal 1sss.r an arop; Df.f.. eIE 60, IL
Saai:s Saii:s sss:.s: - ss2 81 Il
'Advazcs
The decline in stocks has been heavy eho0s
=, 80, values for the greater number OF Sc
.o,-t+,As ~ figures below the bargain level ana
.b.ohsnces are that the so-called bargain nunl-
o.. will soon begin 70 accumulate atuaCu'e
shsres II they have not done so alreaoS- 7ee VI
yess in stocks has not been accompanied oS q
<sli IN the actual worth OF securities anu ioi
+bf, reason the current level OF values ousn' u
rrove tempting 10 people who can ouE e'o0NS
outright Conditions affecting the ipuiIs''
value OF investment issues are stronger 'o-uo'
+hsnthev were when market Values We're ee4i'e
--,,x no,nts above present prices. Moreover
+bere are no indications in the situanon eid'
.xDsnsion in business will not continue for many
.s-tt.x - ,or,. despfte the prognostications OF
-..orIs v,ho believe that the decline In STOCK que
+s+io,s tereshadoUs an immediate adverse
change IN the country's industrial posluon-
DarIirirr values have been due TO specu4atNe
and money market conditions IN Wah 0Ce
Hon.v market factors have not been faFora PIE
20 hull operations in stocks but the fact sho 1Io
he horne in mind that the financial situation Id
The limited States ie fntrinsically strong otheT
wiee business throughout the country Woulo ne
,,.4s heavy calls on the money markets, while
4be government has taken q large amount Oh
funds from the local banks. thus diminishing the
.-,ov,+ ~ accommodation available for specu-
Istive purposes
suecuIstfve opera tors who may be bulls one
week and bears the next have taken advantage
Of money market conditions, OF the weakness OF
bull pools Of the large amount Of undlgesteo
new securities and Of other passing FACTORS 10
work for lower prices, and no one can deny that
they have been wonderfully successful IN the
transactions. They have succeeded in uncover
ing vast holdings Of long stock, they have
created discoura cement among bulls who bought
at last years high prices and who have finally
soId out at big losses and by their constant
pressure against the market they have even in
duced liquidation among investment holdings
Then in addition to the weakness caused by
bear operations. much selling has been attract
ed by uneaslness in both speculative and in
vestrnent circles over the Southern PACING
situation. In the latter part of the week liqu-
dstion in the high class shares. such as Penn
sylrania. New-York Central and ST Paul. had
the natural effect OF inspiring fear in commits
sion house circles. and Il doubtless due 10
this that many long accounts that had been
carried for months were closed out, while calls
for additional margins on other accounts were
made At the close Of the week there was so
much pessinism In the Street, so many tales
Of coming trouble and so many predictions Of
disaster that ny observers concluded that
the time to buy stocks to hold for rise had
errfved. Some one is certainly buying the
stocks that are being thrown the market.
and according TO good opinion. that some one
will make handsome profits before the year is
over.
IN banking circles no especial change in rates
<n- Ioar yg al Tor n
save perhaps. over the drst Of the month,
when the ApriI settlements may cause tenn
porary disturbance. After the middle Of next
month money ought to move 10 this centre in
volume; snd IL iE interesting 10 note that the
tide In the currency movement has already
changed in favor Of this centre. the local banks
gaining last week interior operations over
81 10000 Government disbursements will he
heavy IN APRIL and the s, 10000 appropriation
Cor the relief Of the suffering people In the
Philippine Islands will be available for in
the local market The government has paid
the snncupt to q NeT-Tork financial institution.
which will finance the operation through the
exchange market, having its branch house in
Manila sell exchange on Nsw-YoTk and Europe
70 Philippine merchants VINO oesire to make
reraittances The gold Will therefore not leave
this country but remain in circulation in New
York. similar operation Will be employed in
handling the Panama Cansl payments, ana as
q consequence a large amount Of money viii
he thrown into the Nev-York market
While the proposed bond refurding plan Of the
Secretary Of the Treasury will not result in an
immediate important increase in the supply Of
%u,6s AZ this centre. 1t will serve the good pur-
rose of making q gradual increase in bankEote
-4-r,ya.fen possible The new 2s will be far
more desirable es q basis for new circulation
thsn the old Sc and Is. and the chances are that
there wifi be O steady gain in bsnknots circula-
f,nn tbroughcut the year. despite the belief ex-
rr~ssed tn sons quarters last week that the
banks would not make substantial response to
tAe secretAry's proposal II the whole $100OOo-
el00 a refunded upward Of 100000 IN cash
viii be paid out IN the operation. but this
amount win hardly be al efective factor in
adding materially to the current supply Of funds
At this centre
Railroad earnings last week presented en-
ccurSgiag increases In all parts Of the country.
I'm vtevr OF the fact that comparisons are made
With q period year ago. when earnings were
heavier than ever before reported. the current
ezhfh4t IL truly remarkable. Reports from Chi
caso shoz greet activity on all lines that are
esrriers OF grain. Advices from the winter
zzk.aet belt are extremely satisfactory. showing
conditions Tar more favorable than those re-
wpesed ss this ttrne last yeeE. The winter Eaeet