New-York tribune., 1903-04-08
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS
Stock market trading was light in volume
on q sagging movement of values. hnaI prices
showing as a rule, net losses, as compared with
che preceding days last quotations Total
dealings amounted to less than 423.UoO shares
with the heaviest operations in Atchlson
f3rcoklvn Rapid Transit. Baltimore and Ohio
St Paul, Missouri Pacific. New-York central
Pennsylvania, Rock Island Southern Paclnc'
Union Pacific United States Steel Sugar Re-
Hn.ng and Amalgamated. There was hght
buying movement in United States Leather
and bun talk was heard on the stock. the opera
tons In the shares failing, however, to brlng
about a material advance in their prices. Rock
rsland and Southern Pacific were both under
pressure, selling apparently being for short ac-
count sales of the latter in some cases repre-
sentins pool operations on the short side against
r.ool holdings of the issue. The lowest prices
Of the day were recorded in the afternoon
when active bear pressure was exerted through
out the list liquidation in United States steel
common and weakness in the hard coal SHARES
being prominent features of the movement
There was little support TO prices. save from
covering transactions, but there was, however
no adverse news affecting values, and there
was no important investment liquidation Sell
ing of the higher priced investment shares was
probably for the account of people who needed
money to protect speculative holdings Mr.
Keene was credited with the responsibility for
the downward move
Money market rates exhibit an easier ten
dency and bankers look for gradual improve
rnent in the monetary situation in the course
Of the next few weeks. On operations with the
Sub-Treasury the local banks have gained over
100000 since Friday night, while domestic ex-
change at interior points foreshadows a gain
+le oE1rr-a
favor Of this centre Bank holdings are heavier
than reflected by Saturdays Clearing House
statement, and unless all indications are at
fault there will soon be enough money in New
York to encourage a resumption of speculative
bull activity in the securities market, especially
in the medium and low priced industrial and
railroad issues. With railroad stocks yielding
from TO 8 per cent and industrials from g to
a2 per cent present prices ought to appeal to
people with idle funds. There are some OBJ
servers whose opinions are entitled to considera-
ton who believe that the bottom has not yet
been reached While there is nothing in cond1-
tdo,s affecting the real worth of securities TO
warrant lower prices, the bear element may
be successful in making further headway in its
campaign against values. but it should be
borne In mind that the factors that have made
he bear campaign far successful are rapidly
disappearing. When the turn comes the up
short Of securities.
Many months viii pass before a decision VIII
be handed down in the Southern Pacific case
Meanwhile the property will continue under
sts present management, and the Street will
doubtless gradually forget the whole affair 1t
1s 20 be hoped so. at least AS TO the pool mold
suzs IL hardly appears probable that the ma
sority of the members OF the pool will throw
over their stock al loss Southern Pacific is
cheap at present prices and when a bull mar
ket develops the stock will advance with the
eest of the list. Much of the selling of Southern
Pacific in the last few weeks has been for the
short side OF the market and genuine sales
when made have been taken by good class of
buyers Stocks as a rule, are well held Wall
Street had a report yesterday that new ntiga-
ton against the Southern Pacific would soon
develop. and that despite the Cincinnati decision
the Hartman interests would not be allowed to
rest in peace.
Tactics of this sort are possible The Keene
interests are supposed 10 have bought their
Southern Pacific stock in the neighborhood Of
10, and the decline in the stock to 90 has doubt
less created the desire TO recover the loss by
selling the entire list short. Hence the vigorous
efforts Of the Keene party TO weaken values.
United States Steel shares sold in the last
hour on the report that the statement for the
last quarter would show falling off in earn
ings While earnings have been lighter, the
company's orders have been heavier than ever
before recorded the falling off in earnings being
due entirely 10 the congestion on the railroads
and their inability 10 handle properly supplies
for the Steel company. This condition is being
"a pidly remedied, and from all indications the
United States Steel Corporation will earn more
in 1903 than the enormous record of earnings
in 1892. United States Steel common pays 4
per cent and yields about y per cent. The time
will come when this stock will double in market
value