New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-01-20
BONDS
THE DAYS OPERATIONS IN STOCKS.

stock market values made no important prog
Yess in either direction until the last hour ~hen
The whole list declined under the influence OF
hear pressure and sales by lightly margined
commission house operators Trading was dull
throughout the day There was practically no
outside demand for securities, dealings being
made up in great part of the transactions OF
confessional orera TORS who were unwilling 10
make large commitments either side of the
market The short side is certainly not attrac-
tive so far as technical and actual conditions are
concerned. but as long the public remains out
OF the market and the larger Wall Street inter
esfs make no effort to advance values. the room
trader prefers to work for quick turns for the
decline There rs little prospect that opera
lions for the oeclne at this period VIII result IN
more than passing reactions while 1t is extreme
y probable that the people who buy stocks now
and hold them will secure expected profits Con-
ditions affecting speculation and the intrinsic
worth of investments are decidedly in favor OF
= bull market and the present dulness in stocks
does not foreshadow the beginning of a bear
campaign
Weakness in the final dealings was doubtless
influenced by the dispatch from Washington
Eating that national banks which substituted
ather than government bonds to secure gov
.lnrnent deposits last November would be COM
relied to change the security 10 government
before
mont In dull DAYS. however Wall Street imag
nation can twist almost any development into
n unfavorable factor and find in commission
l,oyses 4 certain number of timid creatures who,
,, hearing the alleged import of the news. sell
their stocks 10 the first buyer. There is rea
sen for uneasiness because of the Treasury De-
partment's decision 10 rescind an order that was
adopted last fall emergency measure for
the local money market. This mea sure involves
S170go040 Of bonds, and as the banks are al
lowed six months TO substitute government
bonds for deposits now secured by bonds other
than governments. the money market will be in
no danger. The banks may surrender their depos-
its. they may reduce their circulation. using the
bonds deposited TO secure circulation to secure
government deposits. or they may buy bonds IN
the open market 1t is likely that the last named
proposition Will be adopted, even at the pres
cnt price of government bonds there is profit in
circulation and the banks Go not care to retire
circulation now outstanding
In the late dealings declines Of / per cent and
over were recorded by st. Paul Atchson, Rock
Island. Erie, Reading. Baltimore and Ohio,
Louisville and Nashville, Canadian Pacific,
Union Pacific Wabash and a few others. The
decline brought out good buyers. especially in
the Gould shares. Developments that will affect
the Gould roads are pending. In the industrial
list Sugar Refining and Colorado Fuel and Iron
were weak features, while American Car and
Foundry was strong. Call money ruled at per
cent and time funds were freely offered at D per
cent for all periods. There was no change in
sterling rates, which ruled firm at 4.S4 for de-
nand rate that was considered about 10
points under the gold shipping level Buying of
long bills was again a feature OF the market;
indeed. the accumulation of these bills by GER
tain large financial concerns was heavy enough
I.aE,,.-
made to finance some unusually large payments.