New-York tribune., 1903-04-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was not active, despite
efforts Of the professional element 10 induce
liquidation among legitimate holders Steady
bear pressure caused however. heaviness in
values and a general lowering OF quotations.
final figures showing net losses in most issues.
amounting in some cases to one point and above.
A favora bic bank statement failed to affect the
course Of prices traders finding in the situation
in the Far East sufficient argument for selling
Sle market. Important speculative and invest
ment interests were not active in the days
dealings. and. while traders were bic TO shape
the movement of values toward a lower level.
they were not successful in creating a change
in sentiment in commission house circles over
the outlook for higher prices. did they sue
ceed in bringing out stock from investors or
from well protected long accounts. London
prices were triie lower, and local dealers took
their cue from foreign quotations Government
securities foreshadow no trouble
Bank statement figures showed favora bic
changes in all items. but The gain in cash was
well under the estimates based on the known
movement Of money. Loans decreased S43S2-
200 deposits increased S31@,100 and cash in
creased $685. 100. AS result Of all changes
reserve above legal requirements increased S4.-
977. SOS 10 S109S5.475. which compares with So
4e1. .a50 in the same time q year ago and S16,-
15a 775 in 1901. Indications point toward COM
parative ease in call and time loans until the
fall demand for currency for crop moving pur-
poses develops. and as a consequence broader
market for stocks and bonds throughout the
summer. Many good reasons may be found for
the purchase Of stocks at the current level. and
unless there should be an actual hostile demon
stration among the powers as d result Of Rus
sia's untena5le position in Manchuria. important
setbacks from prevailing quotations are not con-
sfdered probable Perhaps one Of the most i'm
portant factors az the moment is the tendency
toward Improvement in railway net earnings
Returns for March now coming TO hand show
the largest percentage Of gain Of any month in
the current fiscal year. and indications point
toward gain for the month Of from to 10 per
cent as compared with the corresponding time
a year ago. The increase in gross earnings con-
tinues on a phenomenal scale, and there is no
reason 10 expect an adverse change for many
months TO come Growing net earnings will
doubtless exert an important effect on securities
values this summer, especially as much of the
liquidation last fall due to indications at
that time Of unfavorable net receipts through
out the year Net earnings in the first half of
the fiscal year We're not encouraging. but it now
appears that results obtained were not due to
factors of permanent influence.
There have been sales OF the traction shares
in the last few days by holders who are uneasy
over the forthcoming decision in the franchise
tax case The law was declared unconstitu-
tional by lower court. and. even If the decision
sholld be reversed by higher court local cor
porations would not, some PEOPLE evidently
assume, be taxed out OF existence. The Man
haitian Railway Company is earning 4 per
cent dividend above the amount il would have
10 pay If the franchise tax law should be up
held. and as its stock is a guaranteed issue il
seems absurd 70 sell ii on developments which
spectators choose TO use as clubs TO force
liquidation Baltimore and Ohio, Atchison. St
Paul. Metropolitan. Missouri Pacific. Pennsyl-
vania, Reading. Rock Island and Union Pacific
supplied the chief part OF the business in yes
Jerday's market. Metropolitan was especially
weak on pressure induced by fear OF adverse de
Nelopments result Of District Attorney
Jeron1e's investigation Of the company. but the
stock appeared TO be well taken on the decline.
Its price broke over points, closing st a net
loss OF points at 1299z- Metropolitan Secur-
ities Company stock also lost > points. Some Of
the more active railroad shares were down a
point but as Z rule net losses were fractions