New-York tribune., 1903-04-01
BONDS.
THE DAYS OPERATIONS IN STOCKS

stock market values showed encouraging
strength In yesterdays trading, and whlle II
regularity developed in the MIDDAY oealil1sS'
fnai prices were at net gains In most ISSUES
Covering OF shorts was noted throughout the
list. although in the early afternoon an absence
of active outside buying induced cautious snort
sales IN q number Of issues, notably the wa
r,as,, shares while the higher range Of values
xss taken advantage of TO realize profits by op-
orators who bought at Mondays low lever.
An advance in call money TO 10 per cent dl9"
-a5 for . time TO check the upward move
went Sentiment was helped by the optimistic
-.viev of the situation by a prominent nnaI-
cier while q certain amount Of good ouy1ng was
.++rsc+ed by the comparative cheapness Of prices
and by the improvement IN sentiment among
heads Of commission houses. Weakness IN the
1-t.r, shares was due TO selling by holders
-,-bo t,elieve they see IN the proposal 10 issue
s7no00ooO & per cent bonds the postponeHent
of dividends 10 a period far more remote thaIl
-scen+lv expected. These bonds will be lssued
~or improvements which will add to the ROAD ;
earning power they viii eventually strengthen
+bA value Of the preferred stock ana they VIII
,oo+ burden the property with unWleloy interest
charges Wabash, with its fittsours eA1eH-
60, ana with the traffic that will be derived
from its tidewater connections, should some Gay
earn enough to make its preferred and common
,,o-,-a7-sr the contention that both stocks are
selling high enough appears reasonable 81
pe,l Baltimore and Ohio. Atchiscn, Missouri
Pacific and Union Pacific were III good oenlaho'
Although call money at 10 per cent caused d
certain amount Of short selling. II failed 10 n
7,,ca ir77portant liquidation. ana IN the IasI
bo,,r The best prices Of the day were generaHy
,,,aoe Net gains Of per cent ana aboVe were
.,,,,-,,o, ar the close, the more important being
zr17
peo;4o 81 Paul Union Pacific, Louisville ana
,-.er,.s,ra Missouri Pacific. New-YoTk Central
4,..5inp and Rock Island. The Southern Pa
.,e, s4fair received little attention IN the day
t,,,- the stock lent at 2 premium ana aoNanced
! point - .....,..,.t,
Of rhe American industrial situation and ne sees
in current conditions 40 reason Tor tI2e pes
sir7isrn that has prevailed Tor so Iohe d u---9
sn Wall Street. In a published Interview MI MOT
gan expresses MS confidence in The peTlnanency
IF present Industrial prosperity he believes tlal
new securities issued in the last year are SOUND
and ren-esent great value. and he points out The
-reatness of the recent criticisms regarding the
r,ossibifitv of danger in the large amount ~
,,rdiEested stocks and bonds Nr Morgan 5
words represent the ideas OF The leading men III
the country existing conditions Men "ho
ara the largest investors n the United Sja'es'
whose financial interests depend upon the pros
,,e-s+z- Of the United States are better able TO
-neasu-e the situation than the spectators
-vrose object in the last few weeks has been TO
craste fear and uneasiness in business and IN
,ee+r,en+ circles over factors which have no per
,-,a-er, z,s1ue as Influences on the intrinsic
worth Of securities. 1t cannot be stated TOO
ey,,r77aticaIIv that there is no good argument
for the sale of investment holdings, while the
extent Of the decline that has taken place IN
market quotations warrants the opinion that is
held in many quarters that speculative hold
ing bought at present prices may be inquired as
rejecting a level at near the lowest or the
year. .
The local banks have lest over S2ytODVo on
Sub-Treasury operations this week, put 'he
chances are that the movement for the whole
week viii show little If any loss, owing TO the
Government payment Of 100000 on Philippine
account The advance IN call money yesterday
was due TO preparations for the April settle
-,enfs and not TO adverse developments in the
MONETARY situation. News developments yes
terdsy were favorable 20 bull sentiment IN
stock Exchange circles, railroad earnings as d
,7,le and other indications Of trade progress
showing expansion Of a most encouraging char
acter Union Pacific's statement. however
showed a loss both in gross and net earnings
Exports Of merchandise from this port for the
week ended yesterday amounted IN value 10
SO 253 go, against 81 692. 1O2 IN the same week
last year making from January / total OF
$40 761. SEQ. compared with Sllf.2SI44i in the
corresponding period in 1902. Exports are in
creasing al q rate hat suggests gold imports
next fall.
7nN,c opERa-toNS IN BONDS