New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-31
BONDS.
STOCK MARKET OPERATIONS.

Under I le lead Of St Paul and Union Pacific
the stock market was strong and active in the
early dealings, but in the afternoon realizing
sales and renewed bear pressure caused reac-
tionary tendency throughout the list, which re-
duced the mornings gains 70 small fractions IL
most Issues. while in Union Pacific a net loss
was recorded The early advance IN the last
named stock amounted TO over l per cent, and in
St Paul the advance was above . per cent, with
a final gain OF only u The downward move
rnent was checked to some extent in the last
half hour by a rapid marking up Of American
Sugar Refining and demonstration Of strength
IN United States Steel preferred, but IN the final
dealings further weakness developed and the
entire market closed near the lowest figures OF
the day There was no news affecting the
Union Pacific and St Paul properties, despite
the activity I'm the stocks Of the two companies.
and although the Street was filed with rumOrs
regarding the roads nothing Of an authoritative
nature was learned about the reports OF a posi-
bic community Of interest or change Of control
in the affairs OF these concerns. The Street ap-
pears 10 he SONG back 10 the fantastic ways os
two years ago when queer theories and strange
stories comprised the food for serious thought
in the speculative community. i Is said In all
seriousness in speculative circles that the St
Paul company. with It's relatively small capital
lzation. is about 20 absorb the big Union Pacific
system. with It's capitalization OF over 500
100000 and # Is reported that a new era Of
railroad combination Is about TO begin Intend
Ing buyers OF securities are advised not 20 be
Eeve al tn Imors they hear IN the Street
nowadays.
So far the upward movement OF values has
failed 10 attract an important public following
In the stock market. and according 90 the
ports received from commission houses there
is little disposition on tae part OF outsiders 10
trust their money IN Sto-E Exchange sp"cua-
tion. Investors have .1 moderate buyers q
the first class secur.u and the chances arc
that they viii pick up .'.-sctiys .ssues on all
reactions While the b.. r.'tar snt thai has
been running for the last o.. days may not
continue owing 70 the u. .L.'rgress Of tho
public to come into the market taere are many
good reasons for the purchosa a. stocks AT the
current level; that IS n the buyer has enough
money and enough patience 10 AIRY his pos
sessions for an indefinite period Conditions
governing the actual value Of securities are on
q sound basis. Money IS IN good supply. and II
VIII doubtless remain so Tor q long time 20
come. despite the Indications OF gold exports.
IL yesterdays market sterling exchange was
again strong. with rates at the point al which
shipments Of the metal could be made at n
profit The chances are that the arst shipments
viii be made next week: but even II the move
ment should reach large proportions the effect
the local money market ought not TO be Sc
rious. as the city banks are well supplied with
funds. The movement Of currency TO the In
terror VIII take a certain amount Of funds from
this centre this spring, and this factor with
gold exports. may result in higher rates for
loans At the moment the demand fo- both
time and call money IS extremely light. loans
have been made as low as %. per cent for thirty
days and So per cent for six months.
Reports from the various sections Of the
Western winter wheat growing belt are more
satisfactory than they were a few weeks ego
owing to the increase OF moisture in the diff
ferent States where this cereal is raised. In
Kansas there was from November up to within
the last two weeks no rain. and there was also
practically snow. but the fact that there
were heavy rains in October In which the sub
soil was thoroughly moistened increased the
confidence Of the farmers in the winter that the
wheat In the ground would be well nourished
So far, the growth has been well behind this
time year ago, but this causes no uneasiness
In crop circles. too rapid growth at this
period is likely TO do more harm than good
The foods in Southern Indiana and Illinois in
the last four days have damaged only n very
small proportion Of the country's wheat fields
Western people that IS the experts In Mis-
souri, and Kansas. look for floods again in that
part Of the country. but they are not nervous
over the prospect. as they recall that instead
increased the yield by supplying the ground
with amount Of moisture that lasted
throughout the summer.