New-York tribune., 1902-03-15
BONDS
THE DAYS OPERATIONS IN STOCKS

Notwithstanding higher rates for call money
stocks were generally firm There were, in fact.
some substantial gains in prices. and no i'm
portant losses. The business in stocks was not
as large as on previous days in the week, but it
nevertheless was Of eood proportions. The
transactions in bonds, on the other hand, were
materially expanded. and for most issues i'm
proved prices were recorded The highest rate
attained by call money was ) per cent, but most
Of the loans were made at per cent. While It
seemed TO be accepted that money would be
still dearer, this prospect was without serious
effect on the stock market. It probably de-
TERED trading. but il did not induce liquidation,
as might have been expected The loss in bust
ness appeared 10 come mainly from the currail-
ment of pool operations There are several
stocks in which extensive pools are said to exist.
and for quite a period these stocks have con-
tributed an abnormal percentage of the total
daily dealings on the Stock Exchange If they
are allowed TO rest day or two il will not be
strange.
The loss in cash by the banks this week is
figured at approxina tely S6oOOOO0. The un-
certainty of these preliminary estimates has
been so often demonstrated that it will not be
surprising if a loss Of either twice as much or
half as much is shown in the bank statement
to-day. It is conceded that the bank statement
will be an unfavorable one. It is assumed that
a heavy decrease in loans and deposits will be
reported. 1t is considered that contraction in
loans with a consequent decrease in deposits.
was necessary to keep the reserves of the banks
up 10 legal requirements. remarkable dis
bursement will be made by the National City
Bank to-day when it will pay out $20,00O,0O0
for the dividend on Standard Oil stock. and
81 500 600 for the dividend on Consolidated Gas
stock This money, il is presumed, Will prompt
y be returned the money market. The dis
continuance of bond purchases by the Treasury
VIII make no particular difference. as the tend
ers of bonds have latter1y been small. The
transfer Of currency to San Francisco continues.
and may become more Of a factor in the situa-
tion than had been anticipated.
Manhattan Railway was the most active stock
On the list. and it was notably strong. The buy
ing was based on the successful and significant
results obtained from the operation of the Sec
ond-ave line by electricity. 1t said that.
with no increase in traffic whatever. the econ
omy in operation when the electricity was in
use on the whole system would BILE the COM
pany TO make earnings equal TO per cent on
the stock An increase Of = per cent in the
seni-a annual dividend on Southern Railway pre-
ferred stock placing the stock on a > per cent
basis. stimulated the demand for not only the
preferred. but also for the common. There was
again covering Of shorts in Missouri Pacific, and
there was a moderate inquiry for Southern Pa
cf6c 4 sharp upward move in Westinghouse
Electric led to talk that the next dividend might
lie increased. but this noint there was no in
formation. There was no excitement IN ANAL
gsmated Copper. and only fractional change
in the price Of the stock. There was moderate
recovery in Sugar Refining
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDs-Mar6et slightly lower.