New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was held in check in
the early dealings by the uncertainty over the
bank statement, but prices were generally firm
with advancing tendency in many issues.
Following the publication Of the weekly showing
Of the associated banks recessions were made
throughout the list. and as d consequence final
figures showed irregular charges, with more net
losses than gains. Loans increased in the week
S11 6OS 500. while cash decreased SHILOH.
The result of all changes was decrease in the
reserve required Of S3743,675 TO S15.1S630o
which compares with S13.414.575 at this time
wear ago. and $40 $50 675 in 1900. Loan ex-
pansion was doubtless due in great part TO prep
arations for December interest and dividend dis
bursements. and TO the increase in the output Of
time money and heavier buying OF commercial
paper. In the railway list Louisville and Nash
VILE enjoyed an extreme advance of rs points
but lost the gain before the close. Hooking
Valley shares were also strong features, the
common rising pa points and the preferred T.
while KanaWha and Michigan strong in
sympathy. Buying of Brooklyn Rapid Transit
was apparently based the improvement in
the company's earnings In the Industrial
group, Sugar Refining was early carried up
seven-eighths of l per cent, but then weakened
and declined 1as per cent, closing at a net loss.
Amalgamated Copper ruled higher United
States Steel preferred showed strength the
signed in pursuance of the plan of improvement
Of the plants. At the close the temper of traders
was inclined TO be bush on the reports from
Washington that the Presidents recommended
tions on antitrust legislation would not be
sensa tional
Wall Street sentiment is far more cheerful
than il was few weeks ago. and traders are
more disposed to appreciate as market factors
the strength of condition governing the actual
-1r.a N---1
the last week reflected, especially toward the
close, the presence of a few powerful interests
in the market and as a consequence the com
mission house element and the professional
traders reached the conclusion that big deals
were under way and that substantial capital
lists had enough confidence in financial and
commercial conditions to accumulate securities
and enter syndicate operations. The idea that
bull market is TO start Immediately. however.
should not be too strongly entertained at the
moment, the bear element may find enough
ammunition in December developments TO re-
strain public enthusiasm Stocks bought at
current prices or above the present level should
not be sacrificed. If bull market does not de-
Veop in December the foundations for a fut-
ure upward movement Will be strengthened.
Conditions are sound, and after the turn of the
year there ought TO be lively times in stocks
barring some radical adverse change in money
ard business. This view Is entertained by the
leading interests in the Street.
Money market affairs are being we'll handled
by the financial institutions Time money is
IN better supply and borrowers are able to Sc
cure all the accommodation desired at prevail
ing rates. Trade conditions as reported by the
commercial agencies are sound with indca-
tons of healthful expansion in most lines of in
dustry The record of railroad earnings sur
passes the most optimistic expectations of rail-
way managers, and according to present esti-
mates. the volume of traffic viii be heavy
throughout 1903, especially there Will be the
big grain crops Of the current year TO handle
Exports are increasing. Against the favorable
factors the bear element has the possibility of
temporary furry in money rates at the end of
the year. the fight between prominent interests
in the Colorado Fuel and Iron Company and
few other factors Of rapidly diminishing signih-
canoe. These factors. however, may he suffi-
GENTLY effective in restraining bull activity for
A time In many quarters quiet market is
looked for in the rest Of the year.