New-York tribune., 1902-03-16
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market yesterday was strong and
fairly active. There were some considerable
gains in prices The unfavorahle character Of
the bank statement was not reflected in the
market, as was shown by the fact that most OF
the leading stocks closed at or not far from the
best figures of the day. Some stocks, it is true
were under manipulation. but these stocks were
few compared with the total number dealt in.
The principal feature of the bank statement
was the contraction of S14 372 OOo in loans. This
was the largest reduction in loans in any week
since December p. The loss in the cash hold
ings Of the banks was $6.169.70O, and this loss
corresponded almost exactly with the prehm-
inary estimate. The loss in cash and the shrink
age in loans accounted for the decrease OF
S2l. .296 700 in deposits. The surplus reserve was
left AT SHIP 900. a decrease Of only SS43.325
from the preceding week, Except for the de-
crease in deposits. which was accomplished
chiefly by cutting down loans the surplus re
serve would have been wiped out and the legal
reserve heavily trenched upon
II was said that there was not so much Gaming
of loans as there was shifting Of loans from the
banks to the trust companies. The correctness
of this statement is doubted. The trust com
panies deposit with the banks and receive = per
cent interest When rates are above , per cent
they draw their money out of the banks and
loan IT, The average rate for call money has
been above . per cent for weeks, and it is pre-
sumed that the trust companies have kept their
money employed in the market instead Of letting
1t stay on deposit in the banks. Had loans been
shifted from the banks 10 the trust companies
the trust companies would have drawn on the
banks but the money would have been rede-
posted in the banks by the borrowers, and there
would not have been the decrease in the deposits
of the banks that was shown in the bank state
ment.
mas T1ar1 lTs4l 4
as to what the coming week would bring forth
in the money market The tremendous dividend
payment of the Standard OF Company and
lesser but by no means unimportant dividend
raynlent Of the Consolidated Gas Company were
made yesterday. Together they amounted TO
S21. 800. 900. Most Of this money. however. viii
probably be returned TO the banks without delay
Yesterday. also. there was another transfer OF
81. 100000 in gold to San Francisco. This money
cannot be regained, and il is thought that other
transfers to San Francisco will follow. The in
terror movement Of money is otherwise in favor
OF New-York, but this counts for little so long
as cash keeps going into the Treasury. The
Treasury Department has suspended the pur-
chase of bonds but the offerings Of bonds had
dwindled TO such Insignificant proportions that
this action of the department was not menacing
or disturbing. 1t may be that the banks are to
be invited 10 deposit bonds instead of selling
them TO the Treasury, thereby permitting an in
crease in the deposit Of government funds IN
the banks.
On moderate transactions Rock Island gained
4 per cent There is not much of this stock re-
manning in the market. It Is said TO have been
bought up for the purpose OF beneltlng by
proposed increase in the capital OF the road
Whether there is 20 be a stock dividend, or a
new issue L which present stockholders VIII
have the first right TO subscribe, has not come
out There good buying OF St. Paul, and
there Were intimatlOns that II was by the same
interests that not long ago acquired control Of
the Rock Island. This may or may not imply
that the two systems are TO be linked together
Advances in Consolidated Gas and Brooklyn
Gas led to a revival Of the story that the Con
solidated would take the other company.
The United States Steel stocks were strength
ened by information that the arrangements for
The new bond issue had been perfected, includ-
ing the formation Of the underwriting syndicate
The usual weekly table Of price changes Tor the
active stocks follows: