New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-03
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stocks were strong throughout the DAY on
small volume OF business. total dealings belng
under 10000 shares. In many of the more I'M
portant issues buying was again for the account
OF substantial market interests. but the general
public was not a factor in the days operations
commission houses having practically no bust
ness for so-caued public account. The local
traction shares were in good demand. and fur
tier investment buying was reported IN Man
haitian with considerable speculative activity III
Metropolitan which helped by the conciu-
sion Of the Amory case against the company
Further speculative buying developed in the
Mexican issues. National Railroad OF Mexico
being the most active stock on the list at a net
gain Of l1s points while Mexican Central on
lighter dealings enjoyed fractional gain I'M
rrovernent in the silver market. the prospects of
9 gold basis for Mexico and growing industrial
activity in that country furnish adequate rea-
sor, for rising values in the Mexican issues. In
the industrial list United States Steel and Amer
tcan Car and Foundry were in fair demand. The
market closed near the best Of the day, hnal
prices not being materially affected by the large
gain in loans in the statement of the associated
hanks Total sales Of stocks for the week
amounted TO ]. ga, 944 shares. against a.2tO.66i
shares in the same week last year. and 15.324.-
SIS shares in the corresponding time in lS0l. the
last named being the heaviest week on record.
\
ations connected with financing the Erie bond
issue for s100o00oo the Philippine certificates
for 100000 and the May interest and divi-
dend disbursements. The actual position of
the banks was strengthened in the week, cash
holdings increasing 81 49,. 500 and reserve above
legal requirements S196.375- As there is no
active borrowing demand for stock market re-
quirernents and as commercial houses are well
supplied with funds. there is no reason to
pect a further expansion in loans this week,
while there is. however, sufficient ground for
the prediction that cash and reserve holdings
will be largely increased. Domestic exchange
Is IN favor of this centre and if gold is exported
shipments will he offset by receipts of currency
from the interior Gold exports are not ad-
verse factors They represent legitimate inter
national financial operations and they are favor
able developments. inasmuch they reflect
our ability to pay foreign obligations. This
country's debts abroad are being rapidly liqui-
dated and gold imports will doubtless be feat
ures of the fall money market
As a result of all changes the reserve above
legal requirements Of the local banks. as COM
piled by the average system, stands at Sill.
1850, which compares with SI.4S4,0oo at this
time a year ago and S109s0 100 in the same time
In 1901 It is generally believed that hank Re
serves will increase to larger extent in the next
three months than in any corresponding period
IN several years. and that money will rule at
extremely easy figures until the usual fall de-
r9and from the interior arises. The Panama
Canal payment will be handled through the eX-
change market in manner that will throw a
large amount Of government money into the
local banks and il may therefore be safe TO pre-
dict that call funds will not rule above per
cent in the greater part Of the summer. In
easjness over the winter wheat crop does not
appear justified as careful observers in the
winter wheat territory report no extensive dam
age as a result of last weeks unreasonable
weather. The wheat is not far enough ad-
vanced TO De materially injured by cold.