New-York tribune., 1903-01-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Prices for stocks made few important changes
in Yesterdays market. fluctuations senera4y oe
.ns confined TO fractions. with final figures at
small net gains il the greater number OF issues
Trading was dull throughout the day Trans
actions were made up in great part of the deal
.ngs of professional operators, commission
houses having few orders for public account
while important market interests were not ac-
tive factors in the course Of the days dealings
There were attempts TO inject life into the mar
t,et by the familiar method of bidding UP certain
popular issues hut the total absence of support
from outsiders killed at the start the inclplenl
germs Of activity. The larger market interests
arnsrent,v are willing to leave speculation for
the present in the hands of the professional ele-
roent. although there is disposition in the
higher circles Of the Street to encourage the
ieea that the nu1 market. which began in the
middle Of December. has run its course. Condi-
rjons are too favorable for bear enthusiasm.
OF the total dealings. amounting 10 less than
asa GOO shares the greater part was supplied
fv eleven stocks. Southern Railway being the
feature at a net gain OF Ia per cent. There
were various rurors in the day affecting the
railroad list but no actual news Of Importance
Some humorous runor monger announced that
The PENNSYLVANIA Railroad had bought the New
York Central and further fantastic stories were
Missouri Pacific and Chicago Great Western.
The extreme dulness in speculation afforded at
1ractive opportunities for Wall Streets band of
fairy tale tellers.
According to the known movement OF money
this week the local banks have gained over
50 00e 600 i'm cash holdings. 1t is likely that
fo-day's hank statement will make better
showing than that of a week ago, as under the
average system the increase in cash that was
not shown last Saturday viii appear in this
weeks figures Bank statements however, are
uncertain Quantities il may not prove wise
10 speculate on a large gain in reserve above
legal requirements especially as nothing Is
known regarding the loan item Last week. de-
spite an active upward movement in stocks,
loans decrea sed This week the stock market
has been dull but an increase in loans would
not be out OF line with bank statement incon-
sistencies IF the bank showing does not come
up to expectations. il should be borne in mind
that there is. nevertheless. a large supply OF
money at this centre. and that it is constantly
increasing while financial conditions in general
sre sound and healthful. The prospects Of gold
exports are not bright as they were week
ago and even if shipments should be made,
they VIII not be heavy
Reports from the commercial agencies for the
week show no setback in industrial activity.
and no indication Of the approach Of bust
ness dulness. The coal situation has restrict
ed production in few lines of trade, but IN
the greater number Of industries the output is
only limited by the capacity Of the works. Rail
road earnings and bank ciearings are 1ncreas-
ing Exports of food products and general
merchandise are growing. These favorable fac
tors have had little effect in attracting public
demand for securities. but it is not unlikely
that an outside demand for stocks viii be a
development Of the near future Ihere Is no
good reason why securities values should not
move TO a higher level in the course Of the next
two months especially as in the greater num-
her Of issues prices do not measure the actual
worth OF the investments. 1t is believed in
well informed quarters that people who buy the
attractive medium and cheap priced shares will
make profitable ventures.