New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-15
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was made UP OF the
operations OF q few professional traders who
dealt on both sides Of the account, with the
tendency. however more in favor of the short
side than the long. Although the bank state
ment made an Unexpectedly good showing.
price, sold down in the last half hour final
figures showing small net losses in the greater
number Of active Issues. Pennsylvania ad-
vance IN Fridays market Of per cent was
followed by a net loss Of IL per cent in yester-
days dealings but elsewhere in the active list
declines were generally confined 70 fractions
The United States Steel shares were moderately
active and fairly firm. also Amalgamated Cop
per, trading in these stocks supplying the bulk
Of the transactions in the industrial list. Read
ing was again under pressure. The Chicago
and Alton issues were marked up over point
but there WAS no news accounting for the rise
the pool IN the stock doubtless being responsible
for the movement. Commission houses were
not factors IN the market. and IN commission
house circles It was said that the public showed
no disposition to re-enter speculation At present
The general public Is pretty poor. According
20 the bear information bureau the stocks that
will. be attacked this week are Rock Island.
Atchison and Union Pacific. Predictions so far
in this lire have been borne out by the subse-
quent movement OF the stocks. It looks as II
there might be something n this for the Stock
Exchange authorities TO investigate.
The weekly statement Of the associated banks
showed. despite a loss in cash Of S2,9I3 200. an
increase in reserve above legal holdings Of S744-
200 this exhibit being brought about by A de-
crease Of S14.629 COO in deposits The reduction
IN deposits made UP by contraction in
loans OF s102405O0 and the loss in cash. the
two last items showing combined a difference
Of only 81. 475.9OO from deposits As usual the
change in the cash holdings was out OF line with
Fridays estimates based the known move
Tpent Of money. and the difference can only he
accounted for by local unreported movements.
or by the vaFaries Of the average system. Total
reserve-now stands AT Sc. 13s. 40. against SIS
32s.3J0 wear ago and S1O.1G3.S25 in 1901. The
percentage Of reserve TO deposits is %. Loans
are now S190O0OOO heavier than they were at
this time last year. while they exceed deposits
by S3600o0O0 At this time in 1902 loans were
SS0eoo0o less than deposits. while in 1901 they
were S6200oo00 less. The fact that loans have
been reduced over S2IG000o0 in the last two
weeks is one Of the most encourag ing features
Of the local bank situation.
Indications point toward the accumulation or
= large reserve above legal requirements by the
Nev-Yorl banks IN she course OF The next eight
months. Trade I'm generals lighter. and money
VIII therefore seek the Nev-York loan market
IN greater supplies than recorded in the last two
years. In addition. new gold production gold
imports and the return now OF currency from
the West and South viii throw A large amount
n money into this centre and il is therefore
likely that the local bond market win receive
more attention in The course Of the next year
than many people now imagine. With easy
money here and with a lighter cali for funds
IN the channels Of trade. there ought to be
marked Improvement in The bond market. Bonds
are Quieter Than they were week a go, but the
tone is steady and dealers find no difficulty i'm
selling their offerings. Some people apparently
believe that because the stock market presents
. little evidence Of public buying investment
NJ money is moi available for good securities. Il
IS only necessary TO refer TO the success OF re
cent bond issues 10y representative conpa MES to
show the faliacy Of this belief Companies that
are putting out new bonds al present are solid
concerns. and the increase that viii be made
IN their interest charges VIII b. Offset by the
increase IN earnings that Viii come through the
Improvements Tor which the bonds are issued.