New-York tribune., 1903-04-19
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market values were generally strong
throughout the two hours of trading, while
transactions were moderately heavy and well
distributed with good class OF buying in the
majority OF issues. Bank statement changes
showed encouraging gains in cash and reserve
holdings. and. despite profit taking sales on the
publication of the figures. final prices exhibited
net gains as compared with Fridays closing
quotations The local banks gained by the aV-
erage system 50 SS1 200 in cash. Loans in
creased 81 AZ. 500 and deposits s., 459,4o0. the
result of all changes being increase in re-
serve above legal requirements of S2,266,33o,
its S6007 $50 which compares with S6,5iS,65o
IN the corresponding week year ago and Sl4.-
922. 100 in the same time in 1901. This state
nlenr. as usual. is at variance with the known
r1oveTnent of money, and. like the statements of
the last few weeks it fails TO reflect the actual
position of the lending institutions In Fridays
calculations OF the weeks currency movement
there an estimated increase in cash of over
S4yro000 In view of the weeks liquidation in
stocks an increase in loans not expected,
ard explanation of the change will doubtless be
found IN transfer Of foreign loans to local ac-
count. Since March L the loans of the associ-
ated banks have contracted upward Of $40,
Goe0O0 These figures represent the cancellation
Of stock market and syndicate loans. brought
about in great part by liquidation in securities
and the determination OF the banks to
strengthen their reserves through reduction in
thaic liza bilitIes. \ decrease in loans naturally
serves TO reduce deposits and thereby the re-
serve required by law enjoys improvement.
Monetary conditions much more encourag
ing than they few months ago. while the
outlook favors further progress in this direction
in the course of the next three months
Manhattan shores were again taken by
fuI buyers. while Metropolitan enjoyed specu-
-a1fz.
ct net gain Of rs points. From speculative
point of view the investigation of Metropolitan
affairs has been successful for bears the
stock. but the developments in the case have not
suppressed the conservative element in the
Street. as there nave beef no proofs brought
forth 20 substantiate the allegations. Reading
shares. Erie and ST. Paul exhibited weakness in
yesterdays market. but elsewhere in the active
list the tendency was toward higher level.
There were indications of growing buying
power in the Industrial list. and higher prices
were predicted for such stocks as American Car
and Foundry issues and Pressed Steel Car
shares. AS recently pointed out in this column,
these securities solid dividend paying in
vestments. selling at a market level that nets
from about 10 per cent on the original pur-
chase They have never been pushed up by
manipulation but they have gradually advanced
as investors have become better acquainted with
months. in which railroad shares lost from 20
10 GO points. American Car and Foundry
mon declined 3A points and the preferred like
amount Pressed Steel Car lost , points and
the preferred points. This is a remarkable
record. and worthy Of the careful attention Of
people who intend 10 operate in the industrial
list.
Wall Street is in far more cheerful condi-
ton OF mind than il at the close of bust
ness over week ago. and disposition TO buy
stocks 10 hold for higher prices is developing.
Interest in Wabash stocks and debenture b
bonds will doubtless increase this week. as ii
is learned that accumulation of these issues by
well informed buyers is going on, and that all
matters Of dispute between the Gould and Penn
SylTenia interests moving toward a settle
rnent. Wabash debenture B bonds at
tractive because OF the growth of the Wabash
system and the certainty Of full payments on
the issue in the not distant future. In yester-
days market they touched 1855 net gain OF
over ! point Good market judges believe that
these bonds will cross 50 before the end of May.