New-York tribune., 1903-04-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Dealings in yesterdays stock market were
light in volume an irregular movement Of
values. Traders worked for lower prices in the
greater number Of issues. but their efforts met
little response. declines when made amounting
10 insignificant figures. while at the close there
were nearly many net gains as losses. Opera
tions for a decline were based on technical mar
ket conditions. although the decision Of the In
terstats Commerce Commission against the pro-
posed advance in grain rates between New
York and Chicago and the news from the Far
East regarding the situation in Manchur.a were
advanced as arguments for a lower level OF
values. Foreign houses were active sellers. In
the London market there was no especial press
ure on prices q result Of the demand Of
Russia on China for agreement practically
ceding TO her the sovereignty Of Manchuria and
excluding other nations from that country.
London apparently is not worrying over affairs
fn China, and securities values appear more
responsive TO good news than to bs6 news the
Improvement in the monetary and business
situation in England and CT the Canti-aent sup
plying at the moment the chief topic Of dis
cussion in financial circles. Foreign banking
houses report a growing favorable disposition
toward American stocks and bonds. especially
among conservative investors and usually sue
cessful operators in securities in general
The local traction shares were in good demand,
Transit and Manhattan. In the case of the lat
ter il is said, the authority of people well
Informed regarding market movements, that the
stock is being accumulated by substantial mar
ket interests and that there will soon be such
scarcity Of offerings Of this issue that the ght-
est demand will cause a material appreciation
IN its price. There is, of course, adequate rea-
son in Manhattan's intrinsic value for an ad-
vance in its market quotation. Moreover. it is
safe TO lay that few years hence the STOCK
will h securely held by investors that specu-
la.ion ii will not be possible Guaranteed
stocks generally rule at a prohbitive price for
speculation. Brooklyn Rapid Transit has a
bright future and in view of its position as
coming investment of recognized merit Its pres
ent market quotation is not dear: indeed, it VIII
doubtless sell many points above the current
level before the first dividend Is paid The
Brooklyn Rapid Transit Company has the
largest mileage Of any street railway in the
world and Brooklyn's population is rapidly
growing Up TO this extensive system
According TO estimates made yesterday, based
on the known movement of money, the local
banks have gained upward of 100000 in cash
IN the week the gain coming from the heavy
excess Of receipts Of currency from the in
terror and from the Sub-Treasury. AS there
has been no particular activity in the stock
market in the week Stock Exchange loans have
probably not been heavy. and unless there has
been a further transfer of foreign loans to local
banks the loan item ought to show contraction
In to-day's Clearing House statement. Bank
statements however seldom reflect the actual
position OF the money market The best guide
70 conditions in the local money market is the
rate for loans, which exhibits a sagging ten
5encv for both call and time funds call money
ruling yesterday at 3 per cent and time money
at A.. to >. according TO the period. Ease IN
money was responsible for . further rise in
sterling exchange.