New-York tribune., 1903-05-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading reflected further opera
tious for lower prices and liquidation IN sonie
quarters of the market where margins mao De
come impaired, or where holders were uh"iIiiiis
longer to maintain position on the DUH sue IN
che face OF the constant sagging of values Inc
hank statement, showing a loss IN reserve aO0Ne
1ecar renuirer1ents Of S1,03I.2Vo created an
,Iuravorable impression on sentiment anu sup
,,l,a6 the trading element with additional am
,,un,tion for its campaign against VALUES
The continued transfer Of loans for American
ooo,nt from Europe to this side was respon-
chile for an expansion in local bank loans OF
nearly s6Oo0ooo while the small increase HI
cash against the fairly large gain esti1lateu
from the known movement OF money was oue ~
,,nreported Withdrawals for local neeos' liieiuu
ing the building OF cash reserves by trust COM
,,anfes that intend 10 abide by the CieaIIns
14ouse ruling Total loans are now so'Voo'VoV
heavier than deposits and SaS,9eooco larger
thar, they were at this time last year, While re-
ser,e stands at SIS, ,992, ,625, as compared with
se 346525 in the same time in lSO2 ana SIo'-o''
925 in 1901.
Tsos,i5atjon developed in Brooklyn Rapid Tran
si, the stock being one Of the weakest features
on the list Selling was helped by the couI' ueCi-
sion against the company for injuries received III
fine Bridge crush. the argument being advanced
that a new avenue for claims against lhe Toau
had been opened The Brooklyn Raplo TRANSIT
Company like ali transportation concerns WIN
never be free from damage suits. but TINS Iao' %
-,o,1d moi deter purchases Of the stock Inc
road is rapidly improving its physical ana nf'aii
cial condition. Earnings are increasing ana
.be necessity for extraordinary expenditures On
.ha ,,-onerty is being removed by the work OF
commencement that has been under way Tor the
las, five years. "B. r. t. stock Will eVeh1ualig
be In the dividend column. ana for people WHO
can afford to lock up their money for time III
a norl-dvidend paying issue IL Is an AttI
r,rrchase at the current level FlRal losses "eie
generally confined TO fractions LoOlsFlhe "i1u
Nashville Brooklyn Rapid Transit tennessee
coa1 and Texas and Pacific being the only eA-
,en4ions in the active list, their losses amount
ing TO per cent above The so-caileo wal
dorf Astoria crowd worked on the bear SIDE
summing il was said for weak spots among DUH
-oo,s London bought stocks in the local mar
tet. making the third successive day OF Its posi-
-.on on the long side. with purchases agsregat-
ins 10000 shares.
With the public out of the market, as 1ar as
buying is concerned the professional traders
renerary operate on the short side of specula-
-ion and their ability to lower values shouio
NOT he taken as az indication Of weakness IN
z;.io,s Governing the actual worth OF securi
-ies BASED on their investment value. stocks
a-e not dear This fact, however, fans al the
moment to appeal to the outsiders. "hile II mas
no influence in shaping traders operations
Traders are not in Wall Street for their health'
md they believe that if prices Will not go up
-,e,- ran he made to go down. and, accordlnglS'
active operations for lower quotations have oeeh
,,,,5ar ,,.av in the last week. without, however,
acoor,plishine great results Developments IN
the last ten days have included factors OF pass
ing adverse sienificance. as, for instance the
-e5uct3cn in bank reserves. the unheaith1ul
specula1ion in cotton, the slight illness cL
rrorninent fnancier the troubles n the laooI
world and the exaggerated Importance al'"o-'1u
20 The declining tendency in iron ana steer
r,rioas None of these factors. however, nave
10 xered the intrinsic worth of securities wan
Street is dull and gloomy at the moment out
the fact remains that stocks are cheap IoI III
Vestors al ruling prices while the speculative
short interest is TOO large for safety
The statement that securities are selling al an
attractive investment purchasing level is baseo
on the assumption that the country llduStiio
p-fJl continue TO prosper. All indications point
toward further expansion in business Trade IS
established on a llealthful basis ana the SIeAlSf
number of money making concerns are IN
position Of financial strength 10 pass fnrouSn
a l.erioo of business depression without sOils
iron does not foreshadow a setback IN lndus-
trial activity Il does, however, indicate the
return Of normal conditions in the iron laoe
and q better local ana foreign demand Tor coil-
time ne output of manufacturers and decrease
the purchasing power of the iaborlng man. put
the best observers do not believe that the dlf-
ferences between labor and capital viii reach
The point Wnere industrial lioSAei4ts VIII o0
endangered.