New-York tribune., 1903-02-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Trading 81 stocks light in volume on an
Irregular movement of values Early quotations
were generally above Fridays final figures nut
subsequent dealings were accompanied by ir-
regularity that left closi3g prices at unimpoT-
tart net changes. As rule, small fractional
advances we're recorded. The publication OF
= bank statement showing further reduction
IN reserve holdings VAS effective in inducing
pressure from the trading element. but there
-zas no important liquidation and no declines
than ran beyond fractions Total dealings were
smaller than on any Saturday in many months
amounting to less than 10000 shares, With the
bulk Of the business in An1algamated Copper,
American Smelling Erie. Pennsylvania Read
ing Rock Island. Southern Pacific, Southern
Railway. United States Leather and Wabash
preferred. The only noteworthy price changes
were made by American Smelling. Forth Worth
and Denver City, General Electric. the 800"
stocks Nashville and Chattanooga and New
York Chicago and St Louis first preferred,
which advanced over I per cent In the stocks
named trading was light and the advance was
not explained by any news development.
Associated hank loans increased in the week
sll "a 500 which compares With an increase Of
SIE3. .49S 900 in the same week a year ago. In
the month Of February bank loans generally ex-
pand. while reserve above legal requirements
generally decreases. factors, however, which do
1,ot necessarily imply that the February mar
Eec for stocks must move in the direction OF
lover prices. The banking community is not
alarmed over the tendency OF bank reserves
and il is quite evident that substantial market
interests are not selling their securities Nearly
e,-4rv conservative brokes IS buIish, predicting
higher prices before the first Of March Cash
holdings increased SIe.5oo. against Fridays
estimated gain Of 81, 100000. AS a result Of all
changes, reserve above legal requirements de-
creased S3.01s.0e0 TO SIS, ,529, ,675. which COM
pares with SI356os50 in the corresponding
week & year ago, and 2.S52.4 in 1901 The
Increase in loans was due in great part TO for
eign exchange operations involving the transfer
of sterling loans from Europe to New-York-
No mater how favorable general conditions
may be. the possibility OF gold exports always
creates ureasiness among spectators whose
brains have becou1t rnuddled from overatten-
ton 70 the stock market ticker. Shipments Of
he precious metal may be made this week. and
the bear element VIII doubtless endeavor to
frsnten tirnid holders into liquidation, using
he argument that enough gold VIII go out 70
kcause stringency in local money market rates
This argument viii be based On the elastic
imagination OF operators who have little con-
science regarding the methods employed to &C
conplish desired results There Is no prospect
Of heavy gold exports. while shipments may not
be made at al. as Europe does not need the
metal. and local banking lnlef@sts may
their influence 70 overcome the conditions that
appareptIy foreshadow exports. This was done
last fall AT the present time, however. the
local market can spare gold, and conditions
may therefore be allowed to take their natural
course Freight traffic congestion has checked
70 some extent export OF breadstuffs. but for
eIgn commerce is growing steadily in this coun-
try's favor. while our Indebtedness is being rap
idly licuidated. The supply Of gold Is mcreas-
-
alarm over normal gold movements from one
country TO another. It may be well 10 bear IN
mind that gold exports amounting TO over
SS Seb0tHBo made last February and that
no untoNard developments followed