New-York tribune., 1903-06-21
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
s.ock market trading was dull and irregular.
with net losses in the greater number Of issues
at the close There was practically no OUTSIDE
interest in the days speculation and even the
room element was not active. save in a few
shares with which the larger interests were
identified in Fridays dealings. as. for instance,
Reading B1ying of the hard coal shares has
bsan excellent in character ever since II was
announced that there would be no strike ana
<ro-, the opinion expressed in trustworthy quar-
ters il is reasonable to assume that these issues
will prove proita bic purchases to buyers at the
current level. Erie has been bought in the last
fan, ,aaks by strong financial interests. Bank
statement figures were somewhat disappointing.
as in place of a large gain in cash. as nore-
Swallowed by the known movement OF money
there was an increase of only S1359Soo Loans
contrary TO expectations, increased. ana as a
consequence of this expansion and the gain IN
cash the reserve required against deposits was
advanced over Sl300ooo with the effect OF
,.,,s,,p an increase of only S622, 400 in reserve
above legal requirements. Total reserve no"
stands at S1o.o99. 9.575, against S12loS2oo at TINS
time q year ago. and S6,611350 in 19ol- Loans
ere now s15ooooOo in excess of deposits. while
a wear ago deposits were S6l,93I,5co IN excess
NJ loans: and at this time last year actual casn
,..,s,r,s mere s17 600 600 larger than they are
AZ nresent The highest record ever made Tor
,5enosits was in February. 1902, when the total
uas 81 O1q A14 200 with loans at $3.50 ,ooo'
or within s. 100000 Of the high record since
that time there has been a reduction in deposlts
Of S129 695ooo while in the same time loans
have decrea sed only So. .936.5oo to S9o4.S2l 100
Selling throughout the list followed the publlca-
ton Of the bank statement but losses were gen
orally confined 10 fractions st. Paul Atchison,
Erie Missouri Pacific. Pennsylvania and Read
ing closed at net declines of from Is TO Is point
limited States Steel was firm and up fraction
The course Of the stock market in the last
week has created a greater degree Of conf
dence in the outlook for higher prices than has
been noticed in many months. Values moved IN
a manner which suggested the completion OF
liquidation and the accumulation of good stocks
by a careful set of buyers to hold for a better
ouotation level It was not thought, however,
that an Immediate active bull campaign in Sc
c1rities would develop, After long period of
decline such as has been witnessed in the last
eight rnonths the market must naturally go
through a readjustment and digestive process
before a steady upward move may be expected
Moreover. al the present time there are various
factors which discourage active operations for
public account notably the uncertainty regard
ing the crops and the reduced bank accounts
that have resulted from the severe losses of the
N recent bear campaign. In many well informed
quarters fin the Street If is believed that the
market will grow narrower, with irreguarity in
prices until later in the season. when conditions
will doubtless be favorable for specula-
tion for the long account. Meanwhile in
vestors viii doubtless pick UP securities on all
reactions Values al a level which
brings an investment return the better class
OF railroad issues of from a. to 5iz per cent,
while in the industrial list sound securities may
be bought TO yield from 10 II per cent. There
are various attractive industrial securities which
are worth buying at this level such stocks. for
instance as the car and locomotive building
company issues now selling at prices that ought
10 appeal TO the most conservative operators.
The stocks of the Corn Products Company have
been accumulated by substantial interests. and
II is learned from responsible sources that
whenever the market is right for upward
movement these issues will be advanced a
higher range Of quotations
Reports received last week by the commercial
agencies show unhealthful symptoms in the
business situation in certain lines of industry
operations have been checked TO a moderate
extent by labor troubles and foods but as a
whole the general situation shows fair de-
gree Of activity with indications of further ex-
pansion in the ma jority of lines. The fact that
the United States Steel Corporation and the
independent companies have decided to main
tain the price of steel rails at last years rate
OF SOS a ton reflects the confidence of the iron
and steel men in the belief that there will be no
reduction IN the demand for many months to
come. Railroad earnings for the second week
in June exhibit large increases over the corre-
spending period year ago. except in the case
Of the roads that run through the Western food
districts Missouri Pacific and other roads af-
in gross receipts for the last two weeks, but
these losses doubtless viii be offset by substan-
tial gains as soon as the damage Gone by the
foods has been repaired. End of the week crop
reports are more encouraging than conditions
suggested week ago. and from the inforIna-
ton received by the officers Of the various West
ern railroads the yield Of winter wheat will be
larger than indicated in the government report
Of June l. while spring wheat viii be up to
the normal, providing adverse change in
made rapid progress in the last few days and
with seasonable weather throughout the rest Of
the summer large crop Will be harvested II
is TOO early. however. 10 speak with any Ger
tainty regarding this years yield. Money mar
ket conditions foreshadow further exports of
movement Of currency from the interior TO this