New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-30
BONDS.
THE DAYS OPERATIONS IN STOCKS

Trading in yesterdays stock market was not
active and prices failed to show noteworthy
changes, although rule the tendency was
toward a lower level. Sentiment was not IA
vorably impressed with the bank statement,
which showed only small increase in cash and
reserve above legal requirements, the latter eX-
handing by S422 425 to S9.645, 80, which COM
pares with S11 929 600 this time year ago ana
sd 2530 in 1901. Loans decreased $40, ~ a
much smaller contraction than expected as the
heavy liquidation in securities in the week
would it was thought. result in a large reduc-
ton in the loan item Associated bank loans
now stand at $500. 800, against the high rec
ord CT 1888. 49,. 200 in 1902 while deposits are
s913.0S1, 500. compared with $LO19.G00.000 the
high figure OF last year. There was no e&-
tensive commission house business in the days
market and little interest on the part of the
leading speculative operators. dealings being
confined in great part TO the transactions Of
professional traders. Union Pacific under
bear pressure throughout the day. selling APP
parently being based the terms of the strike
settlement which the Street thought were not
favorable for the company. Declines in general
were not accompanied by news Developments
but there appeared to be an underlined feeling Of
,,neasiness over the stock market situation
ton and dropping values and it would seem as
if a permanent cure would soon he effected
especially as the weakest symptoms have been
eliminated In the final dealings prices showed
a Arrner tendency, and a few issues closed at
small gains. notably Sugar Refining, Ana
conda, Manhattan Mexican National and North
American, the last named gaining B points The
Unitef States Leather plan had no especial
effect N the company's securities, although
good I dyes were inclined TO sell the common
and ii the preferred. The common will not
benefit by the proposed new financing Rock
Island was offered down by prominent trader,
but its net loss was not large.
According TO the trade reports received last
night, business conditions throughout the coun-
try do warrant the extreme pessinlism which
now prevails in Wall Street In certain lines of
Industry evidence is presented of a healthfu re-
action but there is nothing in the general situa-
tion which foreshadows adverse change in
the position of industrial affairs in the United
States The reduction in prices in iron and
steel has been in line with the common sense re
quirerents Of this great industry. For many
months iron and steel quotations have been at
an exorbitant level. and it is therefore encour-
aging the present tendency of prices
20 return to Z normal basis. Wall Street alone
IS frightened over the position Of iron and steel
In trade circles the utmost confidence is eX-
pressed n the bellef that the IRON and steel
business in this country viii continue prosper
GUS throughout the year while rule trade
authorities do hesitate TO predict similar
conditions il 1894 When there are decided
signs Of a collapse in the iron industry in the
United States, then stock market traders viii be
justified in putting forth predictions intimating
g period of business depression throughout the
country. The latest bulletins from the crop
territory show most favorable situation in
the winter wheat belt favorable progress in
spring wheat and a gradually improving situa-
ton in the corn belt. Commercial agencies have
made careful investigation of the present po-
sition OF the country's industrial activities and
they find sound conditions in all departments
OF trade. Contraction in certain lines does not
indicate end of industrial prosperity.
The weekly statement of the Associated
Banks. which was published yesterday, owing to
the fact that all the banks will be closed to-
day. does not foreshadow immediate change in
the local money market, as far as rates for loans
are concerned. Call money is in good supply.
while the demand is not heavy, and the same may
be said of time money. Sterling exchange closed
the week strong under the influence of an active
demand for remittance and with every indica-
ton OF further gold exports next week Fortu-
nately, the local banks in a position TO
epare large amounts Of the yellow metal at this
time. and far the outward movement Of gold
has had no effect bank holdings and a bso-
lutely influence on money rates. The amount
of gold that is going out will be more than
offset by new gold production in the Western
mines and by the receipts of gold at Pacific
Coast points. In the of the next few
weeks large amounts OF gold viii arrive in this
country from the Klondike, while later on in the
year conditions in the international exchange
market viii doubtless encourage imports from
Europe. The enormous liquidation in the stock
market is strengthening financial conditions in
this country especially in this city, and unless
there should be outburst OF wild bull specu-
lGtion this summer the effect of the last eight
months Of selling VIII be strongly reflected IN
the money market situation next fall when the
usual heavy demand for money for crop move
znent purposes develops. Buyers who are backed
by large financial resources have been accumu-
lating securities in The declining market Of the
last few weeks. especially the attractive stocks
which are selling investment basis that
yields from AZ to 53k per cent. The extremely
promising future of the National Railroad OF
Mexicos securities is responsible for active buy
ing of these issues, particularly the common,
which IL is believed viii sell well above the cur
rent level Under the stock .eadjustInent plan
the present holders Of common stock are most
favoraby treated