New-York tribune., 1903-04-24
AK dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The first day Of transactions in the new Stock
Exchange building marked IN the early
trading by & moderate degree of strength in
quotations and a fairly active volume Of deal
ings Sentiment was cheerful over the outlook
for an expanding business in the course OF the
next few months In the greater number OF
Wall Street houses discussion Of the relative
merits of the two sides Of the market favored
the bull account as the safer for long time op-
erations-that is for a period covering the
spring and summer months. In view Of the re-
covery that has taken place from the sharp
break Of April L.. the development Of a passing
reactionary tendency at this level would not be
surprising but it should be observed that brok
ers Of long experience advise their customers to
take advantage of any setback that may arise
TO accumulate stocks for higher prices All in
dications point TO 4 material rise in values be-
fore the end Of the summer. The character Of
buying in the last ten days and the decided
change in speculative sentiment in that time
courage the expectation of a broader and better
market this summer, as compared with the mar
ket of the last eight months
Dealings were we'll distributed in yesterdays
trading, with the heaviest operations in Atchi-
son, Baltimore and Ohio, Manhattan. Missouri
Pacific, Pennsylvania, Reading, Rock Island,
Southern Pacific and Union Pacific in the rail
way group. and Amalgamated Copper. Colorado
United States Realty in the industrial list
Excellent buying vas reported in the Gould
shares. especially in Missouri Pacific and Man
haitian These two stocks are among the most
attractive railroad investment purchases quoted.
their investment return exceeding that of the
greater number Of solid railroad issues while
their actual value is as great as stocks that are
selling many points higher. Manhattan will
probably grow scaroer every year for specula-
tive purposes. owing TO its position as a guar
snteed stock, and it is not unlikely that its mar
ket value viii some day be on a level with cur
rent fancy priced gilt edged issues A guar
anteed per cent stock viii not sell under 80
for any length Of time. And tie same ought TO
apply 70 solid and : per cent preferred in
dustrial shares, that are quoted under par,
as for instance. United States Steel preferred.
American Car and Foundry preferred and
Pressed Steel Car preferred Wabash Gebenture
r bonds were again in demand and realizing
sales were absorbed ny brokers who usually act
for so-called inside interests. Realizing sales
throughout the list weakened prices in the af-
ternoon. and much Of the early Improvement
was lost. Final figures showed small net
changes with few more losses than gains.
Sub-Treasury operations with the banks and
interior movements Of currency with this centre
have been heavily in favor Of the local banks
This week, and unless changes in cash holdings
from unrecorded causes have taken cash from
the money institutions there will be material
gain in reserve holdings in to-morrow's weekly
statement. II is possible, however, that move
rnent to increase trust company cash reserves
has been under way in the week. in which case
the gain from the government and interior will
not he effective influences On lawful money
holdings. The Bank Of England made no change
in its minimum discount rate at the weekly
meeting yesterday. Money market conditions
abroad are steadily improving. and the supply
of funds available for commercial and stock
market enterprises is Increasing through the
growing output Of the South African mines
reflection OF the return Of normal peace condi-
tions in England is presented in the reduction
IN the British income tax. which advanced
early in the Boer war. and the removal Of the
import tax on wheat, which also imposed
as q result Of the war