New-York tribune., 1903-03-14
BONDS.
THE DAYS OPERATIONS In STOCKS

Stock market trading vas hgnt IN Noiuiie VI,
an irregular movement of values that sno"eU
.ynimportant final net changes in the greater
nurnber of issues. There were more net gains
than losses In few stocks. notably "dp0eii
,r.rarred and Reading, decided strength was
shown advances being due to pressure against
=. overextended short interest Sentiment was
,,trAd rersrdfns the immediate outlook, and. As
/. oonsAouence professional operators were ho'
=.+3,,e on either side cf the market, tier heaNl-
esf deals being in Amalgamated copper o.
Paul Erie Reading, Southern ano Union
c,ac and Wabash preferred. EXPERIENCED oToh-
erx look for little more than a small Iauie
market until after the middle Of April oarriie'
~ course radical developments in the money
market Of either adverse or faVoraole ND (
II IS pretty safe to predict stif money rates TOT
,.-sI 1reels to come According to the known
-sav.r,ent If currency this week the banks nave
Loot over 81 6n0OG0 in cash holdings, and un-
las. there has been big contraction in loans
&snd deposits reserve above legal requiIeliien''
Will be entirely wiped out in To-Day s'o'
-n.-t usirR last weeks statement as OASIS
The chances are, however. that changes IN ue
,osI.s in the week have been large enough 10
offset the reduction in cash as an innuenoe "ii
er,rplus reserve. II the reserve goes below ,he
or =. ,.z+ rr,if there will be no occasion for
.1sru ss the situation is sound ard actual cash
holdings st this centre will soon begin to I'M
prove The idea that a reduction IN reserve u
nR1res below the legal limit will prove oisaS
trous is absurd. The surplus reserve Is 'iail
4a,ned for the protection OF the banks. ano IL
should be cause for satisfaction TO Know tna'
n t:n,.s OF heavy demands on New-York for
funds the local banks have 20 per cent vi
smaller reserve to draw on. Bankers VINO are
receiving 511 to per cent for their funds are
x,eu nIessed with the situation. Call money
touched per cent yesterday, with the ruling
rate at per cent. Sterling was firm. Ihe coai
stocks were leading strong features 1nroushout
the day Reading closing at a net gain OF l1s
points while Erie. Delaware and HUDSON anu
Ontario and Western ended at net advances
The decision in favor OF the Southern Pacinc
pool. granting a temporary restraining oiue
nreventIne the Union Pacific interests from dis
rosinp Of the lease of the Central Pacific Rail-
-oad Conpany. had no material influence on
rrices Union and Southern Pacific both SOLO
down less than / per cent. The market closeo
dull and irregular.
EuvinS of the copper shares is improving IN
,,oIurne and interests identified with the TRACE
are not disposed to discourage purchases al
the current level. The advance in the selllhs
price of the metal is based on legitimate TRADE
conditions, the demand showing tendency to
outrun the supply, while current indications
seem to point toward higher prices, both in the
Sorner.,c and foreign markets The artificial
conditions that recently existed in the copper
market have apparently disappeared. and buy
erx of the stock are now able to accumulate
the issues at figures that are more nearly IN
proportion to the actual worth of the securities
than recorded in the copper boom Of over year
ago Current prices of Amalgamated and Ana
conds however. represent substantial advance
from the recent low level, and for the present
al least the improvement has gone far enough
Trade conditions in general. as shown by the
reoorts- received last night from the CONNER
cisl agencies, are sound, with no sign OF set
back In any important line. The favorable
sttus ton in the industries OF the country
should eventually exert important influence
IN the securities market. especially as prices
OF the greater number Of issues are down from
10 to 20 points as compared with the high level
Of 1902. st. Paul. for instance, has lost 80
points: Atchisor Is points; Baltimore and Ohio,
IL points; Louisville and Nashville, II points;
Manhattan, 16 points; New-Tork Central a
points Pennsylvania. q points; Southern Pa
einc 10 points, and Union Pacific. . points.