New-York tribune., 1903-03-21
BONDS.
rur nays OPERATIONS IN STOCKS.

-. x,.. good demand for stocks in yes
&.r1av,s market from commission houses' III
e,u6.ne orders for the account OF suosIaii'i0i
market interests Professional traoers
$,IIish Dealings in certain issues "o'oo'
1T.+-oDo,,tsn were directed against the short In
4erest which was forced to cover at aoFahciiie
y-1ces the rise in the stock named 0aliSt"s
e.. ouotation to 1881 a maximum gain OF
,,,,rts and a net gain at the close OF = polntS'
crArat,ne on the short side OF the market at
yresert ia attended with great danger as III"
suuoIy OF stock available for IQu1oauoi VI s"'i
contracts is not large, while a growing DUH poi
ts actively engaged in searching out weak points
.n the bear account The best people III ,h0
a+-..t are at the moment bush. ano the
chances are that their sentiment VIII ehpdilu o'i
Hhis line for long time TO come booming
hs1II market may not develop at once, but tneFe
are many indications that suggest the belief that
4kN leading financial interests are looking lot
ward to such a market in the course or the Ia'e
spring or summer. This does not imply tnat pls
margins should not be provided. as in the pest
markets sudden downward moves develop sen
strnent in speculative circles is more optimlstlc
over the outlook for satisfactory settlement
Of the Southern Pacific question. reflection OF
which was seen in the course OF both Soutnern
Pacinc and Union Pacific shares in yesterdays
rnarlget Buying Of Canadian Pacific, Louis
vile and Nashville, Atchison, and number OF
o4h.- r,onular railway shares, apparently 1nol-
c,te6 the presence in the market of important
Investment interests. There were no noteworthy
reactions in the afternoon dealings anu Ill lo
.rsstsr nurnber Of issues final prices were at or
near the best figures Of the day.
Good buying of the local traction snares Is
reported. In yesterdays market MetropohtaH'
Brooklyn Rapid Transit and Manhattan were
strong features and Street gossip inclined to-
&h1% he named were
being accumulated for higher prices and that
huvine came from investors as well as from
sDecuIators Manhattan at its present lever
offers an attractive opportunity for people who
hkve capital available for investment as 1t IS
now a guaranteed stock practically on per
cent basis Under its lease to the 1nteTboroush
Rapid Transit Company the Manhattan Railway
Company receives on its stock guaranteed dlFi-
dende CT per cent untS 1906. with per cent
additional IL earned. and after 1906 4 per cent
There is no doubt that the company will earn
the extra / per cent this year. as earnings are
new heavier than ever before in the history Of
Yhe comuauv The change from steam 10 cleo
frfcity has effected an enormous saving in the
cost Of operation and this factor, with the rapid
increase IN the travelling population Of the city
guarantees permanent large profits for the Man
haitian company. Selling at 141 the stock re-
turns about per cent, which is more than the
ms Iority Of dividend paying railway issues
yield There are few sound railway investments I
that return over per cent and for this reason
interest in solid industrial shares that net buyers
at current prices from TO 8 per cent is likely to
sncrease There is no good argument against
the purchase OF industrial issues that have made
records profitable investments Prejudice
against the whole list has been created by de-
velopmentS affecting few. shares. but the rap
idly increasing actual value of the greater num-
ber Of Industrial securities is beginning to
appeal to conservative buyers. and II is. there
fore. safe TO believe that in the spring and sum-
Rher market this class of stocks will grow in
public esteem and more fully measure in market
value their intrinsic werth.
According to the known movement OF money in
the week the local banks have lost upward of
$4,000 in cash holdings The loss on Sub
Treasury operations amounted to only 81. 100000
against loss in the preceding week of $5,314,-
6oe On operations with the interior there was
have contracted again in the last six days. and
If this proves to be the case reserve above legal
requirements will show an encouraging increase.
as decrease in loans means a corresponding
decline in deposits At this time last year loans
decreased $7.77f.O00 and reserve increased
$35SO00 Rates for call money Will doubtless
continue near the current level for several
weeks, but time money will. from present indi-
cations, develop further ease. The strength of
the financial situation at the centre Is reflected
in the failure of call money TO advance beyond
the ruling level With bank reserves no larger
last fall than they at present, call loans
advanced TO 20 and 25 per cent, with 35 per
cent rate one occasion.