New-York tribune., 1903-04-18
SEX dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

A good demand for stocks developed IN yes
terday's market, and as consequence Of active
buying prices were strong throughout with
material net gains in many shares at the close.
Sentiment was distinctly bullish. Higher quota
tions for American securities in London en-
couraged operations on the long side of the
market at the start, but the chief influence IN
ducing covering Of shorts and moderate pur-
chases for commission house traders was the
evidence Of buying by substantial interests
which until the last few days. had been COM
n1ited to the bear account. The failure OF
prices to waver and fall after Tuesdays nat
ural reaction from Mondays slump impresses
careful observers with the idea that the bear
market has run its course. and that from now
on values will gradually improve Conditions
affecting the real worth of stocks certainly
warrant enthusiasm among the advocates Of
higher prices Then. in addition 10 this faVora-
bic condition, q strong argument for advancing
quotations is found in the severe liquidation
that has taken place in speculative holdings.
with an accompanying depreciation IN market
values IN the course of the last six months
There are many good reasons for oPtmlsm'
few for pesslmlsm-
Money market conditions are improving with
satisfactory speed. and despite warnings from
bear oracles the outlook favors growing
strength in the factors governing the financial
situation and moderately easy rates for loans
throughout the summer. The Panama Canal
payments if made this season. viii help rather
than disturb the local market. while an accu-
r,l,l!ating foreign trade balance in our favor
and buying Of American securities for European
account Will prevent gold exports. while they
may result in shipments of the yellow metal TO
this country Banking houses with information
al connections report improving demand Tor
American investment issues. while in the specu-
beginning
outnunGber sales. American stocks were feat
ures on the London Exchange yesterday. while
fn the local market foreign houses were buyers
According to the known movement of money
IN the week the local banks have gained over
S43o0OoO in cash holdings, opera tions with the
interior showing a gain of Sl,456,oOO and with
the Sub-Treasury a gain Of $21O2,4pO 1t Is
likely that loans have been reduced this week
and reserve above legal requirements viii doubt
less show gain, in spite Of the inconsistencies
OF the average system
Metropolitan stock was sold down in the af-
ternoon. but the general list held the greater
part Of the mornings advance Selling of Metro
politan was accompanied by a wild report that
the statements in the AInory complaint against
the company had been verified by the company's
books and enough confidence was placed in the
rur7or TO encourage a good sized decline in the
stock Manhattan was aggressively strong. en-
Toying q maximum gam O1 pOA4lAS 61ilu q AON
gain Of 2k points purchases aggregating
1000 shares. The supply Of Manhattan stock
available for market purposes is light. as the
chief owners of the property have their stock
tucked away for permanent investment account
Spectators who are short of the stock are not
in sn enviable position. and even If strike
should develop the shorts would doubtless re-
ceive little help, as the places Of the strikers
would be readily filled. while in the event OF
suspension Of business for a time DIVIDENDS
would not be endangered. as the stock is guar
anteed issue. While the decline in Metropolitan
encouraged bear pressure elsewhere in the list
there was no response in values, save frac-
tioral recessions. Noteworthy net gains were
made by Baltimore and Ohio. Anaconda, Chi
cago and Alton. Northwest, Colorado Fuel
which advanced 81 points; Delaware, Lacka-
wanna and Western, points: General Electric
Missouri Pacific, New-York Air Brake, Peoples
Gas St Louis and San Francisco and Union
Pacific Metropolitan lost net As points, and
the subs" lost 3 points, TO 1C1, recovering part
Of the loss before the close. In the industrial
list there was good buying OF American Car
and Foundry and United States Steel, and
rnsnipuIation in Colorado Fuel and Iron Ease
in money was reflected in higher sterling ex-
change rates