New-York tribune., 1903-03-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Although the weekly statement Of the Asso-
cfsted Banks showed only an insignifican Mt in
crease IN reserve above legal requirements the
exhibit was interpreted as the beginning Of a
movement in reserve toward a higher level.
The publication Of the figures WAS followed by
an advancing tendency in values the Stock
Exchange, increased buying throughout the list
and a decided Improvement in sentiment in all
circles Conservative brokers were more dis
posed to advise the purchase of good securities
but they pointed out the necessity Of hg mar
gins owing 20 the possibility of sudden raids by
the bear element, pending the return of the
leaC.ng financial interests to active participa-
tion in market operations. Contraction in bank
loans and deposits. amounting in the former To
SIS. .na2 900 and in the latter to 500 III 7n WAS
OF course, the most noteworthy feature IF the
Clearing House statement. III the last Two
weeks hank loans have decreased over ST. On0-
000 while deposits have fallen about $40 OOO-
00o. cash in the same time having declined
nearly S1!0no000 In yesterdays statement
the loss in cash amounted to S4.762.4Hh, about
S1.00000 larger than Fridays estimates in
dicated- II is encouraging to note that the local
hanks are now gaining on opera tions with the
interior. while the loss TO the Sut-Treasury is
gradually decreasing. AS result of all changes
in average hank holdings in the week reserve
increased 1857 OBS to 81 .O24 900. which COM
in 1901. Stocks generally closed at the best
prices Of the day. with the heaviest dealings
I'm Amaigamated, ST. Paul Erie. Missouri Pa
oifc. Reading. Rock Island Union Pacific. Sugar
refining. Wabash preferred and Manhattan
consolidated Gas sold down the reports re
.-ardinE the city's proposal to manufacture its
own gas and electricity.
Quiet absorption Of Manhattan Railway stock
is going on, and IN well Informed circles it is
halt ShoN
higher level, owing to its increasing investment
value Manhattan shares receive until 1905
guaranteed dividends of 6 per cent a year. with
i per cent extra. if earned As there is only
StTe,hNOHh of the stock, the conlpany's prospects
for the additional dividend of per cent
celent: but even without the extra rate 10 stock
holders guaranteed a good return on their
investment. especially purchases made az the
prevailing market quotation. In the last fiscal
year the road earned above dividends sur
plus of S1.153.4a5. against a surplus Of S4uo-
S35 in the preceding year. while the number
OF passengers carried Increased 29-214 9ti7 The
growth of New-1ork is reflected in the on
pansion in the number Of passengers carried hy
the elevated system iii the last few years. in
1895. for instance. the total heing 1S.2, i:i7 - ~
while in the year ended September 80. I9o, tho
total H.2,33 42,7 2S3 There is also good buy
ing at present in Brooklyn Rapid Transit stock
The company is gradually emerging from the
period Of enormous expenditures on its property
while il is beginning To enjoy the benefits "f
these payments IN increased facilities to handle
its traffic. in increased earnings and in tho az
cumulation of A surplus that Will before long
result fl dividends The present controlling in
terests in Brooklyn Rapid Transit express their
confidence in Tho future "f tho property hy
adding 10 their stock holdings on all availahlc
opportunities
Money market conditions Viii soon mo>n moro
IN favor of expanding stock market values. cur
rent holdings IF the banks arc larger than in
dictated by the statement of hank averages
Local bankers satisfied with the stua ton
and they reason TO look for adverse de
Telopments for many months TO come. II is
now realized that in whatever manner the gov
eminent decide. TO make the Panama Canal
payment. local hank holdings will he increased
by the operation. while il is believed that tho
oountry's foreign commerce this year will
suit in gold imports from Europe. The stock
market presents no especial reason for pre1i"
ton of further material by tho hear
element especially the short side of specula-
tion is overloaded with accounts of people who
believe that declines have limit. This
class Of traders buy stocks on the crest of
hull wave and 60 short at the end Of a bear
campaign, losing. Of course, their money
severe decline has taken place in stock values
from the high prices made last September. and.
according 10 the opinion Of competent "bsarv-
ers the loss in prices has more than discounted
.he few lnfavorabe factors in the situation
The complete statement of the countrEs for
eign trade in February shows heavier merchan-
disc exports than in any preceding fenruary on
,ecord Imports increased in value s15.;Sn.1l:
81, .~,or4s fncrea sed in value :::.9c9, ,3SI,
the excess Of exports over imports amounting IN
,.n,,,e N $40 go a14 compared with S}4,2'""-'
,ear ago. Total exports amounted in value TO
SIJ1 Jr1 105