New-York tribune., 1903-01-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

-Aa -..c-io-arv tendency that developer HI
FRIDAYS market made further progress SesDei
dsv although number Of issues falieo " en04e
;, the downward movement. Room traders
were bearish. but the presence OF po" ~
--es4s offset 70 a. great extent professional SELL
o.,,,5,,e- or,erations Declines were, as
: -,,,e confined TO fractions, Reading and ROCK
rsls,5 furnishing the chief exceptions at net
losses Of 37s and lis points. respectively. o
Friday Reading lost 31s points, so THAT tne
s.oci< lost points in two days, WHICH "6o "
- ,,e+ loss for the week. Selling doubtless rep
resented sales by spectators VINO roush' Inv
issue last wear when larger interests were ap
eorbing it for purposes of control " iiie
~ WAS declining Atchison was advancing
=. a., ,,,.7nence of heavy buying by various
.sen,s+51,e Wall Street houses. The upward
movement was accompanied by a report that
-be c,7rnpany would be taken by the feIhssi-
,-ar;s and that control would be PAID Ior lioii
the Pennsylvania's proposed new slooh iSoue
This was an old rumor revived, as was also 'le
-enort that the Rock Island might secure 'he
Atcbison People who are certain NhaI sonie
gigantic railway deal is under way are con
.-f,,oe5 that the Atchison, Rock Island and Erie
az the Pennsylvania and Atchison are aoou'
10 enter into negotiations tha' "iii Niios '--
railway map Of the country.
T. addition TO Atchison. New-Hork Central
PENNSYLVANIA and ST. Louis and san frahcisoo
we're noteworthy exceptions to the oo"h"6Io
,,,o,-er,ent Elsewhere in the active hsI "e9h-
moss developed. and. despite bank statement
showing an increase III reserve ABOVE Iesa4 ie-
1lirerlents final prices presented few lfnpol lae
,eco,eries from the lowest. The actual position
F the hanks SO far as cash holdings are con-
~.rned is doubtless much stronger than lnoi-
.sted h1, tbe statement of averages. According
% F7ridav's estimates. based on the known
movement of money, the local banks gained IN
cash over S100o0.OO0 in the week, but the pahk
statement showed an increase Of only 4''4o'1u'-
The surprising feature of the statement was d
contraction in loans of S3.Ilo,oo Inc ehoI-
mons trading in stocks in the week leo the
-+ree4 IN believe that. notwithstanding the re-
navn,ent of loans made for corporation pur-
noses on the first of the year, there would De
: large increase in the loan item. As a result
or all changes reserve increased S4,6l6,4oo, to
s14 s7o3eo which compares with Sl2,Soo'40o
at this time year ago and S2239e.oJo IN the
corresponding period in 1901. Bank deposits
.re once again heavier than loans. Much un-
easiness developed last fall because Of the fact
that loans had beyond deposits
rondon was a heavy seller in the local mar
lst Yesterday sales doubtless representing profit
taking The advance Of the last fortnight has,
or course induced heavy realizing hut few oper-
,.ore are willing 10 venture the opinion that
rrices Will not go higher. The prospects favor
hetter quotations. Conditions are faVoranle'
and il does not appear probable that the larger
Interests will fail 10 take advantage Of the cur
vent opportunity TO push prices as high as pos
chile AT the end of last summer stocks were
in the hands of overloaded pools and weak an
dixiduals Liquidation in the fall caused a
complete change in the ownership of speculative
holdings and the process of transferring stocks
AGAIN 10 weak pools and public followers VIII
require many months Of active market opera
tions Meanwhile the tendency OF NaIues VIII
Countless be in the direction of higher prices
-roo,r,,al market conditions and conditions gov
e,n,nI investment values are not in favor of a
bear campaign.