New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Activity in yesterdays stock market was con-
fined to a few of the more popular issues, but
IN these dealings were not heavy, while
Significance was seldom attached to the transac-
tons beyond that involved in the operations Of
board room traders Prices were irregular at
unirportant final changes, net gains and losses
being equally distributed. The dulness of the
market may be judged from the fact that the
seEas-official announcement regarding the Rock
Island Frisco deal fell absolutely fiat mar
ket influence In the last hour the best buying
Of the day developed, and under the lead of the
copper shares, Delaware and Hudson and Mex
team National the whole list strengthened, clos
ing as a rule at top prices The decline in
American Grass Irvine Of three points was on
sales Of two hundred shares, and a loss of fifty
one points fro its last preceding sale in Den
yer and Southwestern preferred was made on a
transaction of one hundred shares This ex-
traordinary decline was doubtless due to a
forced sale at a time when there were no buyers
who would pay anything but a nominal price for
the stock Delaware and Hudson was appar-
entity bought by the interests who were re-
sponsfble for its advance several days ago, while
Mexican National issues were in demand IN
quarters where information On Mexican railroad
affairs is generally correct. Both the common
and preferred are booked for higher prices, &C
cording to the programme of the people behind
the movement. Wall Street gossip indicates that
there will be big bull following in Manhattan
and Brooklyn Rapid Transit as soon as the mar
kes shows tendency to expand Just at pres
ert good buyers quietly absorbing stocks,
and an active rising market is not desirable
until insiders lines are carefully adjusted for a
bull movement Of large proportions.
The tendency among trust companies to with
draw from Clearing House privileges, rather
than submit TO the enforcement Of the rule to
maintain large cash reserves, removes the dan
ger Of a serious drain on the banks on June J.
when the regulation goes into effect There
should therefore, be no unusual fluctuations in
money at that time. Conditions in the money
market are moving in the direction of ease and
stability in rates. and at this early period it is
believed that there will not be a repetition IN
the fail Of the troublesome developments that
marked the course of money in the same time
IN 1902. Congress will doubtless meet in extra
session in the early autumn 10 enact currency
legislation reform. Gold imports viii. from cur
rent indications be made at that time, while
the market viii not be adversely affected by the
, Panama Canal treaty payment, if it is ever
Y made as the Treasury will be able to withdraw
? the entire amount from its surplus cash with
out impairing its regular cash balance or draw
ing on its deposits in depository banks
Conditions in the financial situation have been
vastly improved by the extended liquidation
that has taken place in the speculative mar
kets and by the checking Of the consolidation
and new stock issues schemes. There is no ad-
verse factor hanging over the market. and the
only uncertain feature is in foreign exchange,
the developments in which cannot be easily de-
terrined If gold goes out now the chances Of
gold imports il the fall will be improved Ac-
cording to the known movement of money in
the week the local banks have gained over 3d.
100000 in cash holdings, and unless there has
been a large expansion in loans the greater part
Of this gain ought to be reflected in the reserve
above legal requirements.