New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-27
BONDS.
THE DAYS OPERATIONS IN STOCKS.

STOCK market movements were disappoint-
Ing 10 the advocates Of higher values. the tend
ency OF prices In the greater part OF the two
hours Of trading being in the direction %
lower level. Forced liquidation was acain IN
evidence. especially in the local traction shares
sales In Brooklyn Rapid Transit and Nanhat-
tan apparently being ia great part FOR the ac-
count Of people who were urgently IN need Of
ready cash TO protect their interests elsewhere
Manhattan is earning mere than its dividend re-
auirements. and there is no reason in the
condition Of the property Tor sales q the stock.
Current declines. however. are not based on
the position Of investment properties. and there
IS Therefore. I'D occasion FOR investors who do
not need actual cash TO part with their holdings
because Of the depreciation in market values.
Brooklyn Rapid Transit. OF course. is not a
dividend paying issue. but ITS prospects for
dividends are growing brighter. and the actual
value OF the stock is far greater at its present
low price than il was two years ago when il
sold wen above par Opening at :552.. this stock
sold down 20 31ie. closing AZ net loss Of
points while Manhattan closed at 12S2.. "a loss
OF % points Metropolitan lost 81. United
States steel common sold TO lG. the low price in
Thursdays market. and the preferred TO coz.
fracuonauv above the low record quotation.
Declines Of q point or more were common. with
the heaviest losses. outside Of the stocks already
named. in Baltimore and Ohio. Canadian Pacific,
Erie. General Electric Louisville and Nashville,
Norfolk and Western. Peoples Cas- Rock Isl
and. Southern Pacific and Union Pacific. on
sales Of one hundred shares each, New-York
Dock preferred lost - points United States
Express 4 points and Wheeling and Lake sec
ond preferred = points
"A favorable bank statement was without ef-
feet OF values the heaviest declines develop
ing after tb. publication Of the Clearing House
figures Iiuudation in stocks in the week WAS
reflected in a contraction I'm loans Of S50JS100
cash decreased Sti5e 800 and deposits SS.l3a loo
SO that reserve above legal requirements in
creased 81 .3a5.G15 TO Sl4 10000, which com
pares with S,,.-3G 625 year ago and Si6--33-
O25 in 1901. The banks hold En- actual cash
500. $4,000. or S11 .5a9.2oo more than at this
slime last wear while current deposits are larger
than those 0f q year ago 1E about S-lf''f'J
Loans. however. show Eeln over ii-% Neeh IN
$780, of S4-U..lgff Loans are upward 81 Hle.-
aOoolu heavier tu.u deposits. LuIeou SOLO
stocks iu Jle local ll.arne- Foreign houses haN
sold heavily ODD balance thls week, and, accord
ing 10 the present temperament cd Lgrelen oi,ef-
ators The chances OF support ia tins marhe'
from London or the Continent are NOT EfoihlslI-
London is having troubles OF us own, ana ~ can
hardly be expected 40 come To the reIaL OF ihe
New York market The situation ID l.oAaon j
much like that iu this CITY. Inc pEhAt lA -l--
lsus win nOT buy stocks Fiuanylers are iiea
mn with :uofEtstIblc securities. ana ID oiqeI 20
protect themselves they haNe been forced 10
throw investment holdings Un the market