New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-02
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Total transactions in stocks amounted to
2oo.215 shares. the lowest record Tor any day
this year. On the corresponding day two years
ago dealings were in excess of two million
shares. with upward Of two hundred different is
traded in In yesterdays market there
were only 103 different stocks dealt in Despite
this dulness there purchases in a number
Of issues by important interests. notably in
Atchison, St Paul Delaware and Hudson, Erie,
the local traction shares. Missouri Pacific, Penn
sylvania- Rock Island, Union Pacific and United
States Steel. General commission house bust
ness was, however. at a standstill Prices were
strong in the greater number of cases. with net
gains In most stocks the close, substantial
Improvement being recorded by Delaware and
Hudson. Metropolitan. Pennsylvania and St
Louis and San Francisco. News developments
are all in favor Of market activity but the pub
lie showed disposition TO buy. Crop reports
were favorable, the weekly movement of money
showed a large gain for the local banks, rail-
road earnings were heavy, exports of corn pre-
scented an increase of 2.0Soo00 bushels over the
same week last year and an increase Of 10000
bushels over a week ago. and the Pennsylvania
Railroad declared its regular semi-annual divi-
dend- Factors OF this character will eventually
attract buyers TO the stock market IN the
mean time holders should continue TO maintain
position on the long side of speculation.
According to the known movement Of money
IN the week the local banks have gained
81. 100000 IN cash holdings. The movement Of
money from the interior was heavily in favor
Of this centre. while in their operations with
the Sub-Treasury the banks suffered small
loss. Light exports Of gold to South America
and Paris and Withdrawals for Canadian &C
count took upward of S2,000,000 from this cen
ire but as a consequence of the large gain
interior operations there ought to be an increase
in the reserve above legal requirements. espe-
2ially as the banks have not been active lenders
IF money for stock market purposes. loans on
this account having been restricted to a par
tioularly small amount It may be, however,
that loans for American account held in Europe
have been transferred in the week to the local
market although it is we'll to bear in mind that
predictions regarding the bank statement are
seldom profitable, owing 10 the peculiar changes
which the average system brings about. No
matter what the statement may show. it is
well known fact that the monetary situation is
IN q position of growing ease while it is CON
hdently believed that rates viii prevail at OF
under the current level for many weeks 10 come
Strength in the sterling exchange market merely
indicates Legitimate international financial con-
ditions and # shipments Of sold should be made
next week there VIII he 10 uneasiuess in well
Informed Wall street circles. This market is
now well able to spare Il certain amount of the
yellow metal. but the prospects do not favor an
important outward movement, rs Europe does
not need the metal ard this country is rapidly
Iiquidating its fore.-n debts by its growing ex-
cess Of merchandise exports over imports. The
statement Of foreign trade for March which will
be published in the course OF the next two weeks.
VIII, from the known movement Of trade
through the month. show large increase in
exports and large balance in favor Of this
country. despite heavier imports. Exports from
the port CT New-Eork have been running ahead
OF March q year ESQ. while from all Atlantic
and Pacific points OF shipment the foreign move
1nent Of our breadstuffs and manufactured arti-
cles has been enormous.
Current buying Of the so-called Gould shares
is the leading feature Of stock market trading.
Gould brokers are at present handling the only
important transactions. and from statements
made in well informed quarters il is safe 10
make the prediction that Missouri Pacific and
the rest Of the so-caIled Gould group viii en-
Joy increa sing activity az an advance in prices
throughout the course Of the next few months
Earnings Of the Missouri Pacific viii he largely
increased next year through the travel to the
St Louis Exposition while the road will also
enjoy the benefit of heavy crop and general
merchandise traffic. Buying OF the Wabash de-
benture B bonds has been active in the last two
weeks with purchases recorded for the account
of substantial market interests. These issues
are entitled TO 6 per cent, and while payments
ere not being made al present the outlook IA
vors q distribution to the bondholders at no
remote period. The character of buying sus-
gests the holding Of all the Wabash securities
OF the local stocks Manhattan continues In
good demand for investment account; also for
the account Of people who believe that large
speculative profits may be secured by buying
guaranteed Z per cent stock under 100 Man
haitian is selling In the neighborhood Of l4l,
rrice which certainly does not measure the In
trinsic worth OF this security. The local traction
shares viii make money irrespective Of general
trade conditions. and st may, therefore. prove
wise TO make investments in the stocks at the
current low quotation level. There has been an
excellent demand for Brooklyn Rapid transit
with large purchases by inside interests
THE DAYS OPERATIONS IN BONDS.