New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-06-20
sE1 dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

Although early prices showed considerable II
regularity. with declines in number of issues,
the movement of values in the greater part OF
The day was IN the direction of higher figures
Final quotations were at net gains throughout
the list, special improvement being recorded pV
Colorado Fuel and Iron. Metropolitan, Reading
Tennessee Coal and Iron, Atchison and the
wabash issues. United States Steel shares nat
r1raIiy attracted q large amount OF attention IN
the early dealings. but. contrary 10 expectation
their prices did not show material declines at the
opening while in the subsequent transactions
both the common and preferred exhibited de-
cfded strength. Reports regarding the condition
Of the steel trade show no reason for uneasiness
over the position OF affairs in The iron and steel
market A greater degree Of conservatism Is
being practised in all departments Of the iron
and steel industry. but there is no sign OF weak
ness IN the trade and no expectation on the part
OF iron and steel men that the demand IN the
rest OF the year and in 1904 viii show a material
reduction from the record breaking period Of
1902 That steel men expect an active business
as far ahead as 1904 is reflected in the acton
Of the United States Steel Corporation and the
independent companies in fixing the price OF
steel rails at SOS a ton. the same figures that
prevailed a year ago. Gould brokers were buy-
ers of the so-called Gould stocks while Western
son Union Pacific and the Erie issues The
greater part Of the days business represented
the operations of professional traders. comms-
sion houses having few orders for pubic &C
count while investment interest IN the market
was not important The foreign exchange mar
llet continued firm. but there was no change OF
importance in money rates. Considerable buI
enthusiasm was created in the afternoon deal
ings by the extremely favorable forecast Of the
weekly bank statement
According to the known movement of money in
the week the local banks have gained S5.32l 100
en- cash holdings Receipts Of currency from
the interior were heavily in excess OF shipments,
while on Sub-Treasury operations there was a
gam Of 500. 900. The movement Of money with
the interior viii doubtless run in favor Of this
centre until the end Of July, at least, and the
prospect Of further gold exports is. therefore not
Of adverse significance so far as the local
money market is concerned. Engagements Of
gold for shipment to Europe viii probably he
made next week. and unless there should be
radical change in the home and foreign markets
exports Of the precious metal may he made with
considerable regularity in the course Of the next
two months. Banks viii doubtless he able TO
reduce their loans this summer. The loan item
IS large enough 10 cause uneasiness in many cir
cles especially in view Of the fact that deposits
are smaller than loans. while actual cash hold
Sings are smaller than they have ever been at
this tine in the history Of The Clearing House
Compared with 3 year ago, on the basis Of last
Saturdays bank statement. cash il the asso-
ciated banks amounts to S231, 1S4 600 against
S249 019,50O in the same week in 1902, and
s254 $50 700 In 1901 i year ago deposits were
Sa42. Sos coo against loans OF SSS10104o0 while
3n last weeks bank statement deposits were
$3.50. S29. 700 against loans Of 1908 10000
de ar1CE
about S56.000o90 under the record at this time
last year. while loans are about $22,oooop
heavier than they We're q year ago, with current
cash holdings 100000 lighter than in the
week IN 1902, creates an unfavorable impression
in some quarters regarding the local monetary
situation. To go back TO 1901. It viii be found
that in this week al that time loans stood at
$500. 943 800 against current loans Of $685.
2e2,oo deposits at $685.. 1914 800 against $3.50,
S29. zoe at the present time. and cash at sob
$50, 200, compared with S231 1S4 600 in last
weeks statement. Actual bank conditions
reflected In the Clearing House statement. were
stronger at this time last year and in the year
before than they are to-day. but there IS, never
theless no reason for uneasness over present
conditions Loans are well secured. and local
bankers are too intelligent and too well informed
permit the development OF conditions that might
affect adversely the position OF money and bust
ness a feature Of the local money market yes
ferdsv was the heavy offering of foreign funds.