New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-07-04
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values moved in the direction of
lower prices in the greater part of the day.
Trading was confined to the operations OF the
professional element, commission houses taking
no interest in the days dealings, while the more
substantial financial interests not identified
with the movement of securities A lower range
Of values in the London market was responsible
for weak opening on the local exchange. Ex-
pectations Of an unfavorable bank statement
also induced operations the short side of the
market in the first hour of business, while the
publication of the statement in the last half
hour was followed by a general selling move
ment throughout the list. Declines, however,
were not important owing to the absence of
public liquidation and the refusal of operators
20 deal extensively the short side, despite
the development of several adverse influences.
Outside of the leading speculative issues. trans
actions were confined to unimportant totals.
In Atchison, Hooking Valley st. Paul, Brooklyn
Rapid Transit, Union Pacific, Southern Pacific
and Reading there was practically nothing do
ing in the railroad list. Among the industrial
shares there was little animation, the United
States Steel issues supplying the chief part of
the days business The United States Steel re-
funding bonds were moderately active, and, ac-
cording to information received from trust
worthy sources, buying represented the opera
tons Of conservative investment interests. AS
the price of these bonds is well under the
actual worth of the security, it is not unlikely
that they will prove a profitable speculation if
buyers willing to exercise large amount of
patience. The general list of stocks and bonds
offers many attractive opportunities for the
accumulation of valuable securities at cheap
prices, with the certainty of a higher quotation
level at some future period. OF course the ma
jority of the spectators cannot afford to tie up
their funds for any length of time, and it is
therefore unlikely that people with moderate
means will be able to make fortunes by entering
the stock market at the present time.
The weekly bank statement showed. as ex-
pected. a decrease in cash. The loss, however,
was nearly S3O00000 heavier than foreshadowed
by Thursdays estimates but, Clearing House
statements invariably out of line with the
known movement Of money, the large reduction
in cash in the current week created no surprise
in Wall Street circles. AS result of all changes
reserve abIYe legal requirements decrea sed 81
b46,175, SSS77675 which compares with
S100S4 in the corresponding week in 1902
and S5,2l1525 in the same week in 1901 Local
bank loans now stand at $917, 444 200 against
deposits of 1903. S92, 800, while at this time a
year ago loans were upward of $49000O0O less
than deposits. 1t is interesting o note that the
reports of national banks throughout the coun-
try, called for by the Controller Of the Cur
Tency, show in the last year a rapid growth in
loans and only small increase in cash hold
ings. On July is. 1902 loans amounted to 3d.
221, S59,631, compared with $3,415,045,751 on
June 8, 1903. The increase in loans has been
much heavier than the gain in deposits and cash,
and as a consequence much uneasness is eXhib-
tied in some circles over the position of the
banks of this country. Bank loans, however, are
as a rule backed by first class security, and il
well informed and conservative banking circles
It is not believed that the excess of loans above
deposits Will result in disturbance in the none
fary situation The decline in bank reserves
last week and the large falling off in receipts
of currency at this centre from the interior sug-
gest the possibility of higher rates for money,
but IT is not thought that there Will be any real
disturbance in the market.