New-York tribune., 1903-03-29
BONDS.
THE DAYS OPERATIONS IN STOCKS

Further selling pressure developed In yestel-
DAYS market, and as a consequence new 10"
record prices for the year were MADE in the
greater number of issues Declines of one and
two points were common in the active hst Out
the extreme declines were mostly recovered De-
fore the close while in many issues small net
gains were recorded. An Unexpectedly faFoI-
able bank statement helped sentiment and II
was thought likely that prices in this weeks
market would reflect in an advancing tendency
the vastly improved condition now prevaiiins III
bank holdings and in the local money market
As result of all changes reserve above legal re-
ouirements increased So. 100000 to S6,2oO,OO'
which compares with $6,965.515 6 year ago ana
S7STO. 500 in the year before. Loans decreased
S6 94S 200. making reduction in this account IN
the last four weeks of about $45,OO0OOO. The
surprising feature Of the statement was an IN
crease in cash. fridays estimates indicating
loss Of over So 600 600 in this item. Cash in
creased S1.494 900 ard deposits decreased
Sc 400 400 the latter falling considerably snort
Of balancing the change in loans a1.d cash mold
irzs. The local banks have been improving their
position for several weeks, while the prospects
are extremely favorable for further increase in
reserve in the course Of the next few months,
and an easier tendency in the money market
Good buying reported on yesterdays de-
cline. the attractive prices doubtless inducing
PIE who come into Wall Street when cheap
prices prevail are beginning TO make their ap-
pearance, and IL values should go lower this
week an active buying demand for the account
Of operators who never deal on margins VIII
doubtless develop There are many good reasons
for the purchase Of stocks at prevailing quota
tions, especially the medium and low priced
issues in which the market level is many points
under the actual worth OF the securities. as. for
anstance. IN the high class dividend paying in
dustr4aI stocks selling at figures that net from
to 10 per cent on the investment The in
dustriaIs have been selling at cheap level for
many months and as they have enjoyed no
speculative activity Of Importance in the last
eighteen months they have not figured to any
material extent in the current sagGing market.
When & bull market develops good industrial
shares ought to be leading features They are
increasing in actual worth They represent the
industries OF the country. industries that are
rapidly expanding in a manner that will insure
dividends in years Of depression. The in
dustriaIs Manhattan. Brooklyn Rapid Transit.
Atchison and railroad shares OF merit selling
under par are being accumulated by conserva-
tive interests.
Manhattan declined q bout two points in
yesterdays market, but rapidly recovered the
loss Manhattan is a guaranteed Z per cent
stock. and its dividend will not be injured by
labor troubles. Brooklyn Rapid Transit held re-
markably firm and favorab BILE talk regarding the
property heard. B. R. T" stock will be an
attractive investment issue at no remote period.
Atchison well supported. but the stocks in
terested i'm the Keene-H Hartman fight were
weak. especially Southern Pacific which broke
TO ssh, closing at 60:s. net loss of q. The
sharp break in Southern Pacific accom-
plished by rumors Of financial pressure against
the pool, and the free selling Of the stock was
thought to indicate confidence on the part OF the
controlling interests that their position is too
firmly established TO be injured by the opposition
Of Mr.. Keene. Keene brokers hammered Union
Pacific. and the price touched Ssh closing at
90Is. a net loss of Il. The outlook for members
Of the Keene party does not look bright at pres
ent-that is. the outlook for profts-as their
holdings of Southern Pacific represent purchases
many points above current quotations. Keene
brokers also sold United States Steel preferred,
doubtless in the hope Of inducing general Hqui-
dation. The market closed with prices for the
ma ajority OF issues at fractional net gains.
Prices ought to rule higher this week.