New-York tribune., 1903-03-07
soNDs.
THE DAYS OPERATIONS IN STOCKS.

Stock market values developed rsilying ten
dency in yesterdays trading, without, however
-ecordinR important price improvements on
.h.- advance there were heavy offerings in va
yious issues, and although these sales were we'll
absorbed they were effective in preventing a
successfuI upward move, while in some cases
they were followed by lower values The gen.
eral level Of prices. however, showed net e&pall-
sion as compared with Thursdays closing hg-
ures As the preceding days disquiettng ru-
rnors did not develop into facts. sentiment Was
more cheerful and traders were more inclined 10
reduce their commitments on the short sloc'
sspeciaIIy in the active issues that have Tor sew
eral days been under aggressive hear pressure
In speculative circles it is still thought that INC
short side Of the market will be profitable Tor
.-ood Turns throughout the month as it rs be-
,i.,ad that monetary conditions will cause stiff
ls,dinr rates for several weeks to come ana
f,,rfEar Itouidation of long accounts. Regarding
tbe money market il should be noticed that III
the week closed yesterday the local banks gained
IN operations with the interior. It may not pay
70 be TOO bearish over the stock market OUTLOOK
for the next few weeks. while it certainly VIII
mot 2rove profitable to conduct current opera
not develop later on in the season. Call money
ruled at J% per cent. while sterling e1chahee
declined under the pressure Of heavy offerings
of hankers' loan bills and commercial bills, de-
ruaud rates closing under $50 The weakness
in foreign exchange Is now accompanied py
heavy exports Of grain, shipments OF corn IN
the week reaching a larger total than IN any
week since March, 1901 The heaviest dealings
were in Amalgamated Copper. Sugar Refining
Pacific, Pennsylvania. Reading, Rock Island,
Southern Pacific Union Pacific and the United
States Steel shares. Last prices were generally
at the best Of the day.
According to the known movement of money
this week the local banks have lost upward of
$5J0000o in cash holdings operations with the
Sub-Treasury being responsible for the greater
part of the loss The effect Of the reduction In
cash on reserve above legal requirements VIII
depend TO A large extent on the change In the
loan and deposit items. From all Indications
material contraction has taken place in loans
and il is therefore probable that the decline in
reserve will l,e much lighter than suggested by
the falling of in cash. A large part Of the bur-
den that the local loan market has been carry
ing for the last few weeks has. il is understood.
been shifted to Europe, while it is believed that
for some time 10 come monetary requirements at
this centre will be financed in foreign cities
Last wear loans of the associated hanks rose
from $3.50 :J46e0Q on January To $!E'Sl Slh.2H
OH March l. and from the iatter date there was
an almost uninterrupted reduction until the
second week in June, when the total stood at
ssS1 UIO 4Oa contraction of $5I-1!0Sn in
fourteen weeks In August loans reached S929,-
14SO0n hut from then until the end of the year
2 contracting tendency prevailed. So far this
wear the movement Of bank holdings has fol-
lowed precedent. and there is no reason to sup
pose that it will not continue to do so in the re-
maiader Of the year
The decline in Thursdays stock market at
tracted many careful buyers, who were espe-
ciaIIy we'll disposed toward the medium and low
priced railway and industrial shares. It is fully
admitted by the most active bears that there
will be a bull campaign in stocks some time this
wear while the leading market interests. Ill
vestors bankers and spectators of large fnan-
ciai resources are outspoken in opinions favor
able to the accumulation OF securities OH all de-
cIines to hold for better prices. There are not
many instances OF prices that represent more
than intrinsic worth while there is long list
of valuable securities in which quotations do not
measure actual merit. In the industrial list
rrices are generally cheap. In the market of the
last week the industrial shares exhibited note
worthy resistance to the efforts 20 bring about
lower price level. while offerings when made
we're quickly absorbed. The industrial STOCKS
that are listed the Stock Exchange are as
,rls safe investments; in Iced. their record as
dividend payers equals, and in many cases ex-
,e.ds She record of the railway shares. Indus
t-,aI s,oek dividends disbuTsed on March
ur,ounted TO $3O.OOO.Oo0. making for the first
- ,,,ontts of the year total payments Of $780,
sJI6.