New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-01-31
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Early strength in yesterdays stock n'afhe'
was due in part to the easier tendency In Iolies
rates and the offerings by the banks Oh can
money at 3631@ per cent. Several OF 'le iai sei
hanks nut out large amounts at the id'e"
named and their action was naturallE ln'el
,-eted as an indication that more liberal pol
i,- toward stool, market borrowers had been
started The influence Of heaV.- bank oneIlhSo
WAS not effective however. in inducing ACTIVITY
=, s+ool-e for the account Of important market
interests or public operators Total uansac-
.tors- were extremely small. In a few stocks.
,,o+abl, Atchison St Paul. Delaware and Hud-
son Southern Pacific. Erie issues. Rock tslaho'
Pennsylvania. st. Louis and San FRANCISCO
People's Gas and Amalgamated Copper nlou-
crate amount of business was transacted ou'
elsewhere in the list dealings were seherallS
confined to insignificant amounts The fallure
Of BUYERS to come into the market following the
mornings advance led to selling by the room
element in the afternoon. and. as a consequence.
early gains We're generally lost before the c'ose'
while final figures showed more net declines
+ran advances. St Louis and San Francisco
stock exhibited exceptional strength in the
forenoon dealings buying being accompanied by
reports that control Of the property had been
secured by Morgan interests Similar reports
were put forth in explanation of the rise IN Dela-
ware and Hudson, which enjoyed maximum
gain of % points closing with a net gain or Us
nofnts Control Of Delaware and Hudson DOUBT
less rests. as it has for many years. with large
,,,,,7l,er of investors who are satisfied with the
present management AS to St Louis and San
Francisco, il is quite probable that important
deIelopments affecting its control are penang
The Morgan interests control the Erie, and If
they have secured the Frisco system POSSIBLE
ities for big transcontinental line will appear
Selling in the last hour brought out no impor-
1ant holdings. while il represented nothing be-
yond traders operations
According to the known movement of money
in the week the local banks have gained up
ward Of SG700.000 in cash holdings If it had
rot been for a loss to the Sub-Treasury the
gain would have aggregated S9OUoooo but the
actual increase is satisfactory, and it ought to
exert an exhilarating effect on Wall Street sen
timent. especially in those quarters where the
prospects Of bull activity in stocks are consid-
cred far from bright OF course, the full amount
of the gain may not be reflected in to-days
statement Of bank averages, although the
chances are that its influence will be effective in
raising the reserve above legal requirements
several millions of dollars. Bank loans have
not been extended in the week Stock Ex-
change account. hut other financial operations
may have caused important expansion in
the loan item. The effect Of growing supply
Of money this centre was reflected IN yester-
davis loan market call loal.- easing to B per
cent with exceptions at pa per cent. Time
money was in good supply There was. how
ever. no urgent demand for ccommodation. Al
though sterling exchange firmer, there
no indication Of a change in favor of gold ex-
ports According TO foreign exchange author
tiles gold exports viii not he made in any vol
ume this year. while ii is thought that this
country may be importer of the metal TO
considerable extent before the end Of the pres
ent twelve months