New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-01
BONDS.
STOCK MARKET OPERATIONS.

Operations in stocks in yesterdays short ses-
sion amounted to only 7O59S shares, with the
heaviest dealings in the few issues which had
been active in the last week. In a great many
stocks there were no dealings at all, while the
leader in point Of activity, United States Steel
preferred supplied less than 1000 shares out
Of the entire total. Few commission houses
had orders for the account OF the so-called pub
lie, and it was hard to find 3 broker on the
floor who had conducted transactions for i'm
portant market interests. Trading was made
up almost entirely Of the operations Of the
board room element AS rule the tendency of
values was toward a lower level although de-
clines were generally confined to fractions with
the quotations showing unmportant net changes
as compared with the preceding days final 1g-
ures. In the first twenty-five minutes Of bust
ness there was not q single huctUation exceed
ing Is. but subsequently fractional changes rose
high a. which was the extent Of price
changes in the so-called active securities. Read
ing was up a fraction. while the Steel shares.
Atchison, Union Pacific and Amalgamated Cop
per were lower. There was little in the final
dealings that suggested a revival OF activity IN
the coming week.
Bank statement figures were not effective in
huences in shaping the course Of trading IN the
last half hour Of business While Tuesdays
estimated movement OF money in the week IN
House figures showed a small increase, al
though the reserve above legal requirements
presented a decrease Of over S1,0O0OO0. This
reduction in reserve was due TO the expansion
IN loans and deposits the last named decreas-
ing nearly 100000, while loans were larger
by over 100000 as compared with the preced-
ing week. Both loans and deposits again
reached new high records. AS a result Of all
changes the total reserve above legal require
ments was reduced 10 S33 143 go. against
S11,1S $50 IN the corresponding week a year
ago, and S7,4s4OOO in 1902.
In view Of the large cash holdings OF the
associated banks, amounting to S311. 736 200. an
increase Of SIS 900 from this week in 1903.
the enormous loans cause uneasiness in
banking circles. although they are looked upon
with considerable alarm among people who
are not well informed regarding the strong po-
sition Of the banks and the excellent character
Of the security back Of the loans. There is lit
tie activity in the loan market, as far Stock
Exchange borrowing IS concerned, but the banks
are making fair profits the loans which are
made by the railroads and other corporations
short time notes. A decrease in reserve
would be welcomed by the local bankers. mas
much as they would then be able 10 secure bet
ter rates for their money. The chances are
that the weeks bank statement made a bet
ter showing than actual conditions warranted,
owing TO the fact that the whole amount OF
the weeks gold shipments not reflected in
the exhibit. The statement was compiled on
falling averages, and it is therefore quite likely
that next weeks statement will present much
poorer showing II will require some time,
however. before gold exports cause material
reduction in the supply Of money at this centre.
Reports received yesterday from the CONNER
cial agencies reflect a movement Of business
which is being conducted in a conservative
manner. with purchases restricted TO immediate
requirements. Manufacturing plants not
working at their fun capacity. but the output.
nevertheless. is much more satisfactory than
many manufacturers expected earlier in the sea-
SON. There was little change in the week in
the iron and steel trade, although in several de-
partnents a slight increase in activity was re-
ported, notably in structural material. Con-
tracts for the third quarter Of the year are not
being placed as yet 70 any extent, and unless
there should be liberal engagements the output
Of pig iron will Of course, show a material de-
crease. AT The moment pig iron is weaker at
Pittsburg, while the increase in the activities
Of the blast furnaces has brought the capacity
above the markets requirements. According
70 .'Duns Review" failures thus far received
FOR April show liabilities % over S10OOOOOO Of
which nearly 100000 represents failures in
manufacturing. over 100000 in trading and
nearly S2OO0O00 in other commercial lines
The total number OF failures for the week IN
the United States amounted TO 2O2 as COM
pared with 203 IN the corresponding week
wear ago. Bank exchanges at the leading cities
Tor the last week show decrease OF over ID
ner cent as compared with year ago. and a
decrease Of 81 per cent compared with the same
,i,,,s IN 1902 Exchanges for the month were
lager than IN March while the loss compared
with last year was smaller than IN either OF
The two preceding months