New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-24
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was active throughout
the two hours Of business on irregular move
rnent Of values that ended with net gains and
losses evenly divided. After the active bull
movement OF the week 'nere was, Of course, a
disposition on the part of many operators to
realize profits but in the greater number Of
issues the power OF absorption was heavy
enough 10 prevent an important setback in
values while in some issues. notably the so
called Gould stocks. active operations for higher
quotations were again in evidence. This was
especially marked in Wabash preferred and de-
benture bonds, both rising over per cent on
an active volume Of business. There was no
news affecting these securities, but the charac-
ter Of buying suggested that developments Of
favorable nature might be forthcoming The
Wabash company is gradually finishing its
Plttsburg extensions and Improvements, and its
entrance to that city Will be followed by
large increase in its earnings, while the progress
of the Could system to the Atlantic insures an
important increase in the traffic receipts. not
only OF the Wabash. but Of all the Gould roads.
For this reason, and for other good reasons
careful operators are watching Missouri Pacific,
G ) per cent stock selling under par. There
were sharp advances in Detroit Southern and
the Nickel Plate issues. the latter being af-
fected by expectations of a more favorable divi-
dead policy in the future. In the industrial
=
Goods Manufacturing preferred, Corn Products,
Republic Iron and Steel issues and Sloss-Shef-
field. Elsewhere the tendency was somewhat
Teactionary. An early effort was made TO ad-
vance Analgamated Copper. but after rise Of
q per cent the gain gradually lost. The
local traction group was somewhat neglected.
Early selling Of stocks outside of realizing OPP
erations was based 10 some extent on the ex-
pectation OF a large gain in loans in the weekly
bank statement.
People who figured an increase in loans
were not disappointed, as this item showed
gain over the preceding week of S3O6e9,3OO
bringing the total TO $780,. 90. 800 the largest
ever recorded IN the history OF the Network
Clearing House, exceeding the largest preced-
sng record by over S15Oo0.OO0. This enormous
expansion Offset in great part the gain Of S14,-
$4,000 in cash holdings influence on re-
serve above legal requirements the increase in
the latter item amounting to only S2S90925
bringing the reserve to S26,012,675, against S26,
414,975 at this time year ago and SOB 400
81 1902. The increase in loans was due TO the
transfer OF trust company loans to the banks
foreign exchange market operations, corporation
borrowing and speculative activity in stocks
While cash holdings OF the New-York banks
have increased S1S.0305 500 as compared with
this time year ago loans have risen S74,616,
800 and deposits ST3. 49l. 200. The gain in de-
posts last week, amounting TO S45,034,700. was
the logical result Of the increase in cash and
deposits. The appearance of the bank statement
was not followed by weakness in stocks, traders
discountng il IN the initial dealings. There was
q fair degree Of activity in the last half hour,
with closing prices firm.