New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-15
BONDS.
STOCK MARKET OPERATIONS.

Trading In yesterdays stock market was light
In volume on irregular movement of values
which showed more net losses than gains at the
close. Extreme weakness in the Erie shares
was one Of the few features Of the day, selling
In these issues. however, not being explained by
news developments affecting the property. AS
the Erie control is no longer vested in a voting
trust the chances will favor greater activity in
the stocks OF the company; and 1t may come to
pass THAT Efforts will be made to reduce the quo
tations Of the stock to lower level for the pur-
pose OF either strengthening the ownership of
the larger interests in the property or affording
an opportunity for other interests to secure a
foothold In the Erie management. 1t may be
pecessary for the Erie TO raise much more money
before IL will be able to complete contemplated
Improvements. but eventually the road ought
TO occupy a position that will encourage the
greatest confidence IN its securities among in
vestors. The road has made marked forward
strides since its reorganization. and it has shown
its ability to make big earnings. Consolidated
Gas was strong in the early dealings, while in
most parts Of the industrial list moderate firm
ness was reported. The railroad shares as a rule
moved within narrow limits and even the ap-
pearance OF the weekly bank statement failed
TO stimulate them to a noteworthy degree Of
activity. In the last half hour the tendency was
generally in the direction Of lower prices but in
view OF the unfavorable nature of the bank
figures prices showed great resistance to bear
pressure.
Cash holdings declined about double the esti-
mates made Friday. the loss amounting TO
S1o4213oO while reserve above legal require
ments was reduced S9S969J0 to So, S27, go.
This compares with $S992. 625 in the same week
a year ago and SS342 525 in 1902. Loans in
creased nearly SS,O000OO, making a new high
record for this item, while deposits showed
decrease Of over 100000. It may be taken
for granted that the large reduction in bank
holdings Will be followed by frner rates in the
loan market especially as the outward move
nent Of gold is not yet at an end, further en-
gagements Of the metal for Tuesdays steamers
having been made yesterday. Upward OF
SloO0OOOO will be shipped on that day, accord
ing to engagements already made, while addi-
tonal engagements may be arranged tomorrow.
buoyant stock market cannot be expected
under such conditions. but the Street appar-
entity does not expect acute disturbance as a
result OF the outward movement Of gold.
iew years ago exports Of so much gold within
such a short time would have caused decided
weakness IN stocks and great uneasiness in
financial circles; now, however, conditions in the
country's financial position are different and no
one is at all alarmed over the exports There Is
plenty Of gold in the country and the loss on
shipments this spring will be Offset by receipts
Of new gold from our own mines and from the
Klondike. Higher rates for money will be well
coined by the banking community; and then it
should be borne in mind that better quotations
Tor funds will bring the gold exporting move
ment TO an end.
The heaviest losses in the day were in Anal
sanated Copper, which suffered a net decline OF
l point; Erie first preferred. is; Erie second
prsferred IL; Reading second preferred. "a
and Wabash issues. which lost l per cent for
the common and q for the preferred Conson-
dated Gas closed at a net gain of 21k, while
other strong features the local traction
shares. National Lead and the Iron and Steel
Issues. The close was at about the lowest prices
OF the day.