New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-08
BONDS.
STOCK MARKET OPERATIONS.

IN the TWO hours OF trading the stock market
showed 4 decided Discrimination 10 move beyond
fractional! fluctuations While traders exhibited
little disposition To operate either side OF
the accou:lt. Total transactions were smaller
ahan recorded on any preceding Saturday in
The current year while. a matter OF fact.
they were nea- the liEhtesS on record amount
ing to only 4O.532 shares The heaviest deal
ings were in Anlalgaraated Copper, Brooklyn
Rapid Transit Pennsylvania. Union Pacific, the
United States Rubber shares. the United States
Steel issues, National Lead and Consolidated
Gas in which .inaI prices showed as a rule
small fractional declines IN the last half hour
prices tended toward p lower level, although the
movement was confined to small fractions.
Bank statement figures which showed a large
decrease in cash and reserve holdings and a
large expansion IN loans and deposits, naturally
eXerted unfavorable effect on speculative
sentiment a gain OF over 100000 in loans
was not due TO commercial or Stock Exchange
borrowing. but represented special operations in
which the city bond sale, the japanese loan
and the Panama Canal payments may have
figured. This gain naturally helped 10 reduce
the reserve above legal requirements through
its influence deposits. Cash holdings de-
creased SG.0S3, 800, deposits increased S17 345-
600 and loans increased SCI, 393. 900. bringing
the total of loans to the unprecedented figures
Of S1.07o. 030oO0. AS a result of all changes
reserve above legal requirements decreased S1O-
420Oj0 to So, T24 200, which compares with
Sl0,029,S so at this time year ago and So 46l,-
600 in 1902. Since the first week in January
OF this year loans Of the associated banks have
increased S115O37. 500. while in the same time
deposits have increased S225 999 500. but in that
period total holdings Of cash have increased
So, 537, 100
Reports received yesterday from the CONNER
cial agencies indicate quiet volume Of bust
ness throughout the country, with operations
for future requirements being conducted with
the greatest caution. The percentage OF idle
factories has increased but structural work IS
expanding, while the outlook for a good de-
fnand from builders in the rest Of the year APP
pears TO be promising. Commercial failures
last week. reported by "Dun's Review"
amounted to 207, compared with 10 in the
responding week year ago. Bank clearings in
the last week at the leading cities showed a
falling of OF over IL per cent compared with
year ago. and 30 per cent compared with
1902 clearings at this city are well under the
record OF the two preceding years. while at
other important financial points the decline is
much smaller. OF course much Of the loss in
this city is accounted for by the great reduc-
ton in the volume of Stock Exchange business.
According to the opinion OF people who are
well Informed regarding the outlook in the iron
and steel trade, the prospects do not favor a
heavy volume OF business in the next few
months, but conditions suggest healtful mar
ket with the promise of expanding business
later in the year. The dissolution Of the Lake
Ore Association expected, and it therefore
failed TO cause serious trouble in the trade.
Quotations Tor pig iron easy IN all markets,
but sales are small. and aside from the placing
Of contracts for new railway construction work
and castings very little is being done in this
market The country's export trade is not IA
Voraole at the moment owing TO the large fall
.ug off IA the volume Of grain shipments, which
n the week amounted Tor wheat 10 about 2,OOO,-
boo bushels as compared with the same week
year ago, while in there a falling of
N shipments 10 the amount Of over 10000
bushels from the same week in 1903.