New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-31
BONDS.
STOCK MARKET QUOTATIONS.

Stock market prices opened at advances as
compared with the preceding days final figures,
and throughout the first hour the tendency was
generally in favor of better quotations. 1t is
probable that the closing level would jamestown
a long list of net gains If it had not been for
the publication in the last half hour of business
OF what was considered distinctly unfavora-
bic bank statement. and in some quarters de-
cidedIy alarming one owing TO a further
nous expansion in loans, bringing that item
TO the largest figures on record. Deposits also
broke the record. crossing the billion dollar
mark, to 81. O23 943. 500, the highest preceding
record being made in 1902 at S1.019, 4742O0
Loans increased S294S7. 300 which. with an
increase in deposits of S37 $40 500. offset the
gain in cash of SS4O65o0 as an influence on
reserve above legal requirements, the latter
item decreasing S943.625 from a week ago.
There is no good explanation for the large ex-
pansion in loans in the last five weeks amount
ing to over S1OOO00oO0. but it is probable that
large corporate borrowing. investments in ster
ling and commission house time loans have
been the chief factors. Such extensive Dor
rowing, however. is unusual, and when it is
borne in mind that. despite the liquidation
in the stock market in 1903 loans are now
heavier than ever before on record, the situa-
ton cannot help being considered remarkable.
money available for the loan market and, as
they not lending on collateral of the cat and
dog variety. there is apparently no occasion for
uneasiness. The New-York banks have always
taken good care Of the financial situation at
this centre. as well throughout the country.
Trading was entirely professional in the
greater number of issues in the two hours OF
business. without important feature In the
early dealings. considerable strength developed
in Atchison Union Pacific and st. Paul. but
with the exception Of the last named, advances
were lost in the final reaction. In the industrial
list further selling of United States Steel pre-
ferred was reported. transactions in this issue
being heavier than in any other stock on the list
amounting TO over $4,000 shares. Elsewhere in
this department of the market moderate firm
ness in the opening trading was followed by
weakness at the close, final prices, however,
showing. q rule. unimportant net declines.
United States Steel preferred has declined about
5 points in the week. and according to Wal
Street gossip. there is enough bearishness on the
issue TO encourage the expectation of a lower
quotation this week. This opinion is based on
the adverse reports from various authoritative
sources regarding the position Of the iron and
steel trade and its prospects for the current year
There has it appears been an increase in the
output of raw and finished iron without cor
responding increase in demand, and as a conse-
quence. a growing stock in makers hands. 1t is
easy 10 trace this situation to the expectation on
the part Of the iron men that a good demand
would develop at the opening of the new year
and 10 the delay in new building operations and
the hardness among the railroads to place orders
for rails and other requirements. With rails al
last years quotations. it is not surprising tina;
orders are slow in coming to hand.