New-York tribune., 1901-03-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Until the appearance of the bank statement
trading in stocks yesterday was light and there
was saggng tendency in prices. The publica-
tion Of the statement. however. followed
by active demand for stocks and general
advance in prices. The result Of the days opera
tiOns gain in the market valuation of most
of the issues dealt in. The total sales of stocks
were considerably smaller than any Saturday
for time. but they covered a wide range
of issues. Spectators appeared to accept the
bank statement as foreshadowing an abundant
supply Of money for the present at least, with
liberal terms from lenders in the matter of rates
and collateral. The great steel deal has been
carried through TO its present stage without
effect on the money market, and the belief is
that the remaining steps in it Will likewise be
accomplished without creating any disturbance
whatever in money or In stock market loans.
Not long ago a heavy outgo OF money to the
interior was predicted 10 take place about this
time Instead money is accommodating al this
centre. and there is no sign of an effiux. The
probabilities are that there will be abundance
Of money for Wall Street requirements all
through the spring and summer. Banks and
other lenders letting out their funds for six
months with complete freedom. and at rates
which indicate that they expect easy money
until autumn.
There was not an item in the bank statement
that did not show increase. An increase Of
S995 300 in specie and one of $4,000 in legal ten
ders brought about increase OF 81 .0S6, 200 in
the cash holdings Of the banks. An increase OF
s., ,40S 800 in loans was surprising because Of its
smallness There was increase OF 1897. 100
in deposits. and the ultimate result was in
crease Of $254. .425 in the surplus reserve Many
persons In the financial community had looked
for a substantial loss in cash and large de-
crease in the surplus reserve. The Sub-Treas-
ury has been drawing money from the banks
so that it is clear that money has been coming
from the interior. There is no financial centre
in the country where there is a stringency in
funds If, is apparently the case. the banks
throughout the country have in their vaults
more money than they require for current opera
tions. they will be likely 70 strengthen the ball
ances which they keep with New-York banks.
With the fear of a tightening in money out OF
the way. there is nothing to restrict transactions
in stocks. Conditions at large favorable
at any time yet. and further improvement
in them is confidently looked for as a result of
the continuance Of the Mckinley administration.
Railroad stocks received more attention than
the Industrial issues in the dealings on the
Stock Exchange Buying Of them was induced
by the reports OF earnings which are ahead of
last year. and are likely to continue So The
control OF the roads that handle the through
BUSINESS is now so concentrated that thew
operated in entire harmony. and there Is conse-
quently no waste of revenues in rate wars. The
Baltimore and Ohio issues were i'm request and
advanced on the generally credited report Of the
acquisition 10y the company Of the Cleveland
Lorain and Wheeling road which would be
another move in the Capitalization OF own
ership. The Clevland. Lorain and Wheeling
issues were likewise lifted up. There was real
izing in St. Paul but the price was affected only
slightly. There was a steady absorption of
Chesapeake and Ohio by Philadelphia interests
There was not much doing in the steel stocks
and the changes in their prices were small. The
United States Steel stocks in the outside market
We're notably strong. The business in Sugar Re
inning was large. but the outcome was merely
fractional loss in the price. The story was re-
peated Of a settlement of the trouble in the
sugar trade, but it lacked confirmation There
was good inquiry for American Tobacco.
The usual weekly table of price changes for
the more active stocks follows: