New-York tribune., 1901-10-13
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Heavy realizing sales were responsible for
She irregularity that prevailed in yesterday s
market. Early prices were strong, with many
substantial advances; but in the subsequent
dealings the pressure of profit taking operations
offset the buying demand, and IN a number OF
cases marked declines from the opening figures
were recorded. At the close there were more
net loss than gains. Bank statement figures
were fairly favorable. Owing to a decrease in
loans and deposits and increase in cash re-
serve above legal requirements MADE inalerlai
gain the total standing at S11.4S3,1Io as
against S15569 025 in the preceding week the
decrease in loans was less than had been ex-
pected, the heavy liquidation by the city
of its bank loans evidently having been on
set in part by a continued borrowing IN
connection with sterling exchange transactions
The statement was without especial effect on
stock values. and the reaction that set in be-
fore the publication of the figures continued
until the close. The traction shares were note
worthy weak features, and in the final trading
St Paul sold down over point below Friday S
closing. There was no explanation for the
weakness in the traction issues. and their de-
cline with the belief that there had been inside
selling in some of the high priced shares,
helped the downward movement in the late
dealings. Sentiment, however, remained cheer
full and higher prices were predicted
The current demand for stocks is based on
technical market conditions. on the bargain
prices prevailing. intrinsic worth and on the
expectation that bull activity will be backed
this fall by important developments in the
Western railroad situation. In connection with
the last named II may be well to bear in mind
that people back of the Great Northern and
Northern Pacific have large amount Of fancy
priced stock on their hands. and that they will
doubtless take the first opportunity to hand II
over to the public Conservative operators Will
do well to invest their funds in securities that
have merit, but which are not mixed up in the
Northern Pacific-Great Northern tangle. There
are many attractive cheap issues There are
good railroad stocks and good industrial shares
that are safer for SPECTATORS than the high
priced issues that are held by capitalists, who
are anxious to create a plan by which they can
let some one else handle their holdings Activ-
fly in the bond market may foreshadow bull
movement in stocks, and IL is well to note that
IL. the bond department many excellent chances
offered for investment and speculative ac-
count. The Erie collateral trust As issued to
pay for the Pennsylvania Coal Company are
solid issues that have been moderately active
in the last two days Compared with a week
ago the volume in business in bonds shows a
marked gain. and its activity doubtless will be
followed by increased activity in stocks.
Trade reports received yesteday presented
evidence OF industrial activity in all lines of
business Noteworthy improvement
ported in the iron and steel centres. the demand
being far in excess Of the supply. with orders
booked for many months ahead Railroad earn
ings were heavy and bank clearings large The
monetary situation showed signs Of improve
nent, but there were factors in the market,
however that suggested caution in high priced
securities operations. The cheap stocks are not
likely TO suffer much in any possible decline this
month, while in the course of the next six
months they ought to sell materially higher.
Southern Railway is Of the cheap stocks
that is being accumulated by important inter
ests. while in the industrial list American Car
and Foundry preferred, International Pump
common. international Paper preferred and
Peoples Gas held by careful investors.
Earnings of the American Car and Foundry
Company now double the record Of this
time a year ago, and despite falling off in the
summer months the years results are expected
TO show up well those of 1900. Interna-
tional Pump is earning at the rate of per cent
a month its common stock. International
Paper preferred is earning enough to pay divi-
dends the common stock, but none will be
paid at present The preferred is a sound in
vestment issue, yielding per cent.
The usual weekly table of price changes for the
active stocks follows: