New-York tribune., 1901-02-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The s,ocL market was irregular, with pro-
,,o,Doaa weakness after the publication of the
hank statement. In the early trading report
was put out that the bank figures would be Ia
corable and. as a consequence, stocks raiheo
throughout the list, many issues making SUD-
stantiaI Improvement over Fridays closing On-
fsvorahle forecasts II the bank statement made
on Friday were borne out by the actual showing
as reserve decreased over s.. 100000 due both 20
a further Increase in liabilities and decrease in
cash holdings Loans increased Sl9.SS36e
making a net gain in this item Of Sll9eooeo
since January l. Deposits rose Sl6.13o,loo 70
81 OH 32a O0O a gain of about - per cent over
the same time year ago. The heavy reduction
sn reserve naturally encouraged bearish sentl-
ment in professional market circles, hut no rec
ord was made Of impatient liquidation or sales
by the prominent interests whose financial plans
might be considerably upset 10y any disturbance
in money or stocks II hardly appears possible
that the powerful interests who are backing
huge railway and industrial deals win permit
trouble in the markets If il is within their power
20 prevent IL Small traders. however, may be
forced 10 sell stocks and leading interests may
encourage a moderate ana healthful decline In
values.
Many Of the high priced stocks were again
in demand yesterday, noteworthy operations be-
ing conducted in Burlington and Delaware and
Hudson. Delaware and Hudson has advanced
u points in the last two days on buying for
sources supposed TO represent Vanderbilt inter
ests. At the annual meeting Of the Delaware and
Hudson company the Nanderbilts viii undOubt-
aedly receive an increased representation on the
Board OF Directors hut there is apparently no
truth in the report that the cOmpany's lines are
10 be divided among various hard coal interests.
AS a per cent stock Delaware and Hudson Is
not selling at an abnormal price. especially as
the company is in position 20 maintain Z per
cent without injurinC the efficiency Of the prop
erty in any way. NeW-Nork Central opened
strong, but declined with the OF the list in
the last hours dealings. In said that the
weakness IN Amagamated Copper reflected a
general market. but this was a theory and not
q fact The weakness in American Smelling is
sues, due 10 a temporary injunction against the
ISSUE Of proposed stock by the company.
seized upon by bear traders as an indica-
zion OF a serious controversy among important
capitalists. Net losses in the railroad list were
seldom above fractions while the industrials
Jared as well Sentiment at the close was bear
lsh-that Is, the sentiment OF traders and COM
mission house operators who do not control the
market.
While the reduction in bank reserve has been
owing chiefly TO the extension Of liabilities the
loss IN actual cash holdings is likely 10 be more
marked from on. The flow Of money
20 this centre from the interior is no longer
heavy, and the chances are that the movement
OF currency VIII soon turn against the New
York banks, as is usual al this time Of the
year An outward movement Of money will
merely reflect healthful trade conditions Trade
Is growing. and the spring requirements OF mer-
chants and other business men are likely TO be
heavy. Reports from all parts of the country
show constant growth in all lines Of industry
The usual weekly table Of price changes for the
more active stocks follows.