New-York tribune., 1901-02-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was moderately heavy
on an irregular movement of prices. Early
strength was followed by an uncertain tendency,
which continued until the close, last prices for
many issues showing net losses as compared
with Fridays final figures. Buying Of recently
inactive cheap priced stocks was again feat
ure OF the days trading and in several Of
these sharp advances were made IN the early
market. although closing quotations were under
the best. The demand for St Joseph and Grand
Island securities in the last few days has been
accompanied 10y the report that the company
would again pass into the hands Of the Union
Pacific system. Since the reorganization Of the
property in 1897 earnings have been excellent
interest charges have been fully met, with
dividends on the first preferred in each year. IT.
respective Of consolidation prospects with either
the Union Pacific or the Burlington, St Joseph
and Grand Island securities possess merit which
is not adequately measured by their market
values This is especially true Of the second
preferred stock. Buying Of Wheeling and Lake
Erie, Cleveland, Lorain and Wheeling, Mexican
Central, Wabash issues and other low priced
stocks appears 10 come in part from people who
are well informed regarding developments af-
fecting the various properties. Buying Of Mex
ican Central is due, perhaps. TO the possibility
that the road may be involved in a Southwestern
Railway deal
A poor bank statement looked for yes
terday, despite the known increase in cash IN
the week. The expectation that another decrease
IN reserve due to loan expansion, would take
place was justified in view of the actual show
ing made by the weekly statement. Loans in
creased S23 4Sl 200 deposits increased S24, ,616,-
400 and reserve decreased 81 476 200 TO $50 &c.
625 a loss of over S10000O00 in two weeks
Since January ! loans of the associated banks
have increased S9S, $4,000 and deposits Sl40,-
504 200, the latter named item now standing
nearly Sl,000.eOO,O00. Against the deposits Of
S994, 800 the banks hold in actual cash SOB,
OF, 100 an increase Of Sf4 OIL 100 from January
i. The financing Of enormous operations in
Volving railway and industrial companies, is
responsible in great part for the heavy loan eX-
pansion in the last few weeks, but notwith-
standing the extent OF loans there is no occa-
sion for uneasness over the position OF the New
York banks. The city institutions are probably
sounder to-day than at any preceding time in
their history, local credit is stronger than ever
before, and the general supply Of money in the
country is larger by S1SO,O00,000, compared
with February a year ago. when circulation was
the heaviest on record. No large proportion Of
current loan expansion is due 10 stock market
speculation. Commission houses have not been
important borrowers while 4 good part Of the
buying OF stocks has been for investment ac-
count
The market became heavy following the pub
hcauon or the bank statement but there were
no important declines. Realizing sales in Wa
bash issues were noted, and report that South
ern Pacific would not begin dividends at once
caused some sales Of long stock, which, however,
hac little effect upon the price. While Southern
Pacific is making heavy earnings, a dividend is
not expected at the moment as the policy Of the
management faVors heavy expenditures on the
property. southern Pacific stock IS considered
an attractive issue TO hold for a long pull and
people who buy il now VIII have as fellow stock
holders some OF the leading capitalists in the
country. The principal selling yesterday repre-
sente6 traders sales.
The usual weekly table OF price changes for the
more active stocks follows: