New-York tribune., 1901-07-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

A rather weak opening in stocks yesterday
was followed by rally. but the improvement
was CT brief duration. A selling movement en-
sued which attained considerable proportions
and continued almost uninterruptedly to the
close. The result that a materially lower
range of prices effected. A particularly good
bank statement was surprisingly enough, wholly
without influence. The decline had its inception
in bear assault values, and 1t was subse-
Quently accelerated by extensive forced nquida-
ton There was nothing in the crop labor
situation to warrant violent fall in stocks.
The weather map was dry" but no further
actual damage TO the crops was reported, while
the strikes that in progress developed no
particularly portentous phases. The stock in
which the dealings largest was Union Pa
cific, and it sustained considerable loss IN
price. Two other active stocks that suffered
severely were Atchison and St Paul. Special
efforts seemed to be made TO depress these is
sues. The United States Steel stocks were re-
p.srkably steady.
The bank statement was, II anything better
than it was expected to be. The most important
feature Of 1t was gain of Sc 107, 800 in cash.
There was a decrease of S12 266 800 in loans.
with decrease OF SS.44S 500 in deposits The
net result was increase of SS220OOO in the
surplus reserve, which brought up to S21-
O2Sy315. An additional strengthening of the
inflow Of money from the interior and the trans
fer Of gold from Pacific Coast points through
the Treasury. 1t will be several weeks pre-
sumably, before there is any heavy outgo of
money TO the West and South to handle the
crops In the mean time the accumulation of
iunds at this centre should and probably will
reach liberal proportions. There are no large
financial operations in hand at this time to dis
turb the money market in any way. Accord
angly, rates for money call are likely to re-
main low, at least until the demand sets in for
crop moving purposes
1t Is difficult TO believe that the few adverse
elements IN the situation can long prevail over
the generally favorable conditions existing
There has been more or less concern In regard
20 the labor troubles, but it is the opinion mas
much as they are not spreading, that their
fer1nination probably is a matter of reasonably
short time. 1t is believed that the extent of the
damage to the crops is known, and has been dis
counted While there still is the risk of injury
to corn from frosts, this is something about
which no special apprehension is felt. There is
the same risk each year, and 1t seldom eventu-
Ates seriously. If there are frosts they are not
widespread but local, and, so TO speak, only do
harm In spots. Practically. corn is supposed to
be out Of danger, but whether ii actually is Of
course, remains to be determined. The large
railroad earnings continue a source of trust
worthy support for the stock market. The ir-
Irregularities in rates have almost entirely ceased
Where there has been rate cutting 1t has not
been important Furthermore, 1t has not had
.ts origin in lack of tonnage, but in clashes be-
tween traffic officials of competing lines who
were soon apprised by higher authorities that
peace was the order of the day. and that it must
be maintained.
The usual weekly table of price changes for the
active stocks follows: