New-York tribune., 1901-10-27
BONDS.
THE DAYS OPERATIONS IN STOCKS

Dealings in stocks were confined in great part
20 the transactions Of professional traders AFTER
some show Of strength at the opening prices
began TO sGg and at tho close the greater num-
ber of issues presented small net icsses for the
dav The bank statement; had little effect upon
values II was generally expected that reserve
would show a decrease. but the actual raining
off was urGe~ Fridays estimates, owing 10 an
apparent increase in cash holdings The re-
rnarkably inefficient system Of averages, instead
of showing a decrease in cash. exhibited an in
crease Of over 81 59oHel specie Increasing ST.
100000 an3 legal tencers $4,000. According to
the known movement Of money IN The week cash
holdings decreased upward Of s23090eo Loans
showed a big expansion; likewise deposits. and
as a result Of al changes reserve above legal re-
quirements decreased s7:'2.0ao 10 sl4,1l3.l1'.
Loan expansion in the week was due 10 inter
national exchange operations. Increased deal
ines in stocks and the financing of the Poca-
hontas coal deal The loan item now stands at
ssS4 5S9 goo an increase of Sol 205 100 as com
pared with this tire year ago. While loans
are SO much larger cash holdings are only s"1"'-
A57 800 an0ve last years total The geheIal
position of the loan market. however, IS souho
but it shows poosirilit.es for damage to stock
market traders in case Of q material reduction
in reserves FOREIGN exchange conditions ap-
parently foresha doyvcd gold exports from this
country to the foreign markets. London dis
count rates are rising, Continental exchange
on London remains AT the gold importing point,
and il is thought likely that London VIII be
forced to send further large amounts of gold
both TO Paris and Berlin. The effect of the
foreign situation upon the local market may
not be important but il should be carefully
watched by all Wall Street interests. Any
trouble in this market should not exert per-
nanent adverse effect upon securities. inasmuch
as the general conditions underlying values are
sound The money market has been splendidly
handled this fall, and the chances are that for
eien troubles and temporary low reserves at
this centre will be sufficiently provided against
10 prevent any acute disturbance.
Gold stocks that bought now and on all
reactions viii undoubtedly carry satisfactory
profits later on in the season. The Industrial
situation is base on a solid foundation. Rail-
road earnings are heavy. bank clearings are
large and all indications point 10 continuance
OF business activity. The copper situation ap-
pears 70 be in better shape and the Northwest
ern railway affairs are proceeding in a manner
that should result in a satisfactory agreement
among the interests concerned A limited
amount Of gold may go to Europe but the loss
will he than made up by the return OF
money to this city from the West and South
Stocks sold yesterday appeared TO reflect the un-
easiness over the current monetary situation
but il noted that selling was confined to
professional spectators. The only important
losses were made by Amagamated Copper Glu-
and Metropolitan. St. Paul. Union Pacific
and most Of the railway list were firm at the
close.
The usual weekly table Of price changes for the
active stocks follows;