New-York tribune., 1901-11-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Although realizing sales We're heavy in yester-
days stock market, prices We're strong in the
greater number of issues, with many substantial
net gains at the close Profit taking sales met
a good demand from public traders. The volume
Of business was moderately large, and a fair in
vestment inquiry again reported. especially
in the bond market, where transactions were
active and fairly well distributed. Buying of
railway mortgage issues has been a feature in
the securities markets of the last week. Great
activity in bonds is generally followed by in
creased dealings in stocks, and it is therefore
generally believed that the broadening tendency
that developed in speculation in the last half of
the week will encourage a widespread demand
for attractive railway and Industrial shares. In
bonds noteworthy dealings have been recorded
in the Union Pacific convertible As, which have
advanced 10 100 as against 1864 a week ago
These issues now selling on a basis that re-
turns less than per cent. and any further ad-
vance in their price will hardly make them at
tractive to investors who want at least per
cent on their money. The new Burlington As
are selling under par, while many other first
class issues may be bought to yield per cent.
The Reading As at 90 are attractive.
The weekly statement of the Associated Banks
was not favorable Fridays estimates fore
shadowed Although the loan and deposit items
showed improvement, cash holdings declined
over So 100000. causing a reduction in reserve
above legal requirements Of 81, 1,I92,S45- The
contraction In loans the favorable feature.
Increased business in stocks last week doubtless
made no heavy demands on the banks. and the
decrease in loans undoubtedly indicates that a
big cash business was done in securities; IN
other words. legitimate investment buying.
New-York bank loans are larger than ever be-
fore recorded at this season of the year, but
they are amply secured, and there is no indica-
ton that they will prove a source OF trouble to
the general investment situation The money
factor is now so generally recognized that no
uneasiness is felt over gold exports and smaller
bank reserves at this centre. So far the loss on
gold shipments has been offset by receipts at
the Pacific Coast and by government bond re-
demptions Foreign requirement Will doubtless
take out a further considerable amount Of the
yellow metal, and indications in the foreign ex-
change market suggest the possibility of ship
ments direct 10 London this week. The foreign
financial position. however. shows some signs
of Improvement.
Reports from Washington that the war taxes
on the correct theory that reduction in taxa
ton would increase the amount of money In gen.
eral circulation Despite the decrease in bank
reserve to IS, ,6S9,320 there was no important
the best OF the day. The local traction shares
were noteworthy strong features on good class
of speculative buying. Atchison again
bought for pool account; also Missouri Pacific,
belief that a Southwestern railroad deal will
soon be effected. The copper shares were heavy.
The usual weekly table of price changes for the
active stocks follows;