New-York tribune., 1901-08-25
BONDS
THE DAYS OPERATIONS IN STOCKS.

In the two hours Of trading stock values gen.
orally moved toward higher level with net
gains at the close. The bank statement showed
a decrease Of S273 500 in reserve above legal re-
auirements. increase in cash Of S6o6,3oo an
increase in loans Of So 027 100 and increase in
deposits OF So. $40, 800. The movement of money
at the end Of the week reflected growing in
quiry from the interior, and the chances are
that from now on round amounts Of currency
will be sent 20 the West and South Chicago
exchange on New-York has suffered severe de-
cline while Western country banks have been
withdra wing their balances from the Chicago in
stitutions This is all in line with the normal
requirements at this period of the year As far
as the local money situation is concerned there
IS no reason for alarm in speculative circles as
the present actual holdings are large enough to
meet a heavy call from the interior and 10
finance stock market operations. Later on in
the season rates for call money will doubtless
rule at a higher level. but the conditions re-
sponsible for the change will not lessen the
actual worth of securities.
There was a further active inquiry for at
tractive railroad shares and moderate demand
for the industrial issues Of merit. Buying OF the
hard coal shares was exceptionally good. while
the operations in the Pacific stocks. the South
ern Railway issues and the Southwestern group
reflected the presence In the market Of sub
stantial interests. Dealings in Southern Pacific
in the last few days have been heavy, and the
price has advanced several points. without any
material reaction. II is understood that Union
Pacific interests have been large buyers OF
Southern Pacific for investment purposes, the
earnings and prospects of the road warranting
the belief that the stock will be one of the solid
investment issues OF the future. The road
traverses a great and growing country, the prop
oblv nd M
proved under the new management and the Sc
curities are owned by the class of investors.
Southern Railway, the great trunk line OF the
South is rapidly establishing its securities on a
silt edged basis. and, like the Southern Pacific.
is laying foundation for future big earnings by
building up it's lines the highest limit Of
physical efficiency and also by Systematically
encouraging the development Of industries in
its territory Southern Railway preferred will
doubtless soon be placed on ; per cent basis.
while the common should at remote period
return something TO its holders.
Industrial conditions throughout the country,
as reported by the commercial agencies, show
a sound position Of trade. with adverse fac
. tors of Importance, save the steel strike. The
strikers however, not making progress.
while all indications point toward victory for
the company before many days go by. The loss
in wages has already been heavy and the stop
page OF the mills has caused a certain loss to
he steel trust, but the general trade situation
has not been weakened. nor has the real value
Of the United States Steel Corporations securi-
ties been lessened. Manufactures growing
Failures are small. bank clearings large
and railroad earnings are heavy. The course Of
railroad earnings sufficient argument for
higher prices for securities. Comparison is made
with a period a year ago. when traffic returns
were enormous, and the increase this year is
therefore significant OF remarka bic prosperity
among the railroads and the country in general.
AS the railroad earnings reflect sound Industrial
conditions industrial securities should share to
important extent in the next upward move
ment of values. Buying of the Industrial shares
last week reflected a greater disposition on the
part Of investors TO pick up the attractive issues
Of the last named group.
The usual weekly table of price changes Tor the
active stocks follows: