New-York tribune., 1901-05-26
BONDS.
THE DAYS OPERATIONS IN STOCKS

Trading in stocks was light in volume, but
nrices were generally firm until the last half
+our dealings Expectation of a favorable bank
statement induced operations for higher prices,
while the publication of the figures showing a
large gain in both cash and reserve holdings was
followed by realizing sales throughout the list
If the market had not been such a dull analr the
hank statement doubtless would have exerted a
marked effect upon values. In number or
issues considerable activity was reported. espe-
cially in the Gould shares, which were bought
on the rumors that progress was making In the
nronosed readiustment of railroad relations in
the Southwest. In the last hour Atchison and
ITnion Pacific were weak under traders pres
sure, and the entire list showed the effect OF
profit taking sales OF the industrial securities
the Tobacco shares were again features. and
the United States Steel stocks fairly active,
but elsewhere trading was light and price
changes small. AT the close net changes were
about evenly distributed between gains and
losses.
In the weekly statement of the Associated
Banks cash increased S5.361, 600, and reserve,
above legal requirements. 7,9S9.050, to S21 ,2SS.
e75, the large gain in the latter named item
being due to the expansion in cash and TO a
further reduction in deposits and loans. Loans
decreased Sl4 639 500 making contraction In
are both above the records Of this period year
ago but the condition Of bank resources is
amply sound to carry current heavy liabilities.
while all indications point toward growing
strength in reserve holdings through a further
increase in actual money and a further decrease
in loans and deposits. With the reserve ST.
2SS975 above the legal limit and with the pros
poets favoring continued shipments Of currency
from the interior and a quiet speculation in
stocks. gold exports lose all power bear fac
tors in securities trading.
general tone OF cheerfulness pervades the
weekly advices of brokers to their customers.
The underlying strength Of the market is based
upon such a solid foundation that pessimism
the future Of values is impossible, while
even in circles where panic losses have been
heavy no attempt is made to belittle the favor
able market prospect. Few people are willing
10 predict regarding the summers market, but
no bear has the courage to believe that the
market is drifting into long bear campaign.
II is quite evident that investors are picking up
stocks at ruling prices. And ii is also evident
that stocks not in weak hands. The float
ing supply Of securities is small the amount of
capital seeking investment is still large, and
conditions governing investment values are
growing stronger. In the factors named there
is little encouragement for the advocates Of
lower prices, but it may come to pass however
that the next bull will start from a lower
level. Powerful speculative interests may con-
centrate their energies on the bear side in order
TO accumulate stock at cheaper figures, and
while conditions may remain favorable manipu-
lation may carry values down. Holders of good
stocks need not concern themselves over this
possibility for as long the country remains
In its present condition of business and political
prosperity stocks will recover from all declines
and eventually reach a higher level At the
moment summer dulness appears TO control the
market.
The usual weekly table Of price changes for the
more active stocks follows: