New-York tribune., 1901-10-23
BONDS.
THE DAYS OPERATIONS ~ STOCKS.

The volume of buiness in yesterdays stock
market was light. while the movement of values
was without significant features. Early prices
showed irregularity. but in the subsequent deal
tngs a moderate degree Of strength developed,
carrying quotations for most shares above Mon
days iinal figures. There was practically no
commission house demand for stocks. and out
side OF the transactions of professional traders
no important business was done. a large pub
lie demand for stocks has not Yet developed, and
the prospects are that there will be no outside
inquiry for securities until later on in the season
There are good reasons however, fur purchases
at the current level Conditions governing the
actual value of stocks and bonds are sound, the
market value Of securities in most cases is un-
der intrinsic worth and the actual value OF in
Vestments is increasing every day
The money market position continues 10 cause
some uneasiness in speculative circles but ac-
cording 10 the best informed men in banking
circles there is no reason for fear over the
monetary situation. The decline in bank re-
serves last wsgz may be followed by further
reductions in the course Of the next few weeks
The reserve, however, is large enough to meet
all legitimate requirements and after the
middle of November and possibly sooner, the
return flow of money from the South and West
should serve 10 build up local bank holdings
again The only unfortunate feature of the
market is the condition OF foreign exchange.
The country apparently no longer has a large
1rade balance abroad, owing 10 ofsetting fac
tors. such as the investment of large amounts
OF American funds in foreign enterprises, large
interest payments due abroad. and heavy ex-
penditures by American travellers and ocean
5leights. American bankers have also been
heavy borrowers of money in European Cities
and the maturities Of these loans are now being
met by borrowings from the local banks The
increase in loans in last weeks bank statement
was due in great part TO the factor just named.
There are. Of course. no prospects Of gold i'm
1oorts but the condition OF the exchange mar
let does not Yet suggest that this country viii
be called upon TO send gold to foreign nations.
IMPROVEMENT was reported in the financial situ-
alton both in Berlin and Paris, despite the fact
that heavy gold exports were made yesterday
from London TO the Continent.
Net changes in stocks were generally small,
fhe chief exceptions being the Northwestern
railroad shares. ST. Paul gained nearly three
points. and Northwest and Omaha issues made
large advances on small dealings. In the mid
day trading the whole market apparently
stimulated by d sudden demand for New ork
Central stock and other high priced investment
issues including Chicago and Northwestern and
Great Northern preferred. The annual report
OF the Great Northern Railway Company does
not make an especially good showing compared
with the preceding year. and in the figures pre-
sented there is little reason for the eXtraor-
dinary confidence that some people place IN the
Great Northern's guarantee Of the Burlington
stock. The advance in New-York Central stock
was ACCOMPANIED by rumor OF q cash dividend
on Lake Shore stock. The gain in Northwestern
stock OF points was in sympathy with the
movement in New-York Central There was
a light demand for Jersey Central on runors OF
an Increased dividend. Weakness in the South
western railway stocks was due 70 professional
operationf. and not 10 any known factor af-
fecting the position OF the companies. In the
late trading reports of a settlement OF the rail-
road situation in the Northwest caused traders
1,1yfne throughout The old story OF ST. Paul
going to the Union Pacific was revived, and
good buying was reported in st. Paul shares.