New-York tribune., 1901-11-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN SIOChS.
The demand for stocks was not heavy, and as
q rule transa actions were confined to the opera
tons of the professional element. Uncertainty
over what the bank statement would show
served TO restrict trading, but in the greater
number of issues early prices firm. with
many advances over Fridays close The
changes in bank holdings shown by the
weekly exhibit. not favorable 10 bull
thusiasm. and the publication of the figures was
followed by sagging tendency throughout the
list. Final changes. however. were small. The
statement Of the associated banks showed a re-
duction In reserve above legal requirements of
S4.23O.3T5. bringing total reserve to S104S2-
SOO as compared with S5,950.0Oo year ago.
Loans increased 1888 200 and cash holdings
we're lower by S3 33S 800. the decline in the last
named item rejecting figures that should have
been shown in the preceding weeks statement
The increase in loans was due in great part to
International money market operations Selling
that took place in stocks in the last hour was
not important and all offerings found ready
buyers There were moderately heavy dealings
in ST. Paul, Union Pacific Baltimore and Ohio.
Pennsylvania, Atchison. Southern Railway and
Amalgamated Copper. Closing prices were gen.
orally above the lowest OF the day. and IN many
cases net gains were reported The selling that
developed after the bank statement appeared
was succeeded by a rally before the end
The heavy offerings of government bonds for
payment on Friday doubtless foreshadows an
active response to the Secretary of the Treas
ury's offer, and as a consequence offset to
gold exports TO Paris Gold shipments will
probably not exert important influence upon
bank holdings, owing to the development OF the
last few days in the money market situation.
In addition to the receipts from bond sales the
supply of money at this centre should from now
on be further protected and enlarged by the re-
turn flow OF currency from the West, which be-
gan last week. Shipments OF money 10 the South
will doubtless continue for some time TO come,
but the Western and Northwestern require
ments have been met. and flow OF money from
that part of the country should more than bal
ance the outgo to the South. Unless expecta-
tions of the amount OF bond purchases and re-
ceipts of currency from the West are at fault,
there Will be disturbance in the W-1orh
money market this season 1t IS quite lkely lldt
gold exports have already been discounted py
Security values There certainly is no reason 10
sell stocks OF the present position Oh the
International exchange market, especially aS
assistance from this country TO 1oreIsn centres
Indirectly helps own markets Serious
trouble abroad would be reflected here, and gold
shipments from the United states are therefore
in the nature of a bull argument on the local
situation
great ter confidence in the money market position
Predictions were made OF higher prices for
securities and il asserted that substantial
interests We're ilahIuS p4d4S "
values An active bull campaign may not de-
velop for a time. however. The public apparent
" is not anxious TO enter the market, and then
as long as the Northern Pacific AFFAIR remains
unsettled operations OF the professional element
will doubtless be restricted Progress IS reported
in the Northern Pacific negotiations. and an an
nouncemenl OF q agreement may come any Day
II may not be well TO be short OF stocks when
the Northwestern railway situation reaches a
settlement.
The usual weekly table of price changes Tor the
active stocks follows: