New-York tribune., 1901-06-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The publication of an unfavorable bank state
ment led to sharp declines in the last half hour s
trading in yesterdays stock market. Early
dealings were accompanied by an Irregular
course of values, and advances when made We're
generally wiped out by the selling movement at
the close. The demand for stocks was not
heavy. Substantial interests took their favorlte
issues the decline, while good but light buy
ing was reported in the shares OF the big rail-
roads that are now struggling to extend the pol
icy Of railroad harmony throughout the coun-
try's railway systems. Owing to an increase in
loans and deposits of sd 2S4 400 and S19,120,-
600 respectively, and a decrease in cash or
S2,9S1 400. the reserve above legal requirements
registered a heavy decline but the actual posi-
tion of the banks not as bad as represented
by the misleading statement OF averages The
decrease in cash due to gold exported IN
the preceding week which, however, did not
show in the bank statement of that week. The
enormous increase in loans was due IN great
part 10 operations connected with financial
deals including the financing Of the new tobacco
company, and the position of the banks was only
technically weakened by the expansion in liza
blities. According TO the known movement OF
money last week with the interior and the Sub
Treasury, the banks gained in cash holdings,
but the workings of the average system en-
ployed in compiling the bank statement failed
TO present conditions as they actually existed.
Gold exports in large amounts are apparently
for the season. money is moving to this
centre from the interior and general conditions
favor ease in lending rates Reserve is now at
but the real position Of the banks is far stronger
Missouri Pacific stock was heavily bought at
advancing prices. The dealings in this issue
were accompanied by positive assertions that
an agreement had been reached between the
Gould and Pennsylvania interests through
which the proposed extension Of the Wabash
system into Pittsburg would be abandoned. 1t
also reported that the control of the Wabash
and Wheeling and Lake Erie would be turned
over to the Pennsylvania Company Pennsyl-
vania stock not especially affected by these
rumors. but all the Gould shares showed marked
strength In the final dealings Missouri Pacific
sold down point from its best price but closed
at a net gain of Ia points At 11112 Missouri
Pacific is a very dear proposition. 1t is reported
daily that dividend will be declared. but as
yet the directors have not confirmed dividend
expectations. There were few features in the
railway list and little activity among the indus
trials, with the exception OF the United States
Steel shares and American and Continental
classes Of stocks, with st. Paul Rock Island and
Union Pacific showing the heaviest losses.
Effective selling of United States Steel stocks
mad some influence upon sentiment, but buying
OF both the common and preferred was for the
account of important interests. A news bureau
reported in the day that dividend would be
paid on the common stock in July, but from an
other source the information that per
cent would be declared. The iron and steel
business is enjoying great prosperity and the
policy Of the United States Steel CORPORATION i'm
keeping prices within the export demand prom
lses TO maintain the trade in a condition of ac-
tiVity for long time 10 come. Trade reports
received yesterday show industrial activity and
progress throughout the country
The usual weekly table of price changes for the
more active stocks follows: