New-York tribune., 1901-07-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was active and fairly strong
than in preceding days. but it remained. never
theless what the professional element terms a
good trading market. Union Pacific was the
chief feature. 1t was bought on liberal scale
until toward the close, when realizing GALES
caused a slump and dragged down some other
stocks. The buying OF Union Pacific was based
the belief that the settlement of tie contest
the Northern Pacific Railroad insured
permanent protection Of the interests os the
Union Pacific as well as practically guarantee
ing harmony among the transcontinental and
granger lines. There report that control
Of the Chicago Great Western Line was sought
In order TO include 1t in the community CT in
terest that has been established in the larger
Western systems. This report induced pur-
chases Of the Chicago Great Western issues.
The absorption of st. Paul continued, and was
construed as in a degree proof that deal in
the property advancing. 1t is intimated
that St Paul will not long remain inGe-
pendent line.
Receipts Of Klondike gold in New York this
week have been about S7J0O00, and one con-
signee has been apprised that il will receive
S1.500000 in the of a few days. These
lots of gold, with others to follow. will be an
Important contribution to the money supply,
and they viii likewise facilitate preparations
later for moving the crops. Call money is GER
tain TO be easy for the next three or four weeks
at least which accounts for the current light
demand for time money. Rates for time loans
are determined by anticipation OF future re-
quirements rather than by present conditions.
The bank statement to-day will doubtless be a
very favorable one. The gain in cash by the
banks is estimated at S6000000 or more. The
statement probably will show a considerable
contraction in loans. The extensive liquidation
at the close Of last week and in the first part
Of the present week has not been offset by the
expansion in stock accounts since. From this
source alone therefore through a reduction in
deposits there will be material enlargement
In the surplus reserve. The addition to the re-
serve of the cash gained by the banks ought
to make the total increase in the reserve as
great, if not greater. than it was last week.
The banks are plainly in position readily to
meet any demands that may be made upon
them.
The advices to the crops were reasonably
satisfactory There additional rains in
some sections while the heat nowhere ex-
treme. No further damage had been done any
where to the cropg, whereas a little i'm
provement had been noted in the areas about
which the most apprehension had been felt.
From the information received the conclusion
was reached that, after ALL the yield Of corn
would not fall far short of an average crop.
For another thing. il shown that there was
no need for alarm about the wheat which Us as
yet unharvested. The strike news too appeared
less forbidding- It said the outlook FOR a
termination of the steel workers strike was bet
ter than at any time yet This opinion was
derived evidently from the fact that compare
tive quiet prevailed at the points where the
strike was in force and that neither side was
taking any steps which would seriously inter
fera with a reopening of negotiations for ad-
iustr1ent of differences, although Mr.. Morgan's
brief but emphatic statement indicated that
there were some things for whch the stee. cUiii
panies would stand out. The end Of the trouble
In the anthracite coal region was believed to
be in sight,