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

Further sharp losses were made in the early
dealings in yesterdays market, but before the
close the whole list rallied TO points that left
final quotations in the greater number of stocks
at only small changes compared with Fri
day. In most cases net advances We're shown,
ST. Paul affording the most notable example Of
this tendency Selling in the first hour was
helped by the expectation Of poor bank state
ment, but publication of the figures was fol-
lowed by a rally, despite the heavy reduction in
cash and reserve holdings. After the initial
trading the market presented an oversold
appearance, and in the absence of further liqui-
daton the board room element worked for
higher prices. Good buying was reported
throughout the list, especially in the Western
railroad shares and in some of the low priced
issues Bank statement figures showed a loss
OF S5,779,675 in reserve and an increase in loans
OF S6,O05,JOO. Reserve above legal requirements
stands at Si0,9S0.1oO, against S1597S.47s
at this time a year ago. The reserve is not
abnormally low for this period Of the year. and
IN the causes that led to last weeks reduction
there is presented no reflection of danger or
weakness in the general monetary situation.
Factors governing the actual value OF securi-
ties were not responsible for the declines in
stocks in the closing days of the week. Con-
oitions have not changed. Progress and de-
velopment continue. and reports from all parts
of the industrial world indicate that business in
general is sound and growing. The setback in
bull speculation does not reflect a reaction in
trade. Speculation has run into wild condi-
tions. and 4 corrective is being applied Under
meath the market there is no element of weak
ness, and il is not believed that the bull move
ment is over for the season. Stocks have de-
clined from five to ten points In the last two
days, and further losses may be recorded, but
competent market authorities see no indication
OF real disturbance in speculation. Conditions
do not favor panic. Stocks will find buyers,
despite the warnings Of Russell Sage. People
who overtrade and operators who believe that
a bull movement is always a safe movement
have lost large amounts Of money since Thurs
Gay but their losses are distinct gains TO the
market. Rich men apparently still in the
market, in the confident expectation of higher
prices, and purchases Of good stocks reac-
tions are advised by conservative brokers This
advice, however. should not be taken by traders
of slender means. Big margins were necessary
at the close Of the week, and they will doubtless
be needed again.
Buying OF st. Paul in yesterdays market was
thought to foreshadow an alliance between the
company and the Union Pacific and Chicago
Northwestern roads Standard OIL brokers were
heavy purchasers Of the stock in the two hours
OF trading. while commission houses were ac-
tive buyers. Union Pacific showed strength in
spite Of realizing sales. but Northern Pacific was
heavy under what was said to be inside sell
ing. Missouri Pacific, Rock Island. the coal
stocks and the United States Steel issues were
strong features at the close. St. Paurs net gain
was IA per cent On sales Of hundred
shares Adams Express Company stock advanced
lllz points. In the industrial list Car Foundry
preferred was feature at a net gain of 1$s
points.
The usual weekly table Of price changes for the
more active stocks follows