New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-13
sly dividend
BONDS
TIE DAYS OPERATIONS IN STOCKS,

THE DAYS OPERATIONS IN o1o1'N7'
The reaction in stock market values that De-
gan in Thursdays market continued in yester-
davis trading declines Of / TO . per cent being
common. with net losses throughout the list
at the close. In view of the recent ACTIVE
advance in quotations, the decline at this Tune
is not unnatural. especially as money rates nav
reached a point that Is generally supposed 10
inauce speculative liquidation in securities Inc
market will be all the stronger later on for the
nresent healthful reaction It should he OBJ
served however. that present liquidation is not
heavy. clear indication that securities are held
by people who are rich enough 10 carry stocks
through reactionary markets In yesterday $
market selling was chiefly Of weak speculative
accounts. The advance in call money from 10
to 20 per cent Was followed by bear pressure
and sales by small margin operators, but the
movement failed TO attract investment selling
OF price decentralization
According to the known movement Of money
in the week the Clearing House banks have lost
over 100000 in cash holdings. 1t is quite
likely that the average system will not reflect
the full amount Of this loss in to-day's bank
statement while it is thought that loans have
been contracted to an extent that will offset
much of the loss in cash as influence on
reserve above legal requirements. If, however,
the reserve is wiped out there will be no reason
for uneasiness inasmuch the banks VIII
take immediate steps to make the loss good. As
long as credit and business are sound tempo
rary absence of a reserve above the - per cent
limit will not prove disastrous. The New-York
banks now hold il actual cash more than
S240epo0e0 while this amount will doubtless
soon be increased through imports Of gold
Sterling exchange is now near the gold import
ing point. and engagements Of the yellow metal
for shipment this country may be made next
week. Spectators may be compelled to pay
good rates for loans, but the monetary situation
is in no danger of demora lization. There is
more money in the country than ever before on
record. and this despite heavy Treasury alb
sorptions of the last twelve months. Notwith-
standing the fact that there is no longer a war
tax revenue the Treasury's receipts exceed ex-
penditures and consequence money is
taken from the channels Of trade and locked up
in Treasury vaults. OF this weeks loss by the
banks over S-.aoo.ooo represents customs pay
rnents.
Net losses in the active stocks Louisville and
Nashville excepted. cid not run as nigh as =
per cent Atchison lost IL: Baltimore and Ohio
Is: St. Paul ia: Missouri Pacific. Is: Read
ing l. Southern Pacific. Ia Union Pacific Is:
United States Steel. / and Wabash preferred,
la Louisville and Nash lille lost 2l4 few
years ago a "a per cent money market would
have caused severe shrinkage in securities
values. The immediate outlook for stocks does
not favor an active advancing market, hat il is
not believed that the monetary. situation will
cause any serious disturbance in values.
Further declines may he suffered. but there is
h. ea1e ,F
The present spasu in money viii be short
General conditions are unchanged. and It is
probable thai with gold imports the bull move
r1eTlt will be resumed. Reports Of frost in the
corn belt were received yesterday. There gen
orally have been frosts, and many times hard
ones, in the corn belt in September but il has
been rare. indeed, when the Septern Der climate
has cut down the yield of corn from the esti-
mates made the first OF the month. Corn
IS too far advanced to be materially hurt by the
kind OF frosts that are common in September
in sections Of the corn region.