New-York tribune., 1902-01-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market opened strong. but sold off
before the close realizing sales and bear pres
sure. Final selling was not based on any news de-
velopment. although the fact that the statement
OF bank averages showed an increase in loans
OF over S3,GO0OO0 doubtless attracted bear opera
tions. With the exception OF the loan item. bank
figures. compiled by the Clearing House
average system were in line with Fridays es-
Inmates. Cash increased over $4,000 and
reserve, above legal requirements advanced
over S6,0O0O00, TO S19O61. .450. which compares
with S2I 900 at this time a year ago and
S24,lSo6fO IN the corresponding period in 1900.
On the decline offerings We're taken by a good
class of traders but there was little commits
sion house buying for the ordinary public specu-
lator. The absence of public support doubtless
Influenced the selling movement in the last
hour. market that declines when bank re-
serves show heavy expansion is certainly not
much OF bull affair. and from the manner in
which declines took place yesterday it might be
assumed that if the reserve had increased SIG
100000 instead of S6,000000 stocks would have
gone to pieces. The stock market is a contrary
thing that is beyond most mems comprehen-
sion. 1t is pertinent to remark, however, that
in the present backing and filling process the
market is laying a foundation that should en-
courage bull activity in securities The heaviest
dealings We're in Atchison st. Paul, Reading
Union racine, DnlleQ states steel SndreS, sugar
Refining, Manhattan and Brooklyn Rapid Tran
sit. Final price changes small. with a few
more net losses than gains
Reports from the mercantile agencies reflect
sound conditions in business throughout the
country. Lower prices stimulating the ex-
port trade, while the general readjustment of
trade quotations is strengthening all of the
country's industries. The bright outlook in iron
and steel encourages the expectation of an
enormous volume of business throughout the year
at prices agreeable both to producer and con-
sumner The car famine is subsdng, owing to
the heavy delivery of cars in the last few weeks
and a consequence manufacturers are now
able to receive products and ship the r goods
with some degree of the freedom that prevailed
before the recent enormous congestion of traffic
and scarcity of ears developed. The building
companies turning out new equipment at a
rapid rate but it will be long time before the
railroads have enough cars properly 10 handle
the business offered from shippers Contracts
for heavy that the building
companies could fun time for a year
ahead without new orders. Railroad earnings
present no indication OF falling off from the
phenomenal records of a year ago. despite the
lighter grain traffic in the West. Indeed, in the
first two weeks Of January increases over 1901
are shown by roads in all parts of the country
The money market outlook is bright. The sup
ply of money in the country is increasing, and
possible gold exports will not cause any i'm
portant loss In the general supply of the
precious metal Foreign exchange bankers ap-
pear TO believe that shipments will soon be made
10 France. Regarding the foreign financial
situation il is interesting to note that the Inn
perial Bank of Germany has just reduced its
official rate Of discount to 312 per cent. Condi-
tions abroad improving and if the Boer war
is soon brought to a close great change for the
better will doubtless develop in the European
financial and commercial markets. In the local
stock market the chief activity of the week has
been in the bond department, in which total
sales aggregated in par value S2OOO0U0O Trad
ing in bonds yesterday was active in the two
hours of business, especially in the Consolidated
Tobacco As, which advanced nearly points.
The usual weekly table OF price changes for the
active stocks follows