New-York tribune., 1902-01-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was strong small vol
ume of business Expectation OF a favorable
bank statement induced traders covering oper-
ations throughout the list, but the absence OF
demand from outsiders prevented marked i'm
provement in prices. The tendency was upward
without sensational even heavy gains. Last
prices were generally at the best OF the day.
despite realizing sales at the close. The state
ment of bank averages showed a good sized
gain in resources and comfortable reduction
IN liabilities. Probably the actual position OF the
banks Is better than indicated by the statement
as heavy receipts Of currency from the west IN
the last few days figured for only a small pro
portion of the actual amount, owing to the
average system employed in compiling the bank
statement Then the shifting OF certain ac-
counts from the Bank Of the State of New-Yo York
to other institutions also affected the weekly
figures. One thing IS quite evident, and that
is that money is coming to Newly ork IN large
amounts. An easier market for loans should
therefore, soon develop. Cash holdings IN
creased in the bank statement S5,63I.oOo, loans
decreased S5,SO9.SOO and deposits increased
SIIS,0OO. The result Of all changes was gam
in reserve above legal requirements or 60 H.,
S75, to S12 95S 450 against S22,S9S,ooo this time
last year. and S16.IO1'35o in the year oefore;
The Atchison issues were firm, despite the BOND
issue, while the railroad list in general was
strong on a small volume of trading. Pool buy
ing was reported IN Manhattan. This STOCK, Win
Union Pacific, Reading Amalgamated Copper,
Sugar Refining and Atchison, supplied the best
part Of the days dealings. There was an ex-
hours of trading, especially in the Wabash de-
benture Bs Union Pacific convertible 4s. ST.
Louis Southwestern flrsts, Reading As and Green
Bay and Western debenture BS
Sentiment in the financial community Is not
bearish. In certain speculative quarters an at
titude OF fear is assumed for reasons anectlns
stock traders pocketbooks. but at heart about
every trader in the Street IS a bull Pending the
return Of easier money rates many operators
consider it wise to work on the short side or
the market, especially as the public shows no
disposition to buy, while the larger interests
apparently are satisfied TO let the market take
care OF itself for time. Losses made last week
were not significant OF any change IN conditions
affecting actual values. The adverse factors
were not extensive in character and they were
not indications OF conditions existing IN the gen.
eral industrial world. Favorable Developments
in the week as, for instance. the advance in the
Jersey Central dividend rate. the declaration or
big dividends by other concerns. the Uniteu
States Steel Corporation report further heavy
railroad earnings and encouraging trade re-
turns. reflected the strong position of the coun-
porting investment values According 10 the
leading commercial agencies all departments or
trade looking forward TO an active spring
business.
The bank statement is not always accurate
reflection of money market conditions. but the
rising averages Of the last week foreshadow an
easier market for loans. Money is returning TO
New-York from the interior In large volume
This movement will continue for several weeks,
and possible gold exports are not likely to be
heavy enough to Offset the gain to an extent
that will lower bank reserves. Some gold may
go out this week. but current conditions do not
suggest that heavy exports of the metal will be
made this winter spring. Foreign conditions
are improving. 1t will, of course, be con-
siderable time before Europe RECEIVERS from IN
dustrial depression. but stock markets generally
discount such events long before they actually
take place. When the foreign markets begin to
rise the local market will doubtless be favorably
affected. A complete settlement Of the Boer
would, perhaps. have more effect on the
foreign markets than any other development
This war has affected all of Europe, as Eng
land has been forced in the last few years TO
call home large sums OF capital from about
every European country. The withdrawal of so
much capital has been influence in increas-
ing Industrial troubles. England's great source
OF gold supply will be reOpened with the end of
the war. and foreign countries will share the
benefits of this favorable development.
The usual weekly table of price changes for the
active stocks follows: