New-York tribune., 1902-02-22
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The perturbation Of Wall Street over the pro-
posed proceeding hy the Attorney General of the
United States test the legality of the North
ern SECURITIES Company seemed largely to have
disappeared. For couple of hours after the
opening Of the Stock Exchange liquidation ad-
vanced. with a resultant lowering of prices. but
a better order Of things followed. buying
movement set in, accompanied by advance in
prices, which lasted 20 the close. The final
prices of nearly all stocks were above those of
Thursday. and in many instances the gains eX-
ceeded l per cent The conclusion of the specu-
lative community appeared to be that the
Northern Securities suit was not threatening in
It's immediate effect the market. 1t was re-
allied that the determination Of the action was
a long way off, and that in the mean time the
present status Cf the corporations concerned
would be maintained. Furthermore, ii was
pointed that even should il be decided that
the merger, so-calIed, illegal. property
rights would not be invaded or imperllled- ANY
way, il plain that general business condi-
tions were not involved.
There was a development of strength in ster
ling exchange, which carried the rates for de-
mand bills and cable transfers to the highest
point of the season and which was construed
as foreshadowing gold exports the coming week.
The bank statement, which issued day
earier than usual. to-day being a holiday, dis
closed a considerable shrinkage in the surplus
reserve. However, neither the fact of the re-
duCtion in the supply of available funds nor the
prospect of any OutgO Of gold had any appreci-
able influence on the state OF money. Ihe OF
ferings were in excess of requirements, both on
call and time, and rates were unchanged.
The actual loss in cash shown by the bank
statement was only S55.400. but a conse-
quence of expansion Of S4193,2OO in de-
posits there a contraction Of S11O4,20O in
the surplus reserve. The increase in deposits
was fully accounted for by an increase Of S4,-
7!I2 900 in loans Loans and deposits attained
the largest proportions record, but the cash
holdings of the banks in excess of legal
qurements We're left at smaller amount than
in many years at a corresponding date
The total dealings on the Stock Exchange
little than half what they We're
Thursday, but they nevertheless were fully up
10 the recent average in volume. In the num-
ber of shares dealt in Colorado and Southern
common led the list. There likewise was q good
business in the first and second preferred stocks
There substantial additions TO the prices
of all three issues. The trading in Union Pa
cifc and Southern Pacific was a liberal scale.
There information to the scheme for
another grand railroad combination, which it
has been intinated would include the Union
Pacific, its subsidiary lines and it's important
connections. The absorption of Chicago Ind
Annapolis and Louisville continued with a fur
ther enhancement in its price. The reading
issues were active, and moved up fractionaly
The features OF the bond market were again the
Wabash debenture Bs and the Union Pacific
convertible As. for both Of which there a
heavy demand.