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

The stock market was dull and inactive
throughout the two hours of trading, with IN
Important price changes at the close. AS a rule
final quotations showed more net losses than
gains. Trading made up in great part of
the transactions of professional operators, and
with the exception of the dealings in a few OF
the more prominent issues. transactions were
confined to insignificant totals. Amalgamated
Copper supplied nearly one-quarter of the total
business while these dealings, with those in
American Sugar Refining. Southern Pacific and
a few other railway shares, made up a total OF
over 10000 shares out of the entire days
business of about 225 900 shares. Sugar Re
filming closed at a net advance of over one
point but elsewhere in the active list no i'm
portant changes were recorded. There was lit
tie disposition TO trade. commission houses re-
porting unwillingness on the part of their Gus
TONERS TO enter the market. owing to the un-
certainty to Mondays Supreme Court de-
cision in the Northern Securities case.
Final dealings were influenced by the bank
Statement, which showed an enormous increase
an loans. It was thought in some circles that
the large expansion Of the loan account fore
shadowed higher rates for money. This as
sumption, however, is poorly founded, for the
simple reason that bank reserves are neavy,
while the movement of money will continue in
favor Of this centre for several weeks to come.
Loans increased S19, ,JS9, 100, but cash holdings
were larger by over S7.S00O00, and conse-
suence reserve above legal requirements in
creased over S1,2OOONO Total reserve now
stands at $26 6G23. $50, against $24, ,S3S S25 in
the same week year ago. The position Of the
money market at this centre is sound while
throughout the country monetary conditions
unusually favorable. The heavy expansion
in loans last week due TO special transac
tions and arrangements for large financial Cp-
erations, the nature of which will be known at
no remote period. Borrowing for the account of
Stock Exchange speculation has been extreme
1y light in the last few weeks. and the current
gain in bank loans has not been affected by
stock market operations. Borrowers have no
difficulty in obtaining money at easy rates, and
It is generally believed that the feet of the
present low price for money will soon be
hected in increased operations in the securities
market.
Movements in stocks We're not affected by the
declaration of a dividend the stock Of the
Northern Securities Company. The announce
ment that a dividend had been declared took
the Street by surprise, and in poorly informed
quarters considerable perplexity prevailed over
the action Of the companys directors in MAX
ing a dividend disbursement. The declaration
of the dividend was made because the company
was in duty bound to pay out the money re-
ceived from the dividends the Great North
ern and Northern Pacific stocks. The Northern
Securities Company owns the greater part Of
the stock Of the two companies just named, and
the payment Of the l cent dividend indi-
Gates that the majority of stockholders in
the Great Northern and Northern Pacific COM
panies have exchanged their securities for the
stock of the Northern Securities Company. In
the railway list good buying again
ported in Colorado Southern issues also the
rites for the last few months have been for the
account Of people who well informed re-
garding the affairs of the company. Rock Isl
and again in fair demand. In the bond
department trading was again active, with good
investment and speculative demand American
Car and Foundry preferred well bought at
advancing prices.
The usual weekly table OF price changes for the
active stocks follows: