New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-08-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The short session in yesterdays stock market
was not marked by noteworthy activity or by
important price changes. Although there were
no serious disturbances in quotations the gen
eral tendency was toward lower level. traders
operating in this direction on the theory that
this weeks money market will cause specula-
tive liquidation and cheaper prices There is so
much talk about lower prices and a stringent
money market that preparations have been made
to meet disturbance. but the very fact that
preparations have been made encourages the be-
lief in well informed circles that no actual
trouble will develop. St Louis Southwestern
issues the Clover Leaf shares. National Lead
Hooking Valley, Detroit Southern. American
Locomotive preferred. American Car and Foun-
dry, Wabash. Western Union. United States
Steel preferred and American Grass Irvine were
among the leading exceptions 10 the downward
movement. American Grass Irvine made a new
high record price at 60 and the character of
the buying suggested active operations in the
stock for a still higher price AS the company is
not overcapitalized and pays quarterly dividends
at the rate Of per cent year. there is a good
basis for the upward move in this security The
industrial stocks have been in better demand in
the last week than noted in many months. and
there IS reason 10 believe that the attractive
ISSUES are being accumulated by careful buy
ers to hold for better quotations. Sound indus
1r1al issues representing companies tidA dIS iS-
turning heavy earnings, that Well managed
and based on industries that viii always exist,
are cheap at current market values. London
was not a factor in yesterdays market and COM
mission houses had few orders for public
count The publication Of the bank statement
was not followed by increased selling pressure
the market ending the day steady and without
feature
The weekly bank statement made a showing
totally at variance with the known movement
of money According TO Fridays estimates cash
holdings should have shown gain, but actual
figures presented a loss of S17539eO as com
pared with the preceding week, while instead
of an expected decrease in loans there was q
gain of s., 653,2e0. As a result OF all changes
reserve above legal requirements decreased
81 q04 GO 10 81 1916 900. against SIS, 42l,SO0
wear ago and 500 557 $50 in 1900. AS the state
rnent Is compiled by system which quite ire
uuently gives results the opposite OF actual con-
ditions the position of the banks may be better
than indicated by the showing Of averages De
clining bank reserves, however, should not
cause alarm as the movement merely repre-
sents the active employment of money IN the
channels Of trade The country's holdings OF
money are not reduced through the loss in re-
serves at this centre, and the only effect Of
decreased reserves here will be higher rates for
loans and requests for more margins from
traders who overtrade in stocks. Low bank
reserves may cause passing decline in stocks.
but they Will not affect adversely the actual
value of securities. 1t is likely that the larger
mart Of the sales Of sterling last week were
short in expectation of a further decline IN
rates this week. The prospects favor a lower
foreign exchange market and increased sterling
loans With time money in New-York at per
cent and discounts in London at 1l-1O per cent
foreign lenders naturally are willing TO put out
money for New-York account