New-York tribune., 1902-05-04
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Although the stock market opened in an un-
settled and feverish condition, the net result of
the days business was higher prices in the
greater number Of active issues In the early
dealings there many losses; in some cases
] per cent and more but in the subsequent
transactions values rallied and remained strong
until the close. notwithstanding the publication
of an unfavorable bank statement. After the
first few minutes the speculative community
began to appreciate the insignhcance of the col
lapse in the so-called Webb Meyer shares as a
factor affecting the general situation and this
with assurance from prominent banking houses
that the financial situation strong. induced
active covering OF short and moderate commits
sion house buying. While many holders Of
curities have lost money in the collapse Of In
ternational Power and kindred securities. the
general investment and speculative situation has
been improved by the bursting of the bubbles
and the elimination of these influences from
the market In the decline in the industrals of
doubtful merit there is a moral which all specu-
lators and investors will readily comprehend.
There are good industrial shares and poor
shares. and there is money to be made in the
good issues, while much money may be lost IN
the bad ones. The sound industrials move slow
ly but safely, and they do not end in a collapse.
such as that in International Power General
and North American Lumber and Pulp.
In the railway list the chief net gains We're
made by Canadian Pacific, ''Monon." 'Des
Moines and Fort Dodge, Detroit Southern pre-
ferred, Louisville and Nashville and New-York
Central st. Paul, Reading and Union Pacific
were the leading active features, the first named
closing, however, at a net loss of over l point
In the industrial list investment buying ad-
vanced American Grass Twine / point. Sugar
was adv
Amalgamated Copper also showed strength and
made q fractional net gain Colorado Fuel and
Iron, after falling over points, ended substan-
TALLY unchanged. American Locomotive rose
per cent and Tennessee Coal and Iron gained
over point. International Power, after de
clining from 90 TO s.. closed at go as against 50
Fridays last quotation. On the curb Dominion
Securities, Hackensack Meadows North Amer
lean Lumber and Pulp and Storage Power all
suffered sharp declines. Dominion on sales of
200 shares. declined As points to 20, while Hack
ensack Meadows declined 81 points on sales of
100 shares. Storage Power sold at g. while
North American Lumber and Plup declined
about 10 points, being offered at 80
It is impossible to learn much of money mar
ket conditions from the weekly statement Of av-
erages OF the Clearing House banks. If bank
statements reflected actual conditions the figures
presented yesterday might well cause some peo-
situation, but the actual position of the banks
Is sound. there is no occasion for alarm. 1t is
hard to understand why bank loans, as given by
the statement Of averages, increased nearly
S11.000O00 in a week Of extreme stock market
liquidation. And 1t is also difficult to see why
the statement showed gain IN cash when the
known movement of money in the week indi-
Gated net loss of upward of 100000. The
result Of all changes apparent reduction
In reserve above legal requirements Of nearly
100000 to $7.4S4.OOO which compares with
s10.9So.1O0 year ago and $15.97S.475 at the
same time in 1900 Current bank statements
practically worthless as reflections of the
actual situation The average system is bad
and utterly incapable Of showing the position Of
affairs at the close of the week Then as the
trust companies are important factors in the
movement OF money, statements which fail to
show their operations are unfaithful barometers
Of money market conditions.
The gain in bank loans as reported by the
Clearing House statement may merely indicate
the shifting Of loans TO the banks from other
institutions. And it may also indicate special
operations further advances to syndicates
and pools in the stock market. The latter how
ever. is extremely improba bic, developments
OF the last few days indicate that the credit re-
sources Of the banks fighting shy of specu-
lative operations. Higher rates for money are
expected to prevail for time. but bankers are
entirely satisfied with the position of the vari-
Gus institutions and in current conditions
absolutely reason for uneasiness. Even the
prospects Of heavy gold exports this spring and
summer are looked forward TO with composure
Outside Of the Treasury there is in circulation
in this country $40 7O7. AL in gold and gold
certificates against SSS2, 800, ,594 at this time
a year ago. while the total amount Of money in
circulation shows a gain over a year ago of
S56.743.122. The higher rates for money last
week induced sales OF cable transfers and de-
mand drafts by drawers Of exchange with cred
fits abroad. This naturally served to increase
the short interest in the exchange market plac-
ing the market in a stronger position, and in
position TO move TO the gold export point as soon
as the rate for call money declines
The usual weekly table OF price changes for the
active stocks follows:
r.. -E g