New-York tribune., 1902-02-11
BONDS.
THE DAYS OPERATIONS IN STOCKS

Advancing values and expanding volume
Of business marked the course Of trading IN yes
terday's securities market The decrease in re-
serve in Saturdays bank statement apparently
has created no alarm in banking or speculative
circles and it is generally believed that the
money market will not grow materially sitter
as a result of the loss in bank holdings. OF
course II bank liabilities continue TO enlarge at
the pace established last week and if further
heavy gold exports should be made lending
rates would advance. 1t is likely, however,
that the enormous expansion in loans in the
last two weeks will not be duplicated for many
months to come, while there is no certainty that
gold shipments will run on for any length or
time. Money is easy throughout the country
Currency continues to move TO this centre. and
the general stock of money in the United States
is steadily increasing. The amount of money
in circulation increased in January over &c.
100000. and on February / the total showed a
gain of $3.50 III, ,496. as compared with the
same time year ago.
Important deals affecting various properties
are under way. The expansion in loans reflects
syndicate operations that will doubtless exert
powerful influence on sentiment and prices in
the stock market. Substantial interests evil
IDENTIFY have absolute confidence in the business
situation in this country, and they doubtless
intend to make the most of current opportuni-
have a beneficial effect on present and future
conditions in the railroad and general indus
trial world. Commission house business
fairly large yesterday. Brokers reported a
greater disposition on the part OF out Of town
customers to enter the market. while purely
investment houses noted the presence Of a sub
stantiaI class of buyers in the Street. Various
runors we're put out to account for the strength
and activity on the exchange, but the main
cause of the days improvement was the in
creased demand based on the belief that the
larger interests supporting prices. Southern
Pacific was again 4 leading feature in the rail
road list heavy pool buying. Southern Pa
Cifc will continue to spend for long time
large amounts Of money on its property. and
eventually it Will pay substantial dividends on
its stock.
At the close prices were near the best Of the
DAY. with many important net gains recorded
Sharp upward movements again were made by
most Of the express company shares. American
Express. for instance. advancing 10 points The
Erie and Reading stocks were conspicuous feat
ures. also st Paul, Union Pacific and St Joseph
and Grand Island shares. In the Industrial list
good buying was noted in the Steel shares
Amalgamated Copper was under selling press
ure. closing at net loss. In the bond depart
rent large volume Of business was transacted
with dealings especially heavy in the Wabash
debenture Bs, and Green Bay and Western Rs
Railroad earnings received yesterday showed
gratifying results. and traffic managers were
optimistic over the prospects for business in
the rest Of the year. Grain deliveries at Chi
cego last week were the smallest in seven wears
but general merchandise traffic was enormous