New-York tribune., 1902-01-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Opening prices in the stock market were gen.
orally above Fridays close, but in the subse-
quent dealings irregularity developed. followed
by weakness at the end Expectations of a
favora bic bank statement were not fulfilled, re-
serve above legal requirements showing de-
cline of Sa75I75 from the preceding week. The
statement of averages was totally at variance
with the known movement of money in the
week. which indicated a gain in cash of over
SSG0O000 The position of the banks is doubt
less somewhat better than reflected by the bank
statement and there need be no alarm over the
monetary situation, because antiquated sys-
tenn of compiling the weekly bank figures pre-
sents results that seldom indicate the position
OF the banks at the close of business on Friday
The statement showed a gain in cash Of only
So 457 500 but as loans expanded S11,3S6 400
and deposits SO, 5,334. 300 the reserve required
against deposits increased S3.S33.oI5, leaving
decrease in actual reserve of S3151I5 Total
reserve now stands at S7.515,575, against Sill,
150075 at this time year ago and Sll,'0i'iZ0
in the year before The poor bank statement
naturally caused selling of stocks throughout
the list Declines. however, were generally con-
fned to fractions and at the close few of the
more active issues showed net advances. The
majority of active shares ended at small net
losses. The chief exceptions were American
Car and Foundry stocks, American Locomotive
Pressed Steel Car. Rock Island and Mexican
Central.
The course Of stock market values in the
week just closed reflected renewed operations for
the rise by commission houses and disposition
on the part of substantial interests TO encourage
the movement The higher rates for money and
the strength in the foreign exchange market
were not effective factors in subduing bull en-
thusiasm 1t is too early, however, to predict TO
what extent the current bull sentiment VIII
carrZ nrices Developments may arise to check
of vol, and
IRE from the renVestnent of January interest
and dividends is over the market may not ENJOY
the support necessary TO maintain prices. 1he
prospects are, nevertheless, that wan STeet
VIII witness active advancing market In
the winter and spring. accompanied, Of course
by the usual sharp reactions. Gold exports
are prot able. but they need not excite alarm
Gold was exported last January to the amount
Of SS 600 00O while in April more of the metal
went out Stock values, however, enjoyed
bull boom of wonderful proportions The ac-
tive advance in the early part of January led
70 a sharp setback before the close Of the
month but losses made were subsequently re-
covered, and prices soon resumed their upward
way
Trade reports show that the business world
is starting the new year without change in
the character and volume Of business that
marked the closing month of 1901 Business Is
so active III the West and South that money may
NOT return this centre at the rate desired by
stock market operators, and, as a consequence
extreme ease in lending quotations may not
develop The fact that foreign exchange rates
were strong last week in the face Of the high
price Of money doubtless foreshadowed the
resumption Of gold exports in the course OF the
next two weeks possibly this week In Paris
exchange on London is again lower. A year
ago the gold export movement began on Janu-
airy II. and from then until February over
SS.OO0.0w was sent abroad
The usual weekly table Of price changes for the
active stocks follows: