New-York tribune., 1902-01-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was extremely dull on an
irregular movement of values. Expectation of
a favorable bank statement failed to STIMULATES
speculative activity, while encouraging trade re-
ports exerted influence on prices Traders
professed great uneasiness the legal stand
ing OF the Northern Securities Company. and tho
possibility of adverse decision affecting the
company by the Supreme Court tomorrow. Per-
mission by the Supreme Court for the State OF
Minnesota TO bring suit against the corpora
ton Will not foreshadow a final verdict agains.
the Northern Securities Company. And II fr
should eventually be decided that the formation
of this company was Illegal the roads involved
would not suspend dividends. Stock market
traders are worrying too much over shadows.
while forgetting the material aspect OF the gen.
eral situation Brains affected by bear lit
erature and bear representations ought to be-
cleared by generous application of trade sta
tistics. as compiled by the leading trade authori
ties from week to week. The general outlook In
the country's industries is bright with prom
Use. but such a statement, however will doubt
less be treated a fairy tale by present WaIl
Street pessimists.
The weekly statement Of the associated banks
showed further substantial additions to cash
and reserve holdings. Legal tenders and specie
increased SS.O07.1OO. and reserve above legal re-
quirements increased S6.27O.95o. to S25 332 400.
as against S30.799. .45O at this time year ago
and S29.2I7.9I5 IN 1900. Loans showed small
expansion. doubtless due to foreign exchanges
transactions rather than TO mercantile or Stock
Exchange borrowing. The local loans OF tho
New-York banks now stand at $3.50 $40 500,
compared with ssh. .367. 800 at the corresponding
time a year ago. The security back OF current
bank loans is OF the best quality and there Is no
danger Of a collapse because OF the apparent
wide difference between. bank liabilities and
cash resources Bank conditions at this centre
and throughout the country are sound enough
10 weather financial commercial storms, but
there are no indications that they will be called
on TO stand the test for many months to come.
Bank cearings for the whole country In the
week, closed Friday heavier than IN thu
same week last year despite the fact that year
ago bank operations were heavily swollen
through great activity I'm the speculative mar
kets
The most active dealings IN yesterdays mar
ket were in Sugar Refining and Amalgamated
Copper. both of which closed at fractional net
losses In the railway list New-York CentraI
was sold down on the finding OF the coroner's
jury in the tunnel disaster, while the greater
number Of issues. including the traction shares.
were heavy. with last prices at about the lowest
of the day. St. Lawrence and Adirondack. Rut-
land preferred. Peoria and Eastern, Iowa Cen
trail preferred. and Chicago and Eastern illinois,
small dealings were conspicuous exceptions
TO the downward tendency. Among the In
dustrials. International Pump, American Car
and Foundry shares and Pressed Steel Car is
sues were firm features. The bond market was
moderately active.
The usual weekly tabls OF price changes for ths
active stocks follows: