New-York tribune., 1904-10-16
BONDS.
sTOcY MARKET OPERATIONS.

The position OF the banks was shown bE yes
terday's bank statement to have been materially
STRENGTHENED. The chief feature OF the state
nent was a decrease Of S1l975S00 IN loans,
with an accompanying decrease Of Sl2O3s.3D
in deposits Also. for the first time in many
weeks an Increase in cash was reported The
increase was not large being only S3ll.4OO but
Il disclosed that the calls from The interior on
New-York banks for cash had lessened. even
after taking into consideration the large trans
Ger OF gold from San Francisco 10 New-Tork by
telegraph through the SDb-Treasury. AS fact,
the bank statement being based on averages,
the gold transferred from san Francisco did not
figure for It's fun amount Had # done so the
bank statement would have exhibited materi-
ally larger gain in cash. The net result Of the
statement was an improvement Of S3O095I5 in
the reserve bringing the surplus reserve up 10
Sl5957 ST5 A not unimportant item IN the
statement was an increase Of $4,000 In circu-
lation
The how OF money 10 the crop regions Of the
South and West is still some distance from ITS
conclusion. but II Is apparent that the heavier
part Of the outgo has been witnessed. II Is
probable that the interior movement Of money
will be against New-York until The middle and
possibly until the latter part Of November. but
there can be no doubt Of the ability of the New
York banks to meet the demands upon them
without difficulty and Furthermore, without
actual restriction of loans. II has become plain
that it WILL Notwithstanding the tightening
money markets abroad. be a comparatively easy
matter 10 bring gold from Europe. The market
ing Of the enormous cotton crop IS proceeding
rapidly by reason Of the good price that cotton
IS bringing. The bulk Of cotton that is
moving Is being exported. and accordingly cot
ton bills are heavily swelling the volume Of COM
mercial bills coming on the exchange market
These bills create the best possible basis for gold
imports and viii be utilized when the need
desire develops for drawing gold from the other
side. The stock Of gold IN London at this time
Is large and. although other European financial
centres drawing It, acquisitions from
New-York win readily be filed. There is never
any particular unwIlingness on the part Of
London to let New-York have gold and the fall
Of 1904 win not pass without quick response
from that centre when New-York makes known
ats wants.
The two hours session OF the Stock Exchange
was q busy one. the total dealings being more
than one-haf great in the FIVE hours OF
trading on Friday. when the largest days busl-
ness In the year was transacted. The buying
was almost uninterrupted from the opening to
the close and there were very few stocks for
which net gains we're not recorded. The only
selling 10 speak OF NRs at the close and was by
Graders who wished 20 AXE their profits for the
without effect on prices. and the close revealed
no impairment os the upward tendency Of
values There abundant evidence OF the
Dressnoe u the public in the market TO an in
creasing extent. II mainly the purchases
by the pubic that made the heavy aggregate Of
dealings sor the day. which WAS far 81 excess Of
any Saturday In more than two years. The way
"a which the public took hold demonstrated that
ats confidence In the outlook for general bust
tiea. had been restored. AS bearing on the busl-
ness situation as whole, 1t Is worth noting
here that the bank elearings Of the country for
the week were % Per cent greater than IN the
corresponding week last year.
The dealings In stocks distributed over
an unusually wide range OF issues which in IT.
self was convincing proof of the presence Of the
public In the market. Professional manipula-
fiOn was not apparent in any important degree
= vas. indeed. unnecessary. for the market
clearly evinced it's ability to take care Of itself
The inquiry was largely for standard railroad
stocks and seasoned Industrials. Among the
stocks that were freely bought were Union
Pacific. Southern Pacific. ST. Paul. Missouri
Pacific, Illinois Central Louisville and Nash
vile, Baltimore and Ohio. Pennsylvania, New
York Central and Erie. The industrials for
which there was a substantial request included
Anaigamated Copper. American Sugar. Car and
Founory' American Smelling. DistiIling. Pressed
Steel Car. United States Steel and Colorado F1,ol
and Iron. The strength Of the United States
Steel stocks and sinking fund bonds vas as nro
aounced at any time since the extensive deal
ings in these Issues began. BROOKLYN RAND
transit was not as prominent as on preceding
days and sustained q fractional loss in price On
realizing sales Peoples Gas also was sold 70
take profits. but closed without change. The
bond market was relatively as active and strong
as the stock market