New-York tribune., 1896-11-23

waiting for the bears to lower bfices In order
ranes ,ns 'hey nS may accumulate stocks at lower
ense OF values. Such factors as just stated
ia, nd'e resulted In narrow and professional mar
ke', with good opportunities for the cultivation
" " , snort interest. which before long WILL IT
10 pe,ieVeu result in pronounced rally. II
would seem, however that the market was
,eachlng pretty stable basis and that some
very unfavorable piece of news would have TO
pe pupished IN order TO carry prices to mate
| riaiiy lower limits. The important changes
when nave taken place since the election war
RANT most optimistic view of future security
va o,u.s' ~, ana The assurance given by the people
oI ms country that there VIII continue stability
- the government and in its currency affords
reasonable grounds for expecting in the course
OF the year a renewed and vigorous buying
power both foreign ard domestic. in the security
| iharts or this country. When the reasons for
| duihess and narrowness and reaction are un-
derstood there is no occasion for discourage
ment, and understanding the condition of affairs
on the stock Exchange no pessimism was in
dulged in by the financial community last week.
narrow market generally Is enlivened in
| rev ISSUES by speculative manipulation. and
this was witnessed in the week in Sugar Re
nning and American Spirits Manufacturing
Coinpany; transactions in these two amounting
70 -.S.tOl shares out Of total in all stocks Of
i'IW'o!" shares. Sugar Refining manipulation
is an old story, hut nevertheless il is not under
stood by Wall Street in general, and those who
trade in il outside of the insiders move about
without bearings. In American Spirits. the
cessor to the unsavory Distiliing and Cattle
Feeding Company, indications point to the pres
ence of old hands in its movements. and also to
the possibility Of its sharing speculative atten-
tion with Sugar Refining In other stocks
movements in the week without signf-
cance, the chief activity being in the Grange
shares. Louisville and Nashville and Reading.
The poor showing made Ivy railroads in their
| earnings was used by the bears in justification
| OF their position but, pointed out in this col
umn on Friday morning. current earnings did
not reflect actual conditions and did not war
rant any selling of securities. Strong features
in the market the coal stocks on limited
transactions and the new Northern Pacific pre-
ferred (When issued.
The condition Of the banks and the money
market continued to reflect the accomplishment
OF recently boarded money. the bank statement
issued Yesterday showing further large "a
cumLlati0n OF funds at This centre. Cash hold
| ings increased S11 2S6 100 making an increase
in two weeks Of S23 39l960O while surplus re-
serve increased $5,S01 600 increase Of
Sl44 1I5 in the las; two weeks Loans
showed further expansion and deposits were
2l!3IS 500 more than week ago The gen
eral situation was made more favorable by ad-
ditional reassuring fea lures in the week. such
as the trade statement for October. showing
heavy balance in favor OF this country an in
crease in the week In merchandise exports from
this port of over &0D0OO further reports OF
trade revival; an increase Of So i9S 3s3 in the
Treasurys net gold balance, and expansion in
the country's bank clearngs. There was no In
dication in the exchange market OF conditions
unfavorable to this country and If a foreign
buying movement of securities in this market
should be resumed. gold would doubtless come
this way again. for the export trade from here
shows for this port gain Of II per cent for the
month to date over the same time last year
while last weeks merchandise exports were
| the largest record since the second week in
October 1890 and imports for the week were
II per cent smaller than in the corresponding
time in 1870. Interest and dividend payments
due abroad in January will Offset. TO great
extent. the favorable trade balance at the
present. but Europe will undoubtedly come
into our security market again. the chances OF
much gold going 10 Europe. even in the time
when gold exports normal are small. oW-
ing to its professional character, the security
market was not affected by the promising con-
ditons in the financial and business situation.
except in lettering holders Of securities from
sacrificing their holdings TO rapacious bears, and
in their possessions Many small buyers placed
orders with bond hohses in the week for rail
road. municipal and Government bonds. and
brokers in outside securities reported a grow
ing demand and advancing scale of prices.
Local gas and trust company securities were
in good demand. In the st-named class a sub
stantia advance in prices has been noted in
Brooklyn trust companies. and il is well to OBJ
that the local trust companies OF the two
cities in most prosperous conditions. and
are furnishing close competition 10 the banks
in lending funds.
The principal movements In stocks and bonds
in the week are given in the following tables:
STOCKS.