New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-24
BONDS.
TIE DAYS OPERATIONS IN STOCKS.

The local market yesterday again took us
cue from London higher prices abroad being
followed by an advancing tendency here, wnlch
IN the last hour OF business became pronounced
In addition 10 the influence exerted by the lor-
eign markets, the progress OF the war heipeo
bull enthusiasm on the theory that II wouio De
a matter Of a short time only before spain sue
curnbed to the superior strength OF the OlI'eu
States. II is to be hoped that this IDEA VIII De
justified by coming happenings: but II ls wei
TO bear In mind that Spain may ADOPT tacucS
preventing a speedy termination OF the CONNECT
In order to injure us as much as possloie' a'so
that the duration OF war Is hardly "lthih 'i'e
mower Of man to foreten The market showed
that II was purely professional and ready 10
follow the fortunes Of war. AS the bank state
ment was UNEXPECTEDLY favorable the fear Of
higher money was correspondingy lessened' and
traders reached the conclusion that stringent
money rates were out of the question. while be-
lieving the Stock Exchange quotations mao
pretty thoroughly discounted the war
The money market position was appreclaoly
strengthened IN the week as reflected IN the
statement OF the associated banks pupiisheo
Yesterday. Cash holdings increased S5oOS.Joo
and .urplus reserve S6,119O25 while loans were
again lower and deposits further contracted
The increase IN specie. due to goio imports
amounting 10 Si,SS0,SUp. was OIlSSt " '''N
tent of So 2S2, 800 only by legal tender Win
drawals. from which it will be seen tha' INC
movement Of money TO the interior was con
s,derably less than in the preceding week Inc
result Of all changes advanced the surplus ie-
serve to S43525 100, against S49,25I 800 at THIS
time a wear ago, and $2067S6I5 in the CORE
spending week in 1896 The loan Market IS
more or less stagnant, with a gradual hquida-
tion in progress The amount OF new loans
made In the week showed about II per cen, ID
commercial paper. Bankers have Kept close
watch upon the situation. and they no" con-
slider the reserves Of banks sufficient TO protect
demand for discounts. In time loans on stock
Exchange collateral funds are not freely onereo
by the banks. except TO well-known customers
af full rates involving minimum o! per CENT
and at times O commission in addltlon
The New-York banks are In position OF erea.
strength, hut the future Of the money HaIket
will depenDM great part upon its aoiity 70 retain
control OF the international Exchange Market
unon the length Of the war and the require
ments Of the Government In the way OF loans
II the hostilities are prolonged IT Is almost Ger
every effort to prevent gold shipments 10 thls
country and II they cannot check the move
ment by artificial means they Will douotess
begin to liquidate American securities. AL the
close of the week the foreign exchange market
was firmer The effect of the reduction or coun-
try bank balances in this city is seen IN smalier
offerings Of New-York exchange at interior
points. . A.. 49,.
nrices OF the day, with Sugar Refining. Tobacco
the leading Granger shares and Union faclnc
preferred the features m point or acuviNy
Compared with a week ago. the chler actlNe
stocks are lower, as follows: