New-York tribune., 1899-12-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Tho beo,nnine Of the regular fortnighty set
+,enoent in London disclosed no weak accounts
or indications that the settlement would not oe
affected successfully Owing 10 the suehsIh
shown the London market was strong eS-
necialIy for American shares, and IN conse-
ouence the local market responded Win au-
vances throughout the list. The recovery was
sharp and general Shorts who sold on FRIDAY
IN expectation Of trouble in London To-Day were
eager 10 cover their contracts, while few traders
appeared anxious TO remain short OF STOCKS over
the double holiday. few days ago the proles-
s,onal element was apparently willing 70 stay
short Of stocks indefinitely. ana the chahee VI
heart and position noted yesterday is an en-
couraging indication Of returning sense In ad-
dit,on to the covering movement buying by sub
stantial commission house interests was feat
ure Of the trading. The advance was well main
talned IN the two hours Of business late proht
taking sales having little effect upon prices.
The bank statement made a most favorable
exhibit both IN cash and surplus. the first named
item increasing S35721O0 and surplus S3,35S,
$50 Surplus above legal requirements is now
S1O3S4O75 and, despite gold exports there
ought TO he a steady gain in bank holdings for
the next two months. The monetary situation Is
stronger than II has been in many weeks. Loans
are well margined, and not on basis that is
straining the resources Of the various institu-
tions. Good stocks are held as collateral. and
the banks own no doubtful commercial paper.
Money is coming from the interior, and Govern
ment deposits are adding millions TO the avail
able money supplies Of the local financial insti-
tutions The London hnancial situation is i'm
proving and the great bear influence on the
foreign market and Indirectly on our own mar
ket-the Boer war-will not last Indefinitely.
In the week Wall Street suffered its worst
day in years but the country showed no fall
ing off in its industrial prosperity. Commercial
agencies report larger business than ever be-
fore recorded at this time Of the year. Bank
clearings are 33 per cent larger than in the
same week last year. and 80 per cent larger than
in the corresponding time in 1892 All lines Of
industry show expansion and financial sound
ness. There is no line of trade that shows even
a suspicion Of unsoundness. The great decline
in the steel stocks has not been due TO trade
conditions, and If any one doubts this statement
reference should be made to the trade records
and to the dividend records Of the stocks. The
Federal Steel Company has already declared a
full years preferred stock dividend Of per
cent, and in January the common stock viii be
placed on the dividend list. The American Steel
and Wire Company has declared four dividends
on the preferred Of ia per cent each. The
Pressed Steel Car Company has declared and
paid { per cent on It's preferred stock; the AInerl-
can Tin Plate Company, 5L per cent on its pre-
ferred; the National Steel Company, three div-
dends on it's preferred Of IA per cent each; the
American Car Foundry Company, two dividends
on its preferred OF q per cent each; the Ameri-
can Steel Hoop Company. two dividends on its
preferred Of ia per cent each. and the Republic
Iron and Steel Company, one dividend of Ia per
cent on its preferred, and all Of the companies
named are showing a big surplus for the com
mon stock. Real values are increasing, and
stock values viii soon prove the rue measure
of the intrinsic worth Of securities.
The usual weekly table Of price changes for the
more active stocks follows