New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The bank statement for the week ended Fri
day night made unfavorable exhibit from
stock market traders point Of view, but as an
actual reflection Of business and financial condi-
lions the showing was highly encouraging and
significant II money were being taken out OF
the city banks owing TO business depression and
loss Of confidence in the countrys industrial
financial and political future-as in the period OF
business troubles which marked the year Of 1893
and several succeeding years-One might well
feel alarmed at loss in surplus reserve or
nearly Sc 100000 and in cash holdings OF
nearly S5ODOOO0. The actual employment OF
money in business expansion is the chief inf1u-
ence at work in decreasing the reserves of the
city banks. From now until the middle OF April
the movement Of funds to the interior is likely
10 be greater than the receipts at this CEN
ire. and unless gold imports are made, which
does not appear probable bank reserves VIII
doubtless 60 lower within the next thirty days.
II this proves to be the case II will indicate that
the business situation is growing in strength
and that money is being more actively employed
in trade channels throughout the country.
The great industrial combinations have been
factor in bank changes. But that is only addi-
tional evidence Of business expansion. Current
bank statements are bull cards on the intrinsic
no reason for selling wen-protected stocks just
because bank reserves are falling and cash hold
ings are contracting OF course temporary
higher rates for money may cause temporary
readtustment Of market values, and in the
process of this readjustment weak holders and
tinoid holders may be shaken out but il may he
asserted as fact that on any decline in market
prices incident To current bank conditions the
best interests in the Street will be ready buyers
OF all securities offered. The prospects favor a
slightly lower level Of values. but no decided de-
cline can be expected 1t seems TO be a good
time TO buy on the slumps and sell on the
Jumps" And the people who buy on the slumps
for long pull basing their purchases upon bust
ness conditions will not be forced TO wait many
months for their profits.
In yesterdays market prices opened irregular;
subsequently, they advanced throughout, while
tust before and following the publication of the
bank statement the whole list became heavy,
closing weak at net declines in the more active
Issues. Especial strength marked the course of
the coal stocks and the steel, iron and wire is
sues. while in the bond department firmness was
characteristic of the two hours OF business
Buying Of issues like Susquehanna and Western
5s De Bardeleben Coal and Iron is and San An.
tonic and Arkansas Pass. whose market value Is
below intrinsic worth. was larger than in sew
eral days rejecting solid investment and specu-
lative interest. The improvement IN the coal
trade makes the New York. Susquehanna and
Western : per cent bonds attractive and espe-
ciay the company is showing marked gains
in revenue from its coal and general traffic bust
ness Here is a per cent bond selling under
par thus yielding more than . per cent on the
investment. The gain in earnings In the iron
and steel and coal business makes Is per cent
bond like De Bardeehen Coal and Iron Us. sell
ing at 104 promising purchase. The last.
named issue will probably sell above Ito, and
Susquehanna Us ought TO go well beyond par
The usual weekly table OF price changes or the
more active issues follows