New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-09
THE WEEKS OPERATIONS IN STOCKS.


THE WEEKS OPERATIONS IN STOCKS.
The amount Of money in circulation In the
country increased in December S1O.42l,E ana
on January the increase as compared with
January I. 1898. reached the enormous total OF
S17G.2OO.772 On January I the actual amount
OF money In the country, exclusive or unlted
States Treasury holdings was $780, .3O1 ,412
Available cash in the Treasury increased In 1898
S11OS25O54 Of which over SS5.OOO.00O was in
gold In addition to the money actually In the
country there Is an enormous fund on call
abroad representing the accumulated credits OF
q year OF prosperous foreign trade. These fac
tors are the features Of the American money
market. They are easy of explanation, and
should he carefully borne In mind by the small
aggregation OF pessimists who constantly see
chaos ahead and expect little good of the cur
rent industrial activity reflected In the Sc
curites markets. railroad earnings and bank
cearings One day last week exchanges through
the New-York Clearing House were $315,OOO,-
COO the heaviest days total on record. while
for the week there was an increase Of nearly
Is per cent over the corresponding week in the
prosperous year Of 1892. 1t would be singular.
indeed. If stock market values began to decline
at a time when the actual or intrinsic values Of
securities were approaching.
Barring real adverse developments Of an un-
settling influence upon business and confidence.
the stock market should not seek lower level.
Temporary declines may be looked for, and big
fluctuations in the stocks that are aggressvely
pulled may be expected, as instanced in the
closing days Of last weeks market. but grad
ual lowering Of prices can hardly be counted
upon When investors begin to liqudate through
fear and uncertainty over the present and the
future. securities will be what traders call a
good sale A movement OF this sort accompa-
MED the dealings in the depressing times or
1893 and several succeeding years, because the
present at that time was filed with business
wrecks and the future was couded with uncer-
tainty and doubt Speculative selling is vastly
different from investment liquidation. This is
a time when people want to use their money
in order to make more money and the specu-
lator will freely invest his funds for turn"
in the market while the investor will accumulate
securities for the interest return offered Be
cause certain stocks declined from 2 to per
cent on Friday, and in the early dealings on
Saturday many small traders lost their money
and pessmsts reached the conclusion that some
thing was wrong with the situation and that
fools alone putting their money into the
attractive stock market offerings. there was no
investment selling. There was. however. a re-
adjustment OF speculative holdings and. a
result. better market for the shrewd men who
buy cheap and sell dear" A further decline
would not be disappointing, but the prospects
are not favorable for continued speculative weak
ness Money lenders may decide some day to
refuse further loans the shares with which
they have not been familiar in the past and
even at present there is some discrimination be-
tween the new industrial securities and the old
standard issues the part Of the more con-
sentative bankers; but as long money
tnues easy there need be little uneasiness
among brokers who are carrying large amounts
of the new industrias for customers
II is in the stocks. most Of which repre-
sent Industrial corporations that speculation has
been the heaviest, and which necessarily will
show the widest fluctuations Speculation In
these issues will doubtless be overdone but the
best observers in the Street do not believe that
that point has yet been approached The rein
vestment Of January interest disbursements is
not yet under way. and the resources OF the
banks have not yet been strained by speculative
accommodation. The money market furry In the
week was Of manipulative character. Gold i'm
ports were arranged for in the week although
not needed. and throughout the rest of the month
the holdings Of the banks will be largely IN
creased from interior remittances and proba Die
further importations OF the precious metal. In
January. 1898, cash holdings increased $50. 581-
500 and surplus reserve S13.S44.S65. The move
ment of money into bonds is heavy. especially in
the issues selling under and slightly above par.
both spectators and investors exhibiting conf
dence In a considerable appreciation in all first
class issues. well as in the bonds that are SELL
ing at a big distance from the so-caled gilt
edged investments. American railroad bonds
OFFER safe channel for the employment Of
capital as any investment on the market. and it
is only necessary TO inquire among bond houses
regarding the character Of their sales to realize
the anxiety OF large and small capitalists to pos
sess a good supply of railroad mortgage issues.
From a speculative point Of view the low-priced
bonds are very attractive. The greater number
OF stocks closed the week small losses from
the preceding week. but the market was buoyant
IN the last hour OF business