New-York tribune., 1899-07-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

r,era uas an improven nent in stock values
,,.s,eraav and if would have been larger ex-
oept for a disappointing bank statement As 1t
wos there was only q temporary interruption or
the advance by the statement. The hnai prices
IN most cases were not far from the best OF the
da- and the closing was firm There were 'oo
macy favorable factors in the situation TOT 'he
exftrit by the banks 10 exert more thah pass
,,y ,,epence Besides. Wall Street has found
OF. .hat It does not truthfuly reflect 'he ino"e'
r,arket. at least IN such circumstances as have
recently existed The astonishing increase III
,oe earnings Of the railroads were considered 10
os far more important in representing current
conditions than the bank statement. CERTAIN
~ general business must be extraordinarily good
mr. railroad earnings could not be so enormous
and business would be restricted were there
widespread scarcity Of money
The decrease Of 81 .244,415 in the surplus re-
serves. shown in the bank statement. came from
the loss Of 81 429 300 in cash holdings or 'he
hanks. The decrease Of ST.. .739.300 in deposits
was accounted for partly by the decrease Vi
IS 1874 800 in loans and partly by wlthura"ais
from the banks by the trust companies which
are supplying themselves more hberaIly WIN
cash For one thing the trust companies are
actively seeking deposit accounts subject u
check. which makes necessary the possession vi
more money In their own vaults than heretofore
For another thing the tendency Of the trust
companies is TO extend their operations into the
banking field and this tendency is becoming
more and more pronounced
The hank statement each week demonstrates
that as at present made up. at any rate 1t not
only does not disclose the condition Of the money
market but II fails to show the condition OF
the banks as a whole. For weeks the transac-
,,ons ~ four banks have shaped the bank state
mont in its consolidated form. and set at naught
tho Influence on Il Of the other banks contrlput-
ing to II.
There was a particularly large demand Tor
Atchison preferred stock throughout the session
Of the Stock Exchange. The bulk or the pur
chases was said to be for investment for soiiie
time life insurance companies ana otner ihs'''u
tions as well as individual capitalists nave oeen
huying this stock. A fine report by the bu'""e
ton and Quincy road for June impaired stre"e'n
and excited an inquiry for the whole group Vi
Granger stocks. 1t indicated that not only 'ne
St Paul which had previously reported put all
the Granger roads were enjoying 1uH measure {
~ nrosperity. Northern Pacific was freely
bought on the returns of the road Tor the '"iiu
week IN July. which showed that receipts were
not only up to- but. If anything Deyoho eA-
nectations Southern Railway preferred was
a,so IN liberal request on the knowledge that
its traffic was steadily expanding. LouisVhe
and Nashville was again bought by London
There was considerable activity in Brooklyn
Rapid Transit, but 1t followed an irregular
course. and closed with a small loss. sugar
Refining receded slightly on realizing sales
There was a sharp upward turn In American
Tobacco. which was taken by insiders
The usual weekly table showing net price changes
IN the more active issues follows: