New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The transactions in stocks yesterday were
,,,re and prices improved. There doubtless
,yould have been still larger dealings AND sun
larger advances except for the uncertainty as
IN the character of the bank statement To-Day
Wall Street continues to attach importance 10
the bank statement. although II has been SHOWN
that the changes in the statement in its con-
solidated form effected by the operations OF
less than half dozen of the large banks. These
banks set at naught the exhibit or the hty-
seven or so other banks that contribute 10 the
statement. For another thing no account is
taken of the operations Of the numerous trust
companies save as their deposits in the Clear
ing House banks are raised or lowered. mas
much as the trust companies are going more
and more into the regular banking business,
and are holding their cash in their own vaults
more and more largely, instead Of keeping 1t on
deposit with the banks, il stands to reason that
the bank statement reflects the situation IN
money in a constantly diminishing degree. 1t
certainly does not furnish an adequate idea OF
the condition Of the banks themselves at the
time Of it's issuance. 70: the reason that 1t is
MADE up on averages which may be either ris-
ing falling.
Special difficulty is encountered in forecasting
to-day's bank statement owing to the DOUBT as
10 the invisible flow of money. the known
movement Of money is adverse to the banks,
but this is something that affords no trust
worthy basis of calculation. 1t has been sug-
gested that the fall in the rates for call money
and the reduction in the demand for time money
would stop the forwarding Of money from the
interior to this centre No evidence has yet ap-
neered that this has been the case. Anyway, II
has been demonstrated that when there is
~ will he forthcoming
A guess at the bank statement is that it will
chow decrease in loans of fair proportions
moderate increase in deposits, and no material
alteration in the surplus reserve. This guess is
not based go much on Clearing House ex-
changes. including dealings between the banks
srd the Sub Treasury, and transfers Of money
ny express TO and from the banks as it is upon
other matters such the state of call money
and the nature of the trading in stocks Ad-
mittedly there is no sure way Of calculating the
hank statement In advance. Notwithstanding
this Wall Street insists each week on trying TO
figure 1t out generally 10 its complete con-
fusion.
A disposition is being disclosed to restore at
tsnt5on TO the railroad stocks. There was an
idea in some quarters that the phenomenal
earnings Of the railroads could not be main
tanned II has been made reasonably clear that
the large earnings are a genuine accompani-
rnerr of the times. and that they will continue.
1t does not look If railroad earnings would
fan off at once when there is car famine all
over the country. The railroads have enough
business IN sight 10 tax their capacity for
indefinite period Railroad earnings in August
to date. so far as reported about Is per cent
larger than IN the corresponding time last year.
The so-called granger roads still are far ahead
OF other roads IN the rate Of increase in earn
ings good part of their gain has come from
general traffic. although the effect Of the heavy
movement of grain is apparent
rrrr r.y,C opI,p A-rrn>-c IN, po<Dc