New-York tribune., 1900-03-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market presented further evidence
of bull activity in yesterdays dealings. With
the exception of the traction shares the whole
list showed marked strength while the volume
of trading was only trife under the best pre-
ceding record of shares dealt in for half holiday
speculation. Railroad stocks were again the
leading features. especially the stocks that are
in the middle class and cheap class of issues.
The Atchison, Baltimore and Ohio Northern
Pacific. Norfolk and Western, Southern Rail-
way, Union Pacific and Denver and Rio Grande
stocks were bought by commission houses and
substantial market interests. And the short
lines put out on Friday in the issues named
were covered at advancing prices The best
judges believe that II is a poor market to be
short of. In the traction issues bear traders
Third Avenue corner" but their success is
doubtful. especially they beginning to
employ the same methods that led to the recent
Investigation OF the Brooklyn Rapid Transit
nbels by the Grand Jury. Metropolitan Brook
lyn Rapid Transit and Manhattan are not the
short sale propositions that they were year
ago, when they were selling at inflated levels
The bank statement made better exhibit
than expected, and the final dealings in stocks
reflected in increased activity and higher prices
the gain In surplus above legal requirements of
over So, 100000. The announcement in yester-
days Tribune that the Pennsylvania is now
factor in Norfolk and Western affairs was fol-
lowed by geod buying in both stocks while
throughout the railway list buying of the
same excellent character. The industrials were
somewhat neglected. but quiet absorption OF the
better class of stocks was noted. American Car
and Foundry preferred strong. and although
its dealings were small, they represented buy
ers who are convinced that good industrial
stocks are safe good railroad securi-
ties. Upward movements in stocks are now
Justified by the progress of trade. by the money
market outlook and by all conditions which gov
ern the worth Of investments. This view ap-
pears to be gaining in force among public specu-
1ators and investors, and among European cap
ttaifsts whose dealings in the local market in
the last week have been exceptionally heavy.
London bought stocks in the local market yes
terday, and it is estimated that it's purchases
for the week have amounted to upward of
10000 shares
The movement of money has turned in favor
OF this city. Cash and surplus holdings of local
banks will doubtless increase for some time to
Street markets may be looked for That opera
tions incident to bond refunding were the chief
factors In the recent heavy expansion in loans
ts proved by the contraction in loans under
way, the decrease for last week amounting to
S12,560.700 This result was brought about
despite great activity in the stock market and
1t is believed that the movement in loan re-
ouction VIII continue for several weeks, or
until the time when the contraction equals the
big expansion which began in February and
the new currency law banks are taking out
circulation in addition to the 10 per cent in
crease to which they are entitled bonds al
ready deposited for bank note issues and the
demand for circulation from interior institutions
indicates that the new law will become a very
important factor in modifying the out of town
inquiry for money at this centre especially in
active crop movement periods. The return of
the money market TO normal conditions is speed
ily promised by the current movement of
loans, deposits and cash and in we'll informed
circles il is thought that easy money will be the
The usual weekly ia bic OF price changes for the
more active stocks follows: