New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-07
BONDS.
THE DAYS OPERATIONS IN STOCKS

Increased activity. strength and higher prices
marked the course of trading in yesterdays
market Heavy realizing sales failed to carry
prices down. although at times they were accom-
panied by much irregularity. The buying
through commission houses was heavier than
IL has been on any day in the current move
nent. while transactions for the account of
substantial market interests were said TO be
larger and more widely distributed. Weakness
in Sugar Refining was due to causes not affect
ing the general list. 1t is evident that the at
tractive medium and low priced stocks are being
taken by good class of buyers on the theory
that present quotations do not measure actual
worth. Buying of Norfolk and Western COM
mon is an instance of this character of dealings
and the same may be said of the dealings in
Ontario and Western, Union Pacific common,
Federal Steel. National Steel Southern Pacific
and many others. Brooklyn Rapid Transit is
keeping all of its old friends and making
Ones and current buying of the stock reflects
great confidence in speculative and investment
circles over the company's dividend prospects
The transportation situation in Brooklyn sug-
gests great possibilities fer the company that
now controls practically all the territory. The
market was strong the greater part of the day.
with final prices near the best
The money in circulation increased in January
S2aa. T51. 1S5, as compared with the preceding
month, and February the tota: amount of
money in the country outside of Federal Treas
ury holdings was S2003 1885, an increase of
$s4 SIS. T9S as compared with the same time in
1899. The addition to the country's supply of
available money reflects the country's increase
IN wealth. The passage of the pending financial
measure in Congress will furnish greater bank
ing facilities for the contraction and expansion
Of the money supply, according to the necessi-
ties Of the situation, and its enactment as a
Law is expected TO be factor in encouraging a
long period Of easy money. The country is in no
need of increased bank currency at the moment,
but the absorption of funds by the Treasury.
which has begun again, owing to the decision of
the Treasury Department to discontinue the de-
posit of internal revenue receipts with local
depository hanks, may suggest the need of in
creased banking privileges later in the sea-
son. The general prospect faVors a period of
comparatively easy money rates, and while the
spring demand for funds from the interior may
be heavy. there is no reason to expect a repe-
tition of the stringency that current last
fall Certain operators in stocks conducting
present transactions the basis of quick turns
believing that the prospects do not hold out
hopes of an active bull market beyond the cur
rent month
1t will be well to look for the future, but
al the moment there is 10 encouragement fol
short sales. Bear traders would better wait
awhile. The public is coming into the market
the more important interests working fol
higher prices. and present speculative holders o.
stocks apparently determined to part Will
their possessions much higher prices. Afte
the rapid advance Of the last ten days, reac
ton would not be unwelcomc but more than
reaction is not expected and il certainly is no
desired Prices viii have TO move considerably
higher before conditions affecting actual worth
are 'overdiscounted" This assertion is denied
by certain bear interests, but no legitimate ar
gument has been brought forward TO disprove it
The current movement of money into securtie:
is the direct result Of easy money at this centr,
and indications that railway and industrial cor
p0rations maintaining the high record o
earnings made in 1899. and in many instance
exceeding the best results recorded in the yea
named. As long as business is good and credi
IS abundant stocks should logically move up
ward. The immediate bear outlook is wofull,
discouragfng. Money is moving into the Low
priced stocks.