New-York tribune., 1900-11-25
BONDS.


Further efforts to depress values were made
in the early dealings in yesterdays stock mar
ket but before the end Of the first hour an up
ward movement under way, with prices
higher throughout the list. At the close net
gains predomnated. The reaction has ap-
parently run its for the present, and it is
therefore reasonable to assume that further ad-
vances will be made in this weeks market. es-
pecially as Saturdays bank statement showed
such a sound monetary position at this centre
Despite the enormous activity in stocks since
the election. bank loans have expanded less than
S9OOOOO0 and surplus above legal require
ments has increased upward of 81 100000 while
borrowers at the banks and on the Stock Ex-
change have been accommodated at from 3 to
per cent for call loans. Cash holdings Increased
over S7.000OO0 last week, and even this gain did
not reflect the actual addition to the specie and
legal tender accounts. as over S2,OOoooo re-
ceived on Friday. figured in the statement of
averages for one day only. The supply of money
at this centre does not warrant crazy specula-
tion, or relapse from the cautious attitude OF
the banks and brokerage houses. but it does
however, encourage confidence and warrants
continuous bull activity in many securities.
Trade conditions reported by the CONNER
cial agencies in the week promising. Bank
clearings are heavy. railroad earnings are large
and all indications that point to trade prosperity
are becoming more pronounced every day
These factors have brought out a large amount
of capital for employment in the stock market
Capital is going into high grade stocks at high
prices and into lower grade stocks at cheap
prices. Capital is confident to buy high priced
stocks because it is convinced that high grade
snvestments will not decline. but seek even
higher level Capital is willing to buy low
priced stocks, because it believes that current
conditions are improving the actual value Of
the cheap stocks, "a well as the high priced
investments. and because the prospects favor
the advance Of the cheap issues to the invest
nlent range. The small increase in loans in the
last three weeks indicates that stocks have been
bought outright and that commission houses are
not overloaded with weak accounts; in other
words. it indicates that speculation is moving
a healthful basis without the danger of col
lapse. The wisdom Of supplying large margins
reflected in the course of values on certain
days last week. and 1t should not for a moment
he assumed that because conditions favora-
bic stocks cannot decline. or that the advance
will run on indefinitely. There will. ii is gen.
orally believed, be a further considerable i'm
provemsnt in quotations before values measure
actual worth, but sharp declines likely be-
fore the top is reached
The advance has already been overdone in
certain stocks, but in the greater number OF
issues there is yet good margin for improve
l1ent. On reactions the promising railroad
socks and ipdustrials of merit will doubtless
prove profitable investments. In Northern Pa
cific common the advance has gone pretty far
and the purchase of the stock at the ruling
level a speculation is not advised. Sugar Re
fning stock is selling up to its real worth. but
manipulation may carry il higher Peoples Gas
IS many points under its true worth, so is Re-
public Steel preferred, Union Pacific preferred.
Railway preferred, Interna
Paper preferred and about all the very cheap
issues. The market has reached a point where
caution and discrimination should be exercised
tn all purchases. In the final trading yesterday
reactions developed throughout the list.
The usual weekly table of price changes for the
more active stocks follows: