New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-06
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was strong and active under
the influence of continued commission house
and boardroom buying. In many Issues strfk-
ing advances were made. and IN the Steel
stocks further local and Western buying carried
prices well above Saturdays level Irregularity
which marked the course OF trading on Satur-
day was not a feature yesterday. Public buying
was not enormous, and there were no fndlca-
lions that e runaway bull market was develop
ing. Speculation was orderly. In last weeks
market big short interest was covered and bull
speculation must now depend more upon out
side buying than ON covering of shorts. II looks
as if the public were becoming interested in the
market, while it is apparent that the biggest
financial interests in the Street are actively
working for higher prices. The last named fact
is practically equivalent TO assertion that
prices must sell higher, inasmuch as active
financial support In stock market backed by
sound conditions almost invariably leads to
active public demand. If values do not advance
and if the market does not enjoy a period Of
further bull activity before the end of the
month one may hardly ever hope TO see market
values respond to legitimate bull conditions.
The heavy expansion IN bark loans in the last
three weeks is pretty safe reflection OF ar
rangements made by important market in
terests for period OF active speculation Local
bank supplies are at the disposal of the specu-
lative community at from 1 " to 21s per cent on
call, and the loan account may be increased to
many millions before contraction will be neces-
sary Money will continue to come to this
centre from the interior for several weeks, and
while the Federal Treasury will make no further
additions at present TO deposits with local banks
cash holdings should make further gains
throughout the month. The money market was
the chief obstacle 10 an advance In stock quo
fations a few weeks ago, but it is now the
leading argument in favor of higher prices.
Some OF the market interests who were severely
injured in the December smash in values
again in the speculative arena, buying stocks
for a rise and confident of recovering in Feb
ruary as nucn if not more than they lost in
the last month Of the year. The movement OF
capital into railway mortgage issues continues
on an active scale Bonds returning over and
per cent are in demand, while offerings of the
high priced issues that yield much less find
ready buyers. But the issues selling under or
slightly above par make up the chief part Of the
daily business.
Operators in stocks found in yesterdays re-
turns OF earnings good reasons for buying Sc
curities, especially the attractive issues that are
selling below their actual worth. Louisville and
Nashvtle's increase of s175.s20 for the last week
in January and Norfolk and Westerns gain of
$4,000 for the same time were not attractive
nished. however. welcome encouragement for the
believers in American securities. Heavy buying
OF Norfolk and Western common stock was a
logical result OF the big earnings. and the COM
parative dulness of Louisville and Nashville in
the face OF its splendid showing doubtless re-
fected an indisposition ON the part of traders to
buy the stoc4 pending the outcome of the politi-
cal situation in Kentucky. Civil in Ken
lucky would decrease traffic receipts on the
Louisville and Nashville for time, but it would
not weaken the stocks investment value. Out
side the States, IN Canada and Mexico railroad
earnings also returning heavy gains ovel
1899. The Mexican National for the last weel
in January, made an increase of over 47y0O(
and the Canadian Pacific gain Of $4,000 Thu
course of earnings on the Mexican roads sug
gests higher prices for the Mexican Central AND
Mexican National securities.
THE DAYS OPERATIONS IN BONDS.