New-York tribune., 1900-04-06
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was irregular and active
with realizing sales the conspicuous feature Of
trading While realizing sales We're heavy. price
declines were not important and in many issues
net gains were shown for the day The stock
market has not advanced rapidly and reac-
tions. although small have been sufficient to
preserve healthful speculative conditions. Wall
Street finds adequate reason for "bulling'
stocks but professional traders have success
in efforts 10 depress values There many
bull factors; there are practically bear fac
tors, and substantial decline under current
money and business conditions only come
from technical market weakness. Opinion diff
fers as when the last named situation will
develop. but careful examination of the mar
51et fails TO show indications Of technical weak
ness at present
Many new accounts have been opened and
many old accounts have been liquidated Large
profits have been taken. and operators who have
disposed of stocks waiting 10 buy back at
however is strong and stocks are not being
dealt out TO a financially weak class of public
Spectators. And the big bull pools which have
been at work for several weeks apparently are
not ready TO close their transactions at ruling
quotations Manipulation is noted in many
issues but the interests of legitimate specula-
sion are not endangered as yet, the breadth of
the market permitting manipulation and irregu
aarity without affecting underlying strength or
causing unfavorable sentimental disturbance.
The returns of railroad earnings for the last
week in March show that bull speculation is
based upon substantial grounds. and that there
IS nothing in the industrial situation to threaten
the stability of investment values. In yester-
days market the demand for the standard
shares was good and in the bond department
a heavy movement of investment capital was
noted. The pressure of realizing sales was ef-
fective in the afternoon in reducing values gen.
orally throughout the list the decline being
helped by active bear operations.
The amount Of money in circulation in March
showed a gain in National Bank note circulation
of S21 100000 These figures represent the
operations Of the currency law. but they
do not reflect undue expansion OF indicate COM
ing imitation. In fact the banks have not taken
out the full amount of circulation to which they
gre entitled on bonds already deposited to secure
circulation. Under the provisions of the new
law banks are privileged to increase their cir
culation 10 per cent on bonds held to secure
existing bank note circulation. but as of the in
crease in circulation in March only $19,1OO.ooO
represents a gain based on bond deposits. the
banks are still about S5.000000 short of the
limit which the law allows. Deposits to secure
National Bank notes amounted on February 2S
TO S250,O0o.Oo0. and on April 1 to S256 600 0O0
xn increase Of only S6.OO0,O00 basis for new
circulation In addition TO that allowed on old de-
sooeits The banks are taking advantage OF the
currency law in a most conservative manner.
Imitation is not likely, and the timid souls who
expected an oversupply of money and crazy
stock market speculation as result Of the Gold
STANDARD act may Danish anxiety and accept
conditions they are.