New-York tribune., 1900-03-11
BONDS
THE DAYS OPERATIONS IN STOCKS.

Trading in stocks in yesterdays market was
made up in great part of the transactions Of
professional operators. AS rule prices were
higher owing TO covering OF shorts. which
general throughout the list, and to moderate
commission house buying. In a few of the
prominent industrial issues advances reached
a point or more From a speculative point OF
view the days developments were not in favor
Of high prices. but speculative conditions
rather than speculative considerations n
trolled the movement of values. The short
interest unduly extended. and traders were
not anxious TO have outstanding contracts over
Sunday, fearing, perhaps. that the public might
possibly come into the market tomorrow and
send quotations to a losing level for the shorts
There does not seem 10 be any immediate pros
pect OF public buying, and the advance of yes
terday which made in the face of a bad
bank statement. should not be taken 10 fore
shadow the beginning Of an active upward
movement Many good as believe that the
market VIII remain lii, for time to
come without important movements in either
direction.
The surplus OF the banks above legal require
nlents has been reduced to S5.616.316, against
S30oo0ooo few weeks ago. and since the week
ended January % loans have increased $50. 49,
900 In the fall when the surplus down
to a S5,O00lOO0 limit Wall Street was seriously
alarmed money rates advanced to prohibition
figures and stock values declined. The indffer-
ence OF the Street to the current heavy loss in
cash snd surplus and the enormous increase in
liabilities is, Of course, due to the confident be
lief that the Currency bill viii become a law
this week, and that bank holdings will imne
diately expand under the provisions Of the
measure relating 10 bond refunding and bank
note circulation. The banks will doubtless add
considerably 70 their circulation, but ii will
take time TO issue circulation. and in
the mean while the Treasury and the interior
will continue to absorb money from the local
Institutions. And il is not at all certain that
the Secretary OF the Treasury will pay the pre-
mums bonds converted out Of the Treasury
surplus, as he may keep 10 his original intention
and make the payments named from deposits
in National banks. This would merely involve
a bookkeeping transfer Of money and not any
actual change in bank holdings There is no
question about the ultimate effect of the Cur
rency bill on bank holdings but it may be we'll
not 20 expect an enormous gain in bank reserves
at once, although IL is quite probable that the
actual movement of holdings will change rapidly
in favor OF increasing supplies.
Notwithstanding the dulness in the market
last week there quiet buying by good
class OF dealers. who are confident believers in
made violent but unsuccessful efforts TO dis
lodge important lines OF stocks. and the course
of values reflects that stocks are in a position
where il is easier Ito bull them than Ito bear
them. The market has been dull, with strong
undertone. Uncertainty over the results of the
Currency bill and the shrinkage in the volume
OF business in some lines of trade have induced
MANY important financial interests to study and
weigh the situation, and 70 remain away from
the stock market, but they have not found in
current conditions reason for peesimism over
the future. The market is in a sound and
healthful position, and prices at at
tractive level for people who buy and
afford to wait for profits.
The usual weekly table Of price changes for the
more active stocks follows