New-York tribune., 1900-03-04
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Bear traders attempted to force further de-
cline in yesterdays market. The presence of
good buying orders. however. offset the selling
pressure, and after the initial dealings sharp
recoveries were made throughout the list. Trad
who sold early in the day covered before
noon. and at the close considerable price i'm
provement was shown over Fridays final fig
ures. At the low level OF the day banking in
terests appeared as buyers. Buying from these
sources doubtless reflected a belief among i'm
portant operators that the market was heavily
oversold Friday, and the subsequent course
Of values proved that the short interest had
been unduly extended. Advancing prices after
several days of decline logical speculative
result, but they cannot be counted upon to con-
tinue beyond the point at which market equi-
librium is restored, unless the movement is sup
ported by something mere powerful than specu-
lative considerations. The advance recorded
yesterday should therefore not be taken a
positive indication that prices will advance to-
morrow
The bank statement made bad exhibit from
The speculative point of view, but as its chief
features accurately foreshadowed in Fri
days market il passed without effect on yester-
days trading The increase in loans amounted
to nearly S10O0000O making the total expan-
sion in this item for the last six weeks of about
S74000,000. 1t is the loan account that is
breaking down surplus and with the last named
item at only S13, ,641 $50 firmer money market
is practically assured. And unless the European
markets put distractions in the way the ad-
vance in rates and the decline in surplus will, in
all proba bility, be followed by gold imports. It
is a significant fact that despite the low po-
sition OF the reserve above legal requirements
the leading bankers confident that the
money market will not reach a condition of
stringency. and that rates will rule compare
fo, he
confidence is doubtless based on the expectation
of a big increase in bank note circulation under
the provisions Of the Currency bill. and snip
nents OF gold from Europe this country.
Third Avenue stock enjoyed sharp recovery
in yesterdays market; also Sugar Refining,
which. after a decline of two points, closed at a
net gain of three points. The iron and steel
stocks rallied from one TO three points, and the
railroad list was firm small advances. Natu-
rally the Improvement was greater in the indus
trials and fractions than in the general rail-
road list, the short interest in the last named
was not extensive. Trade reports for the week
show a well maintained volume of business
throughout the country. Railroad earnings are
enormous. and hank clearings representing
purely business operations are ahead of the
record breaking period a year ago These and
other bright features in the situation have
failed stimulate good outside demand for
stocks, and while cheerful developments have
been following each other in rapid succession
stock values have steadily lost IN market quo
fatiOns The greater number of stocks are well
below their level of this time a year ago, yet
the Street pessimists continue 10 assert that
stocks are selling fancy figures When the
situation is cleared of Third Avenue affairs and
the Sugar Refining dividend, and when the
Street finds out the effect Of the Currency bill
on the money market there may be movement
OF quotations toward fancy prices. Prices are
low in the greater number of cases if the actual
worth of securities is taken as the basis of
The usual weekly table OF price changes for the
more active stocks follows: