New-York tribune., 1900-12-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Total transactions in stocks were heavier than
on any preceding Saturday ever recorded. beat
ing the record of November 10 by nearly 100000
shares and aggregating in the two hours of
business .006.000 shares. Prices exhibited con-
siderable rregularity incident to the closing OF
contracts over the holiday, but the undertone
was strong while at the close the greater num-
her of issues showed net Improvement over Fri
DAYS final figures. Traders who had stocks to
sell found willing buyers in banking circles. The
leading banking interests in the Street were
again actively engaged in accumulating stocks,
and many careful commission house operators
who took profits earlier in the week were quiet
buyers Of the attractive low and medium priced
securities. The approach Of the three day holi-
day did not frighten holders into liquidation,
hut in many cases stocks were sold for profits,
with the vague hope of buying back after Christ
mas at lower prices. There appears little likei-
hood of any decided setback in values next week.
while short sales in expectation of a protracted
decline early in 1901 do not appeal to people
who appreciate governing conditions. A big bull
market will naturally be accompanied and fol-
lowed by reactions, but barring the develop
snent Of distinctly unfavorable changes in busi-
ness. money and politics there will be no in
centive TO exchange investment holdings for
cash.
Stocks passing into investors boxes and
declines produced ty realizing and bear pressure
will only serve TO decrease the supply of securi-
ties available for speculative purposes Many
people who have good paper profits on purely
speculative holdings are converting them into
cash, but stocks sold are not going into weak
hands and technical conditions are not ripe for
big slump in prices. There is nothing in sight
80 disturb the present satisfactory course of
business. Investors and SPECTATORS are there
fore confident that securities are in the greater
number Of cases. cheap at going prices. In the
last two days heavy buying of Southern Pacific
stock has reflected a demand from interests that
are in the market to stay. The same kind of
buying has been noted in sil the Pacific and
granger shares; and. in fact, in about all the
stocks listed. Anthracite coal shares have not
it is generally believed, reached the fine measure
of Improvement 10 which they are entitled. while
the Southwestern issues booked for higher
prices II is a rich mans market and big mar
gins should be provided
The bank statement was. as expected. graft
lying exhibit OF bank conditions. Actual hold
,ngs are even better than shown by the state
lnent, as large payments made TO the banks on
Friday show for one day only in the averages
legal requirements S3,171. .625 to So 497 600.
against S1O25,S25 in the same week a year ago
Another large decrease in loans in the face of
extreme activity in stocks was a feature of the
statement that caused considerable satisfaction
In banking and speculative circles 1t is worth
noting for future reference that in the week just
ciosed-the most active week in the history of
the Stock EXcharge-adyancing values and
heaNy public buying have been accompanied by
q contraction in bank loans of S. 661 300 The
features yesterday were Sugar Refining Atchi-
son issues. Brooklyn Rapid Transit ST Paul.
Federal Steel Kansas and Texas preferred
northern Pacific. Peoples Gas Southern Pacific,
southern Railway and Texas and Pacific
In, ne usual weekly table OF price changes for the
more active stocks follows: