New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market quiet and irregular at
small final price changes. Uncertainty over the
South African situation was a factor that re-
strained speculative enthusiasm, both in London
and New-York, and even an excellent bank
statement had little effect upon local quota
tions. Traders both sides of the market
evened up accounts and few new commitments
were recorded: but when sales were made the
stock was taken by operators who are banking
on something more important than passing in
fuences. Final prices showed about an equal
number Of small net gains and losses The bank
statement more than met expectations and
presented results that We're foreshadowed in this
column yesterday morning. Cash resources in
creased 81, $4,000 and surplus S747S324 to
S24,1S5,675, as against $34 $685. 75 this time a
year ago. The money market is now upon q
normal level, and the prospects are that the
supply Of lendable funds will continue to in
crease for another month at least
The Wall Street markets have not moved TO
please Dear traders in the last week and the
business throughout the country has to the
bear element, been extremely Disappointing
The stock market has been dull but prices have
oeen hrm and money has been moving into
bonds. There is every reason to believe that
stock market trading will become active on adj
Eancing prices. Easy money and continued in
oustrla! prosperity must find proper reflection
IN STOCKS. Evidence of a bull movement in
stocks is found in the bond market where cant
tai that recently has been employed in the
money market Is seeking reinvestns ent in mort
gage issues All the signs and tendencies of
speculation are moving in favor Of higher prices
ana II is doubtful If serious British defeat in
South Africa would have more than a passing
mnuence upon quotations. Bear interests In
sisted that business prosperity would end with
1893, and the fact that their words commanded
q certain amount of respect owing to bear sllc-
cess In December and preceding months led
many people to sell short in expectation Of an
immediate slump in Industrial activity AL
though signs Of a slump are not in sight many
people are still selling short on advice Of bear
oracles, truth finders" truth seekers and
the rest Of the tribe.
Perhaps the new year will not surpass in busi-
ness activity the DID, but comparison of current
trade returns with those at this time a wear
ago shows that far the record for this wear
is ahead OF January year ago. which had
SHOWN heavier business than in any CORE
sponoIns month known. Actual payments
through clearing houses last week were Q ner
cent under the same time a year ago but the
oecnne was due wholly to the fact that last
year great speculative activity in stocks was a
lactor IN bank clearings. Outside of New-York
clearlngS were per cent greater than in 800
Fronts this month are larger than wear ago
ldpor Is better paid. production is larger de-
Inaho is greater, and yet there is no sign of
important reaction. Railroad earnings are
heaYy' returns so far received showing for the
TWO weeks a gain Of about 8 Der cent over the
same time In January, 1899 and 10 per cent
over 1895. Rates being well maintained at
the hlgher level, and the meeting in this CITY
last week of representatives of Western 70 IL
roads developed the best sort OF harmony and
unity or purpose in regard to co-operatine with
me interstate Commerce Commission in the usa
u lawful methods in conducting the railroad
business. The railroad situation is better than
II has been in years Holders Of GOOD rai,Toad
STOCKS and bonds have no reason to worry over
bear fairy tales. "
me usual weekly table of price cbapgas For +ha
more active stocks follows: N w