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

Continued strength and activity marked the
course Of stock market trading yesterday. The
publication of the bank statement caused few
fractional recessions, but at the close net gains
shown in the greater number Of issues.
particular strength being noted in the indus
trials and Pacific Mail The stock named
jumped UP 10 points buying induced by the
theory that the election of Mr.. Hartman TO the
Board Of Directors Of the company meant that
the Union Pacific would share with the Southern
Pacific the control Of Pacific Mail, and that IT
would also mean closer relations between the
Observation-Disclosures properties and the rail-
roads Of the Southwest The railroad stocks
in general were strong, and bull enthusiasm
showed no indication Of firing. Bank statement
figures exhibited a loss IN surplus above legal
requirements, due to decline in cash holdings;
but. contrary to general expectation, the loan
item reflected a considerable contraction in la
bilities the decrease amounting to $6673 500.
while deposits were lower by S106S3,40O. That
the banks have been able to reduce their loans
in the face Of record breaking bull speculation in
stocks proves that good part of the weeks
transactions represent investment buying-buy
ing By people who have paid for their securities.
Commission houses were well supplied with
time money. and in consequence their demands
upon the banks for call funds were not heavy.
a reflection OF this being seen in the Of
cell money rates Throughout the week In
point of activity and advance the market broke
all records for a half holiday total dealings
amounting TO S69.o41 shares the best preceding
record being that Of January 21 1895 when
1925 shares were traded in. There were 15S
different issues dealt IN, the greatest activity de-
veloping in Pacific Mall, United States Leather.
the steel stocks. Sugar Refining. American To-
bacco. Atchison. Reading first preferred, South
ern Pacific and Union Pacific
Trade conditions throughout the country were
sound before the election. and the election results
VIII therefore work upon industries already es-
tablished. injecting greater life into the pro-
ductive energies Of the country and strength
ening confidence IN trade circles over the future
Of money and business. Commercial agencies
report for the week a general disposition among
business men to look forward to a period of ex-
pandng profits. The fear Of Organism has dis
appeared. and in its place confidence In the sta
bility of business and values has developed
more years Of heavy demand for home and for
eign consumption, and capitalists are looking
about for attractive channels for the employ
Tnent Of surplus income. In the week the stock
market reflected the enthusiasm Of spectators
and the convictions of investors Stocks ad
vanced on legitimate demand from people who
believed that stock speculation would run on
an even advancing course for many weeks to
come and a demand from investors who ac
cepted the election results as a guarantee that
the cloud Of Bryanism would never again threat
en- the country's industries and prosperity In
vestors felt doubly encouraged. owing to the
magnitude OF the victory and to the fact that
the American people be depended upon when
a principle Is to be fought for
The stock market entitled TO every potnt
Of advance made last week The upward move
ment was rapid, and setback in prices is nat
urally predictedi but the general course of val
ues should exhibit an advancing tendency for
some time to come. Some good Judges be1ievs
that reaction Will develop this week. and that
moderate decline VIII be encouraged by sub
stantial interests In order 20 preserve technical
conditions and also IN order to pick ND stocks
at cheaper prices. Any decline that NAV de-
veiop this week or next week will be normal
incident OF bull market Reactions should ha
welcomed by enthusiastic bulls as they tend IN
increase the chances OF sustained Improvement
The public has been out Of tine market for a
long time, and its return is based upon coudt-
tions which warrant higher prices especially in
the attractive medium priced industrtals and
railroad stocks OF the established industrial
issues. Peoples Gas promises to become an ac
tive feature and TO sell many points higher be-
fore the end of the year. In April 1890 this
stock sold at 129. It's actual worth is greater
now than 1t was at the time named. while the
settlement OF the gas in Chicago and the
defeat Of political interests hostile to the COM
pany insure an increased earning power and a
better market valuation for the stock. The in
austrial stocks will be the leading features in
the speculation Of the next six months Inter
national Paper preferred is highly thought of by
ieadihs investment Interests and its price is
certain 10 enjoy material market Improvement
over one point being added TO its market value
In yesterdays transactions
me usual weekly table of price changes for the
active stockS follows. ~