New-York tribune., 1900-04-01
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was strong and active IN
the two hours Of trading, with net gains in the
greater number Of issues at the close. An
expectedly good bank statement added to bull
enthusiasm, and. despite bear talk the fran
chise tax assessments and Mr.. Havemeyer's de-
NAL that the sugar trade had been settled
public traders bought stocks and substantial
market interests supported all their favorite is
sues. The cheap stocks becoming favorite
issues with the interests named. Increasing
actual value in the low priced stocks is factor
which careful market operators do not fail to
appreciate, and in consequence Of present grow
ing worth in stocks, such as Chesapeake and
Ohio Norfolk and Western, st. Louis and San
Francisco second preferred and Southern Rail-
way steady accumulation of this class of
stocks is being made for the account of far-see
ing investors and spectators.
The low priced securities are becoming more
active and II is generally believed that they
present the most attractive opportunities for
market operations. The good cheap stocks are
not confined to the railroad list In the in
dustrial department there number of at
tractive issues selling many points under par
which represent well organized, conservative and
money making concerns. that will continue to
make money long the United States
tinues to enjoy the blessing Of industrial activity
Industrial activity is quite likely to run on. and
WIFI not be forced into bankruptcy. The record
of well managed industrial companies in nard
times has been good as that of well managed
railroad companies The overca pitalized con-
Germs. that are managed by spectators rather
than by able business men, the properties Of
which it is well to be suspicious.
The money market outlook has been materially
improved by the movement of money in the
last week. There is, however. much room for
further Improvement, and particularly specu-
latiVe activity shows such pronounced indca-
items Of becoming rampant. The surplus above
legal requirements stands at So $780, 150
against S5,S11. 300 a week ago, but 1t should be
observed that the liabilities Of the banks have
been increased, and that in place of loan con-
traction loan expansion has begun again. Loans
increased Sc, $50 900 last week and deposits
200, while actual cash was larger by 3d.
9439O0 Reserve required against deposits in
creased 81 ,925 $50. If the Treasury receipts did
not take much money out of the local banks
the money market outlook would be without
cloud, and, il is, the factor named is not Of
sufficient Importance to cause alarm. The agita-
ton OF the reduction Of taxes is beginning
and ii is quite probable that the Treasury's
present heavy receipts will be materially lessened
later The reduction of loans on Government
bonds in process of refunding was more than
offset last week by the increased demand for ac-
commodation incident TO stock market activity.
Circulation increased SS75, 800 in the week The
gain in cash was larger than indicated by the
known movement of money and it may be that
the banks included the notes of other banks in
their legal tender account.
The usual weekly table of price changes for the
more active stocks follows