New-York tribune., 1900-10-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market irregular in the early
trading, but later prices were strong and at net
gains in a large number of issues. Improve
n-ent in the final trading due to the ex-
oellent showing made by the weekly statement
OF the Associated Banks-a statement totally un-
expected, and completely at odds with the es-
tirnates made on Friday. Cash holdings in
creased So. .323, 500. and surplus reserve rose
3d. .OS4, ,125 loans and deposits showing material
contraction. That the banks were able 10 de-
crease their loans by over 81 100000 in face of
heavy speculation in stocks proves that stock
market trading has not been overdone and that
a large proportion Of last weeks purchases were
for the account OF people who 90 not use bor-
rowed money in their speculative operations.
AS a result of the gain in holdings and the re-
duction in liabilities surplus above legal require
snents now stands at S6O31 S25, against s., 2,947,-
700 week ago and So. OBS. .525 in the same time
last year. In the final trading Northern Pacific
advanced rapidly on covering of shorts Sugar
Refining and the traction shares recovered a
good part of their early losses, and throughout
the list an advancing tendency developed, al
though checked TO some extent by realizing in
the last fifteen minutes.
The movement of stock market values in the
week ended yesterday was not accompanied by
a transfer Of strong holdings to weak hands. 1t
IS indeed true that heavy realizing sales took
place and that many people who had accumu-
lated securities at much lower prices were SELL
ers but the buying, however, was better than
the selling. and in most instances represented
activity by interests who have great faith and
large financial resources behind them. The chief
owners Of stocks at the moment not the SO
called weak public traders. II does not neces-
6arily follow, however, that reactions In prices
will not take place. Pool support may he with
drawn al any time and good buyers may rest on
their oars for a while, thus affordng the trad
1ng element an opportunity TO shade prices. The
few small Spectators who are in the market are,
pI course IN danger, despite the recognized bull
tendency or the market Their holdings are not
protected by large margins, and their confidence
in higher prices VaniShes the moment frac-
tional recessIOns take place. II is this kind Of
spe culators that the professional element is look
ing for, but the fact that the small commission
rouse dealer is not yet in the market to any
extent makes current bear transactions dis
couraging. The nearness Of the election may
check outside buying this week. but the con-
ndence Of investors in the deIeat OF Bryanism
apparently precludes the possibility of an i'm
poTtant decline.
Trade reports received yesterday were ex-
tremely encouraging. In view of the political
campaign general business throughout the coun-
try s extraordinary, and reflects supreme con-
hdence in business circles Of the reelection of
President Mckinley. Railroad earnings com
pare with a heavy traffic period a year ago
yet with few exceptions large increas ses are pre-
sented. The roads affected by crop failures
make the poorest returns, but even their rec
ords are above the average for this season of
the year. In the South and Southwest earnings
are enormous, and indicate the marked pros
perlty that is now current in the Southern
States. Coal cotton and general industries are
swelling the receipts OF all the companies in that
part Of the country. The general outlook is ia
vorable TO higher security prices and increased
interest in the market, and il is not unlikely
that Saturdays bank statement will prove a
strong bull card in this weeks SPECULATION. The
appearance OF the statement yesterday was fol-
lowed by active demand throughout the list
mostly for the account Of the shorts who had
expected bad showing
The usual weekly table of price changes for the
active stocks follows: