New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-28
BONDS.
THE DAYS OPERATIONS IN STOCKS

The bank statement yesterday was unex-
pectedly favorable The chief feature was a
gain Of 300 in cash, bringing the total
cash holdings Of the banks up to S224, 400 800 as
against S254.64 400 year ago. By far the
greater part of the gain in cash from the
interior movement Of money, showing that the
flow Of money to this centre has been in increas-
ing volume It is clear that money is rapidly
becoming easier. not only at New-York, but
throughout the country. The handling Of the
crops is nearing completion. which in itself has
released many millions Of money. and again the
mercantile need for funds has been largely re-
duced by the fact that current stocks of goods
have been paid for out of profits, making 1t I'M
necessary for dealers to ask for accommodation
from banks and other lenders. The prospects
are that money Will continue to accumulate
here until the amount of cash in the associated
banks is a large 1t in the early part
of 1899 An increase of 1913 900 in the item
Of loans in the bank statement due chiefly
TO advances upon securities. and proved that
there has been a steady absorption Of stocks
and bonds. The purchases of bonds have
Gently been notably good. Stocks, too at cur
rent prices have been tempting to investors
and to spectators who were willing to buy
and wait for results. An increase Of S15,O08. 900
IN deposits was explained by the gains in cash
from the interior movement and from Govern
ment receipts with the addition OF credits
against loans. The surplus reserve was in
creased S5,O92. 300 to $50 277975 as against
$50 232 025 a year ago.
The bank statement, while surprising expecta-
lions, was without effect the stock market,
which WAS lifeless from beginning to end. The
transactions were the smallest in any day in
more than a year. The disposition of the specu-
lative community seemed TO be to undertake
no important operations until more definite and
trustworthy information Of the situation in South
Africa should be received. Ever since the Anglo
Beer began the OF the market has
in the main been dictated by the developments
in it, and that will doubtless be the case as long
the lasts or at any rate until events dis
close how and approximately when the war will
terminate. Domestic factors lack potency for
the time being. The assurance of easy money
for long tirle &c come, for instance, neither
stimulates trading nor improves values, which
in ordinary circumstances 1t would almost in
evitably do General business prosperity is I'M
Rbated and is not likely to receive any check
yet this is something which temporarily is dis
regarded. The report of the Chicago, Milwaukee
and St Paul Railroad for the month of Deem
Der. which showed an increase of sol 121 in
gross earnings and a decrease of $16S S35 in net
earnings, used as an argument against
values Everybody who is familiar with the
property knows that decreased net earnings were
sh, wn simply because immense expenditures
Y ere made on the road and charged to opera
ton For the half year from July / to Decem-
Der 81 the earnings after all charges and allow
ance for the preferred stock equal to 80
per cent on the common stock.
The usual weekly table of price changes for the
active stocks follows: