New-York tribune., 1900-12-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was weak in the early trad
ing but losses were recovered before the close.
while final prices showed net gains In the
greater number of issues A few failures In
London caused declines in the foreign markets.
and the weakness on the London Exchange
contributed to the heavness Of the local -~~0;-
latfon at the opening. Gable advices report
the London failures of purely home significance
and, in consequence there is no reason for the
New-York markets to become alarmed This
view of the situation adopted after the
first fifteen minutes of trading yesterday. when
renewed investment and speculative buying de-
yeloped The buying was much better than the
selling Prominent interests bought the cheap
and medium priced stocks while small commits
sion house traders sold. In the last half-hour
shorts covered throughout the list, and the
close was strong and active.
A big increase in loans and deposits did not
prevent the Associated Banks from showing a
substantial gain in reserve above legal require
ments Cash holdings increased nearly So'oOO'-
900 and reserve 81, ,O2S,9O0. The gain in loans
and denosits probably reflects the shifting Of
accounts and other preparations for the January
interest and dividend disbursements. Stock
market speculation is not making abnormal de-
nands upon the banks despite the enormous
size of current share transactions. Indeed II
may be said without fear Of contradiction that
the demand for speculative purposes is lighter
than usually recorded in active bull markets
This is due to the fact that good part OF the
present business in stocks represents invest
ment buying. Stocks going into strong
boxes. The high grade issues are becoming
scarce, and buying Of the medium and cheap
priced shares must become more pronounced.
The reports from the commercial agencies for
the week show further progress in all lines Of
trade Railroad earnings for the third week in
December have been enormous. and bank clear
ings have never been exceeded in a correspond
ing time The iron and steel trade is looking up
and the prospects for 1901 are promising. Lead
ing iron and steel interests state that all trade
indications point toward a record breaking busi-
ness in the coming year, and in consequence
good market judges look for better prices for
the iron and steel shares. The prediction has
been made that the preferred shares of the rep
resentative companies will sell at par early in
1901. Federal Steel preferred is a sound in
vestment basis, and so is Republic Steel pre-
ferred The last named stock has not yet at
trac+ed the attention of spectators, but 1t is
heins quietly absorbed by investors. Good in
dustriaI shares will sell higher because they
ere at present unnaturalIy depressed, and be-
cause their actual value is increasing. The or
dering of new is a safe indication or
railway prosperity. Statements from the Amer
lean Car and Foundry Company show that all
the railroads of the country are in the market
for new rolling stock, orders involving thou
oords of cars coming in daily. The railroads
have not been adding much to their mileage in
tho last few years. The country, however, has
crown ND to the mileage, and the roads nave
been forced TO spend millions of dollars on roll
ING stock in order to handle the country's pros
perity. o,,- +ahla of nrica changes for the
more active stocks follows;