New-York tribune., 1901-01-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was in enormous volume
in the two hours Of business. with early prices
strong and higher. followed by heaviness at the
close Selling in the last half hour represented
realizing and short sales. The latter named op-
erations were based the expectation of gold
shipments in the current week. Gold VIII un-
doubtedly go out on Wednesdays steamers, and
the movement may not end until between SlO,-
100000 and S20O00O00 are added to the holdings
abroad. Money is not in large enough supply in
London TO Justify lower discount rates at that
centre Indeed the situation there, while not
critical is in a position where serious trouble
may develop if assistance is not received through
the medium of the international exchange mar
ket. The Bank of England's stock Of gold is
low and the United States offers the only mar
ket in which the precious metal may be had
for the asking. Europe has not been paying its
trade debts by sales of securities. The demand
for exchange comes in great part from the In
stitutions that have handled the large amount
of stocks that have recently been sold here for
foreign account. and gold will go abroad owing
to the scarcity of bills in payment Of stocks and
bonds and as loans to European bankers. Trade
credits are rising without interruption, the ex-
ports of domestic products In December increas-
ing in value S23 1885, 179 over the month
last year, while estimates Of the excess of ex-
ports over imports for the month are above
S60000000
Gold exports will come at a time when a large
amount Of money is flowing into New-York. In
the week just closed bank cash holdings in
creased 81, GAS 800 and of this amount SS, 133.-
200 was in specie. The result Of all changes In
the movement of money in the last six days was
a gain in the reserve above legal requirements
of SSO51 975 10 SO, ,39S050 against SIC. 707. $50
in the same week year ago. Money will con-
tinue TO move toward this centre for some time
TO come. and gold exports will have no unfavor
able effect upon the local money market. A
sentimental effect may be noticed in the stock
market, but prices are not likely TO remain
permanently depressed. Buying Of stocks shows
no disposition on the part OF prominent interests
to permit a successful bear campaign, although
there signs in some quarters that set
back would not annoy the powerful operators
who are in the market for something more tnan
speculative turns in stocks. The public how
ever shows no fear. II believes that stocks will
sell higher, and it has its holdings margined for
good sized breaks. There undoubtedly
enough weak accounts in the market to produce
a fair decline if active selling once gets under
way.
In yesterdays market buying for both ac-
counts was a feature at the opening, and the
only weak spots were in the industrial quarter,
which continued to show the effect of the con-
tinued discussion Of the prospects of trade
war between the Carnegie and other promi-
nent interests The coal stocks were again ac-
tive and the traction shares received a large
part OF speculative attention. Manhattan stock
has been bought by important interests, and the
old theory of Metropolitan control, involving
also Brooklyn Rapid Transit, is again coming
to the front, with, however, more believers than
ever before The selling in the late trading
embraced all stocks Trade reports for the week
showed a further expansion in industrial acttv-
ity, and measured through bank clearings,
the volume of business the largest for any
week in the history of the country. Total
cIearings amounted to 50. 800 O00o00 Of which
60 per cent were made through the local city
banks. The increase IN New-York, however, did
not overshadoW the gain in other cities, as at
ali points marked Improvement was shown.
Trade expansion is not confined to any particu-
lar section Of the country.
The usual weekly table OF price changes for the
more active stocks follows: