New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-28
BONDS.
THE DAYS OPERATIONS IN BONDS.

The stock market opened strong under the IN
fuence 81 the brighter prospects for peace as
published IN the morning news from Washing
ton a large number Of operators doubtless TOOK
the opportunity Of realizing profits on the
initial advance. and Throughout, the day the
effect of proft-taking sales was reflected in an
irregular price movement. in which final figures
showed more net losses than gains The
heaviest dealings were in the first two hours OF
business when an improved commission house
demand readily absorbed speculative offerings,
while IN addition. fair inquiry for stocks from
prominent interests helped in giving the market
q character that II has not possessed in several
weeks The best observers in the Street may
be mistaken about The future course Of the
market but as their predictions are based upon
facts too substantial to be controverted It seems
as II higher prices must come. despite bear at
tacks and theories that before a real bull move
ment begins values should 60 QuOtably lower
II is not hard TO recognize in material condi-
tons situation warranting the utmost conf
dence in securities. and II Spain proves sincere
IN her efforts 10 secure peace the future Of
values ought TO begin to take a definite shape
long before settlement Of the war becomes an
accomplished fact
The bond market again furnished material for
announcement The distribution Of dealings
showed a wide demand for the middle and low
price securities. and in the share list the buy
ing covered q large number Of issues. many Of
which have been lfeess for weeks. The Granger
shares were particularly animated. The anthra-
cite list failed to respond to the meeting Of the
coal presidents held Tuesday. but this was
not surprising. the Street was left in ignor-
ance OF the results reached at the conference
Operators for the decline did not attempt, how
Western was again a feature. and Sugar Re
fnng remained the most active issue ON the
list. moving in It's usual erratic manner. with
net loss Of 21s per cent at the close. Reactions
caused by realizing were small, final losses
being. as a rule. insignificant fractions
II is not unlikely that the small engagement
OF gold for import made yesterday is the fore
runner Of heavy shipments that will be received
between now and the early winter. Al the cur
rent level Of exchange rates gold imports cannot
be considered very profitable. and the chief sig
nifcance Of Yesterdays engagement is the fact
that gold imports can be made with demand
sterling at 4S5l.. when lower rate. about
a S4l1 has generally been considered the maxi
mum for profitable transactions. London can
not we'll spare heavy drain Of the metal, and
this country does not need any addition 10 Its
gold supply on the ground Of necessity or actual
requirements In connection with THIS II Is IN
teresting TO note that London discount rates
were higher YESTERDAY while sight sterling here
was perceptby 1rmer. The local money mar
ket gives no indication Of hardening. and
heavy movement Of gold this way is not desired
by city bankers. The Treasury holds heavy
supplies OF the metal. and local banks have re-
Gently turned over large amounts In connection
with bond payments There was time a few
years ago when the Treasury had to buy gold
Of syndicates.