New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-14
RO\DS.
THE DAYS OPERATIONS IN STOCKS

currant rates ,or money are neither high nor
abnormal They are below the lesai rate anu
bankers do not expect them 10 RUE Ha'eii"'i'
higher Call money at per cent is nearer the
norn,a, than call money at 1h42 per cent. ana
., ,e ohsurd 70 assume that the first named rate
renresents strinCency or serious financial con-
ditions In the past call money IL the crop
movement season has often advanced 10 -ouoo
per cent while in times Of financial uncertainty
and business depression the quotation mas rise"
10 extraordinary figures. although banK hoio-
incs have been larger than at present "A MIN
,ro,,ov market f. times Of prosperity and con-
fdcace is vastly different from the firm money
marker 81 manic days One arises from lesiti-
yna,e business expansion; the other from loss OF
confidence and business contraction Specuia-
tors in stocks are not really frightened over
high money rate as long as they can get &C
con,noodation. but they do fear a wholesale call
ing Of loans by the financial institutions Any
undue tendency TO stringency will he checked
by gold imports.
The stock market was irregular yesterday,
with the general tendency of prices toward a
lower level Trading light. with transac-
tions poorly distributed. interest centring chei-
" upo, the leading speculative issues. some
operators think the present saggins movement
will end in big break. and that the up"aru
swing will begin from the level established on
that looked-fo decline. Other operators De-
lieve that the market has reached bottom, ana
will move within narrow limits around ruling
prices until the time is ripe for another advance
II Is a market ir which individual Judgment
based upon an intelligent appreciation OF the
situation should guide people in their operations.
Persons who buy stocks and are rich
enough 10 hold them will probably not he forced
20 wait many months for their profits. Certain
hears will be badly squeezed before the year Is
over And this squeezing process may come
sooner than expected. Rates for money yester-
day were frmer call loans being made as high
as per cent. and 1t was the fear Of a serious
furry incident to further calling Of loans that
induced activity among the bears and quda-
ton Of marginal holdings
The Granger shares were heavy throughout
the day. but some Of the Indpstrials exhibited
frmer prices especially American Tobacco,
which made a maximum advance Of ia points.
with net gain Of y per cent. Gossip on sugar
Refining reflects he belief that It will gradually
work lower but 1t is a stock that moves
,rrespectiye Of the rest Of the market, read
justment In Its price to lower level snouid
have no influence upon the general list. Man
haitian was weak despite the declaration OF the
usual dividend OF l per cent quarterly The
market closed weak and dull. notably weak IN
Sugar Refining, which lost its early gain ana
ended at a net loss Of nearly 3 per cent Gov
eminent deposits with National benks increased
yesterday nearly S3,000OOO. The outflow OF
money to the interior continued heavy, ana
sterling exchange rates remained unchanged A
hardening in London discounts was reported