New-York tribune., 1899-07-29
BONDS.
THE DAYS OPERATIONS IN STOCKS.


There was decided change for the better in
the situation yesterday. II was produced by
smart fall in sterling exchange and relaxation
in money. The decline in exchange was so large
that its Importance and significance could not
be overlooked or disputed At the close rates
for sixty day bills we're down one e-fourth cent,
for demand one-half cent and for cable transfers
one-half cent This meant that grain bills and
cotton futures were coming on the market In
large volume In turn this meant that there
would not in any circumstances be further ex-
ports OF gold, but on the contrary, that the next
movement of gold would be from Europe 10
America There naturally was a reflection in
money Of the drop in exchange. Instead Of most
OF the loans on call being made at the high rate
Of the day as for some time past. most Of them
we're made at the low rate, which also was the
final rate There appeared to be reason to be-
lieve that the turn had come in the money mar
ket as we'll as in the exchange market; in fact 1t
was considered to be in regular order for one to
follow the other
1t becomes more and more certain that there
will be at least the usual volume OF exports OF
grain and cotton this fall The outgo Of wheat
and corn indeed is likely to increase considera-
bly, 1t will be impossible for Europe. especially
to avoid again getting deeply into debt to the
United States Europe cannot continue to use
American stocks and bonds to discharge its OBJ
legations 1t has returned about all that can be
secured and hereafter It must settle chiefly, at
any rate. with gold. OF course. it can delay pay
ment by borrowing the amount Of its indebted
ness but that would mean still more to hand
over in the end. for It would have to pay, in the
% tha nd III b.
tanned It is difficult to see how flow Of gold
10 this side can be averted for more than sixty
days When s&d finally starts in this direction
the shipments will Inevitably reach large pro-
portions Already estimates of the extent Of the
imports are being made up, and the general no.
ton seems to be that they will aggregate from
$4,000, 900 TO 10000 0OO Whatever the amount
is It will be as so much additional money, which
will be supplemented by the output Of the gold
mines in this country and in the Kondike.
Sentiment among professional operators In
stocks veered from the short TO the long side Of
the market. The disposition to buy for an ad-
vance developed speedily, and evidence of It was
discernible throughout the list. The dealings, In
fact, we're unusually we'll distributed. The shorts
in the market were made apprchensive In fact.
many of their contracts were closed. with the re-
suit that the appreciation in values was helped
along considerably. The stock ir vAtch the
trading was largest was Sugar Refining. II
moved up readily. The buying Of this stock was
encouraged by the knowledge that the present
difference in price between raw and refined
sugars insured a handsome profit to the com
pany Brooklyn Rapid Transit was purchased
in heavy lots by people identified with the prop
erty and their followings The absorption OF the
so called granger stocks was again large.
notable gain in price made by Louisville and
Nashville.