New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-07-02
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The weekly statement OF the Associated Banks
showed as expected. heavy loss in cash and
surplus reserve holdings but the conditions
responsible for the losses represented no I'M
favorable change in the situation the effect
upon stock values unimportant. Recent
gold exports and transactions by the banks
with the Sub Treasury were shown in a loss OF
over S11 100000 in specie. while preparations
incident TO the July interest disbursements. In
creased demands from the stock market and
operations involved in the gold export move
mont accounted for an increase in loans OF over
SS,OO0.OO0. The Government paid out over
S5.O0O.OOO in interest yesterday. and the greater
part of this amount will go into the local banks
Gold exports are not likely to continue this
week and while the interior currency move
ment may again be against the city banks. the
current weeks changes in bank holdings ought
TO show n decided gain in cash and surplus re-
serve The enormous interest payments will
serve to swell the banks supply Of lendabe
funds and as a consequence. money rates VIII
doubtless remain at a comparatively easy level
higher money market. however. Will not be
q bear card in the stock market az this time, for
with other conditions favorable and the bull
element in control of speculation a SITTER price
for accommodation will not interfere with &C
tive bull speculation. An upward movement IN
securities appears to be under way. and If addi-
tional funds are needed. higher money rates Will
attract currency from the interior and gold
from abroad
Stocks were strong and active In the short
session Yesterday The efforts Of bearish trad
ers to break Federal Steel securities by secur-
ing a new injunction against the payment OF
dividends fell absolutely fiat market factor.
hx, a In m
holders Of Federal Steel stocks over the COM
pany's finances is almost pathetic. The fact OF
a company being able to set aside full years
dividend on its preferred stock, and yet have
surplus sufficient to pay 5 per cent on the COM
mon stock before the year is half over reflects
q prosperous condition OF affairs that the dull
wits of these frightened holders cannot compre-
bend The best thing that holders Of this char
acter can do is to cover their contracts at ruling
prices and resume a position on the long sioe
OF speculation in the hope or recovering their
nresent losses 1t is a poor time to attempt to
thimble-rg the market Boomerangs VIII not
come back to the throwers with prohts. Inc
hear season seems to be over for the time, be
cause the more important market interests hold
stocks while they believe that the extraordinary
condition of factors governing actual value must
now exert legitimate influence upon hiarhe'
prices. l., 49,.
There were no reactions OF Importance IN the
two hours Of trading, while the close was strOne'
with prices at about the BEST OF tne ua!. ine
New-York Centrals lease OF the Boston ana Al
hany exerted q favorable influence upon sentl-
ment and prices. and the presence In the CITY
OF the president Of the Pennsylvania Railroad
was interpreted as assurance that the reia-
tions between the Pennsylvania and the New
York Central would be cordial and close In the
matter OF a possible alliance or purchase OF the
New Haven system by the Pennsylvania Deai-
inus in Pennsylvania stock were heavier than
in any other issue the list. amounting 10
more than 81 900 shares. the largest slngie-oay
record for the stock since II has oeen traced III
on the local Exchange. Crop reports were eN
celIent and the granger shares were IN goou
demand In the Industrial list Consolidated Gas
and Sugar Refining were strong on ravoraoie
trade talk while Federal Steel closed unchangeu
from Friday despite the new injunction pro
ceedings The more pacific utterances or the
labor agitators In trolley circles led 10 covering
OF shorts in Brooklyn Rapid Transit ana Me'ro-
potan. . -. r,.a ohargas
The usual weekly table showing net price changes
in the more active issues follows