New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

further advance in sterling exchange r"''
70 a point nearer the gold-exportinG leVe' was
responsible in part for an active selhhs i'oNN
,nent on the Stock Exchange yesterday ai'eI
t,oon The fact that loans to carry over 10 Mon
dav will be made to-day, Friday being a nom
dav. created the impression that the money mar
ket might be extremely active To-Day ana 'hiS
also induced realizing and bear pressure
,hrouehout the list Declines. however were
small. while offerings were so well aosoI"eu
that at the close net changes for the Gay were
not important even in the highly speculative
,ssues in which the selling was most pronounced
In some Issues net advances were SHOWN anu
a. ali issues until the last hour strength and
buoyancy were noted
The advance in sterling exchange appears to
he due 10 an increased demand on a market
considerably short Of bills. And this demand IS
believed TO reflect in part the buying of ex-
change in connection with the Philippine IN
der,nitv payment 1t is generally understood
IN the Street that the Treasury Department Wall
nav the whole amount by warrant on the sun
Treasury In this city TO the agent appointed D!
Snain N receive It, and that the last-named per-
SON will buy exchange against the money rather
than EXPORT the specie The buying or exchange
on this account will benefit the banks, as 'he
gold will naturally find its way into the locdl
institutions as soon as the exchange is pui-
chased and IL should therefore be an important
factor in causing a relaxation IN money ld'es
The recent increase in imports has served 10
increase the demand for exchange from the I'M
mort trade while the decreased grain exports
bave caused q decided scarcity Of commercial eX-
change Despite the advance in sterling the TRACE
balance abroad in this countrys favor must SUI
be very heavy and the fact that the sreng'h
in money rates here has not been rejected IN the
exchange market is sufficient guarantee or the
strength Of the local financial situation. ms
country needs no gold from Europe. 1t coud
EXPORT the 500 0o0 for the Philippine indem-
nifty. pay April settlements due to Europe IN
gold and nquidate its merchandise imports IN
gold without having it's vast supply Of the
precious metal materially lessened If any trader
intends to try to find in the money and interna-
tional exchange markets a cause for selling
American stocks he will discover in those mar
lkets convincing proof that he should look else
where for bear ammunition.
The so-called Vanderbilt stocks were again
features in yesterdays market New-York Cen
.ral made a maximum advance Of nearly five
points and closed at a net gain Of 2'k points,
while Northwest advanced TO 1876. closing at
1908. net gain Of nearly points. Brooklyn
Rapid Transit added about points 10 It's mar
ket value in the morning. and subsequently lost
on profit sales the entire gain, but just before
the close II again moved up. with net gain for
the day Of points. The railroad list. as a
rule. closed under Tuesdays final figures. as did
also the greater number Of ndustrials. The
rapid advance Of Monday. Tuesday and yester-
day morning naturally invited realizing sales.
and the strength of sterling exchange and a
temporary furry in call money came at time
when the market ready for natural set
back incident 10 bull activity. Frequent reac-
tions are the best sort Of tonics for bull mar
kets
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDS.-Market firm Final