New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

s+oct market trading was light in volume
40 ru]e prices were firm. with an advancing
tendency last quotations showing small net
GAINS IN the greater number OF Issues. An
easier market for call money exerted favorable
fnopression upon traders sentiment while the
encouraging weekly crop report further gains
IN railroad earnings and pronounced support IN
money issues served the useful purpose
of convincing the Street that snort sales
are not likely to return important prohts.
Large offerings Of money being made
in this market from Western cities, the
greater part Of the business representing call
loans There u.s. however. a good demand from
the interior to discount prime mercantile paper
while borrowers OF time funds find no difficulty
In securing accommodation. Commission house
brokers get all the time money they want at
ruling rates and as long as customers are
aware of this fact bear efforts TO produce
money scare are not likely to be successful
Manipulation of money rates at this time Is
not promising operation. If the rate for call
money is suddenly advanced large offerings will
be made by trust companies In consequence OF
which the rate will be depressed to a cheaper
basis than the present level. Speculation in
stocks has been checked by the called none
tary uncertainty. but prices have not been
lowered and short selling has not been profit
able. The actual amount of stock held on light
margins is small the greater part Of the float
ing supply being in the hands Of substantial
market interests. who are waiting for an in
portant advance before distributing their pos
sessions 1t is just well TO bear in mind that
the big men began to buy stocks early in the
spring in the confident belief that they would
be able to dispose of their holdings at a higher
level before the end Of the year. Believing that
conditions underlying actual value will make the
market holders of stocks would exhibit poor
Judgment In selling at time when the business
situation reflects such strong indications Of
future improvement in the country's Industrial
activities The future has not yet been meas
ured by market values.
After early irregularity and spasmodic at
tempts to depress values, the trading element
worked on the long side, while in many in
stances good support was received. The indus
trials were generally firm and higher; also the
granger issues and number Of specialties. The
ease with which prices advanced on the lightest
demand and the apparent desire among the
leaders of speculation TO bring about a higher
range Of values should impress traders with the
fact that the market exhibits strength that
ought to develop into buoyant bull speculation
as soon as the money market check is removed.
The position of the local banks last week
better than shown by the statement of
ages issued on Saturday, and the course Of the
money market this week indicates that the
banking Institutions gaining funds. An in
crease in cash and surplus ought to be shown
this week but the method Of making up the
weekly statement furnishes many contra
dictory and inconsistent results. there is no
guarantee that current predictions will be
realized. The banks as a whole may gain but
the operations Of a few banks may offset the
increase.