New-York tribune., 1899-07-11
'Ex dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The local monetary situation is we'll under
stood by the leading interests in Wall Street.
and as a consequence the interests named are
not worrying about the heavy decrease In bank
holdings as shown in the weekly statement pub
lished on Saturday. The average system by
which the statement is made but imperfectly
reflects actual conditions and known changes in
bank holdings, and any one who sells stocks as
a result Of the so-called hank statement OF Sat
urday certainly deserves to lose his money. The
percentage Of reserve. not including the Ma
tional City and Chase National banks. is 26 per
cent. against 263 per cent last week. which
means that the greater number OF banks. even
by the average system, hold within a fraction
Of per cent as much money as they held
week ago. The current changes In bank holdings
are complicated by recent gold exports and July
interest disbursements. These factors. however.
Will soon be adjusted as far as their relation to
the banks is concerned. and the bank statement
OF the last week should therefore prove to be
the poorest OF the season.
People who sold well protected stocks in yes
terday's market failed to bear in mind that a
good part of the money shipped to the Interior
in the last two weeks represented interest pay
ments and that 1t will soon begin to return TO
this centre. And they also forget that gold ex-
ports have ceased and that the decline In bank
holdings reflected past conditions that will have
no permanent influence upon the money market.
On the decline which reached fair proportions
IN the more active issues. the selling for both
accounts resulted in intrenching stocks more
firmly in the hands OF powerful market Inter
ests It was good day to buy stocks. Stocks
are purchase all reactions. and In the
opinion Of the men best able to Judge the opera
tors who sell short at this period with the In
tention Of remaining short for any length OF
time will find themselves on the losing side OF
the market People who read the meaning or
railroad earnings and understand the position
of the money market and the underlying factors
In that market are large owners Of stocks.
The market was under pressure most OF the
day. and speculative liquidation was moderately
heavy Bear traders were active. Brokers who
usually act for the leading speculator in the
Street sold Sugar Refining. St. Paul. Burlington
and Metropolitan Street Railway. Weakly mar
gined accounts were closed out by many commits
SION houses. and naturally the technical position
of speculation was strengthened. The local trac-
ton stocks were sold renewed bear talk OF pos
sible labor trouble. despite the fact that the so
called labor troubles in Manhattan and Brooklyn
have been settled Peoples Gas was sold by
traders on Chicago reports OF impending frc-
ton between the Peoples Gas Company and the
ogden company The iron and steel stocks
after early nrmness declined with the rest OF
the list. Call money advanced to per cent
and time rates were trife higher The active
railroad stocks declined 1d2 per cent
The Government crop report. issued after the
close Of business. showed n percentage OF 81.
for spring wheat average condition). against
Ola on June /. Anter wheat was 656 pei
cent against 67.3 per cent on June l. and eS.l
on July ! last year. The acreage Of corn
planted indicates increase of about pei
cent over the acreage harvested last year.