New-York tribune., 1899-11-24
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The outside speculative element is not a fac
Tor IN the market Active buying by the pub
uc yvould doubtless be followed by further
money market spasms. and in order TO aVold
This the greater number of commission houses
encourage inactivity the part or their Gus
toners Both the broker and the customer can
afford TO wait. In yesterdays market theIe
was little doing outside Of professional uaul"e'
and even that not heavy. investment
money continued 10 seek prime securities ana
oo,,,al buvine Of several Of the cheaper stocks
was moderately heavy. but there was no III
nortant public speculation ProfesslohaI u"u-
ers are disappointed because they are uhaoie u
induce liquidation, and apparently they are "o'
disposed 10 put out further lines on the short
eide when stocks appear to be so well heiu anu
when the slightest demand causes sh"'p "
vances Quotations moved within fractional
,,,,tts IN the majority OF issues, with small
changes at the close. As rule the Hnai rs
ures showed more net gains than losses as COM
pared with Wednesdays final level
Money is not flowing back TO NeW-horh ia
large amounts but the interior denahu 10
lighter and the local banks are increasing lneA
cash resources through bond redempuoh pay
ments Pension payments due on DeceIiio
will amount TO over S10O0OOOO for the FASTER
District. A good part of this money VIII Hnu
its way into the banks at this centre "ihe -
,s still believed that before November % tn'
frr amount Of the Treasury's bond redemption
nefar ~ S25 600 900 will be taken up. Inc idc'
that the acceptances have so FAR Deeh less 'ii' i
S11 OOO 900 leads impatient specuIatoTs 70 oI
lieve that the money market VIII recSlNe ~ -
relief from the Governments oner' ana Una. .iIo
sunrIv Of funds available for speculative puI-
noses will not be materially increased loI SUI 500
time to come. 1t is just as well 10 pear III i Iiii
that the banks are not suffering from an actual
need of cash and that if the situation were al
ali dangerous S25OOOOOO bonds WOULD SOON @ ue
sold and S25 1000 more If the treasury "eIe
disnosed TO buy an additional lot Loans are
beine made on good collateral, but the banks
fortunately not willing to deplete thelr !1a re-
sources merely TO enable Dooh III S'oON
which might end in a crash. a.,
The time will come for boom. and penolng
that time conservative interests ADVISE eau eau
ton. but they do not suggest selling as long
as holdings are well protected. The market has
already been sold to a standstnl on account OF
money conditions. and the greater numper Oh
stocks appear 10 be shut up where they VIII re-
main until they can be sold at Dig pronts.
Stock market trading is very dull, but IN view
of business conditions and money market pros
rects II is reasonable TO assume that the next
important movement Will be toward hgner
prices Selling in yesterdays market OF Ihe
anthracite coal stocks represented IN great
part short sales inspired by the so-called coal
war which the Anthracite Coal operators AS
ISOLATION has started ION paper by passing a
set Of resolutions favoring the proposed lnde-
pendent coal road from the PennsylVanla nelds.
The independent operators do not controi an
effective proportion Of the total anthracite out
put and the officers of the large mining ana
carrying companies are not gravely alarmed
over the prospects of new competition. The
demand for coal is so heavy that the companies
are unable to secure enough cars 10 handle the
amount Of anthracite required by the market.
Production is limited only by the ability OF the
companies TO get the product 10 consuming and
distributing points. An Independent road would
doubtless make money for its stockholders, but
Il would not lessen the actual value Of the
securities OF existing lines. Consolidated Gas
etock made striking advance in the afternoon
on the belief that the gas war was about TO be
settled. The gas war, the sugar war ana the
coal war will soon cease 10 be market factors
THE DAYS OPERATIONS IN BONDS
-o,,rn,,,trNcr RONDS-Afarket stronK Fina