New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-01
BONDS.
THE DAYS OPERATIONS IN STOCKS.

! r,. xossib,,ttA NJ a scarcity OF money Is not
-.,.ro Wall Street Although bank reserves
ware reduced again last week. STOCKS were
.trone and active yesterday. with the business
tbetter distributed than on anv otner Gay III se'
era, months and commission mouse ou'ihe
heav,er than ecently recorded Money may not
x,,s IN the abundance incident to times OF ousi-
ness inactivity. but there appears no reason -
n,orove that there will not be enough money for
moderate bull speculation In stocks. A scarcA'S
OF money due TO business activity is far diner
-. sron q scarcity Of funds due TO panicky
}eroncial and commercial conditions and II Is
xrobshlv owing TO the appreciation of this fact'
sooe+ber with the belief that the big men IN
.be Street are actively working for higher prices
chat public traders are by degrees returning 10
the market Some time may elapse pelore 'ne
Street enjoys booming speculation out' az
r-,a,ter Of fact few people who have the best IN
,arests of the market under consideration want
such a speculation at this period.
The ease with which prices advanced yes'er-
dav and the slight effect that the yellow feVer
outbreak had upon sentiment were exceIieht III
Alto ,,ons Of the technical strength Of speculative
conditions. Stocks are in the hands or strong IN
-ores,s Holdings Of this character were &C
rutred when the market was under its current
level. and there appears no disposition on the
sessions until prices have recorded further ad-
,ance Factors governing actual value certainly
warrant the holding Of good securities, but the
,uhrc onerator will do well TO bear in mind that
A. &c better TO take profits on advancing mar
yet than 10 wait for the extravagant prices that
Yis fancy predicts August is quite likely 10 do d
month of advancing values. People VINO nave
bought stocks purely for speculation are anxious
10 distribute their securities before the fall cleo
ZION as at that time a good opportunity may DC
offered for turn on the short side. ana the re-
accumulation of stocks at cheaper level. IL
,rould seem that If there is 10 be an active bull
ejaculation before next winter II ought to take
rlace in August or early September.
The Steel stocks, American and Contlnentai
Tobacco. Peoples Gas. Rock Island Northern
Pacific Southern Pacific. Atchison preferred
1,issour, Pacific. Louisville and Nashville
and Sugar Refining were active FEATURES III
,esterdav,s trading. The low priced stocks re-
,eived considerable attention. and many striking
gains were made. The efforts Of prominent bulls
20 advance prices made moderate success in the
railway shares while in the industrial issues the
,esnonse was marked. A sharp decline in wheat
and further weakness in sterling exchange were
factors that encourag ed active trading, ana, al
though a good part Of the days dealings repre-
scented professional dealings, the outside new
buying was heavy enough to occupy place as
an influence in the market. People who have
1een looking forward to a falling off In railway
earnings in the West may be interested, and
aerhaps disappointed. in the report Of grain re-
CENTS at Chicago last week AS compared with
the corresponding period in preceding years, re-
GENTS were heavier than ever before recorded
save in 1897 Total receipts were 6,113,S66 bush
els. against 3SS3,OOO bushels year ago and
8351 900 in 1897. Rates in the West were well
maintained last week.