New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-03
BONDS.
THE DA.rs OPERATIONS IN STOCKS.

rIo u.ooL market was dull but generally
higher at the close. Early trading was ""'''
acted AT reactions from Fridays prices ou' su'-
seouently strength developed and upon 'iie puo
Ucation of the bank statement the "hoie 'is' S''N
higher. Changes in bank holdings were leVoi
ahlv construed The loss in surplus was Tess
than expected. while a substantial contraction
IN loans was effective in inspiring greater co"i'
dence among traders in the unwlIhnshess VI
bankers 10 permit any strain upon 'he ii'o"''
market at this period. The loss IN cash
was heavy but the decrease in deposits pr
vented q corresponding decline in reserve The
demand for Union Pacific preferred was eoou'
and selling Of Southern Railway preferred on
renorts ~ yellow fever N the South failed TO ex
otto alarm among legitimate holders OF the
stock Tennessee Coal and Iron was conspicu-
ously strong. AS a rule last prices were the pest
Of the day.
The market is In such condition that sharp
declines. due to bear manipulation can be re-
covered in an hour or less This is possible
because the bulls hold the key to the market
situation They hold the greater part OF the
speculative supply Of stocks. and whenever
they want TO put prices higher they will do 90
with the certainty of success. The ease with
which the Vanderbilt stocks rose In Friday
market is a reflection Of what VIII happen 10
prjces when the bull element begins active oper-
tons for rise Because the market IS ouii at
present and the bears are able to make lhsle
nifcant impressions upon prices at times soi"e
pessimists think that the bull element Is losing
its grip The bull element apparently does not
desire 20 engage in booming speculation just
at present, owing in great part no DOUBT 10
the strain that active speculation would put
upon the money market. But on the other
hand the bulls are not selling. the capitalists
have not distributed their holdings. and the
greater number of interests In the street nave
not despaired Of a big bull market before I'M
portant liquidation sets in. The extraordinary
conditions governing the actual value OF securl-
ties cannot fail 10 carry market VaIueS nisher'
II such conditions cannot produce ouli mar
ket Of large proportions, then' as one oroheI
said yesterday we may never nope " sec o''o
In our lifetime .,
The trade reports for the week make further
encouraging additions to current bull literature
Railroad earnings and bank clearings continue 70
break records In the first three weeks IN August
earnings were nearly 10 per cent larger man
in the same time year ago, ana ABOUT per
cent heavier than in 1892. Exports OF bread
stuffs and general merchandise are piling up
credits abroad Corn exports in the last hye
weeks have been %. S02. l29 bushels, against IT,
500 4S3 bushels in the corresponding time last
wear while wheat exports in the same time have
been 16 | IA $50 bushels. against l6S'1,S39 bush
els In 1895 The cotton year Is over ana the
crop is larger than ever before. IN the IRON
market demand continues in excess Of supply.
Despite the high prices demand has not been
checked and the same may be said Of all lines
of industry in which rising prices have seemed
70 stimulate rather than depress the demand
Exclamation Of this is not hard to understand.
Large employment and advancing wages are
big factors in the current individual demand.
Failures in August reported by the CONNER
cial agencies were smaller IN number than in
any other month in six years. save in May and
July Of the present year
The usual weekly table showing net price changes
IN the more active issues follows: