New-York tribune., 1899-07-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Dealings in stocks to-day were on a reduced
scale. and a lower range of values was recorded.
The declines however, were not important In
only a few instances did they exceed per cent.
Both the decrease in transactions and the re-
cesson in prices were in a measure due to the
doubt as to the character of to-morrow's bank
statement The statement issued last Saturday
demonstrated the impossbty of forecasting II
with any degree of accuracy. In this particu-
lar instance the best guess did not come WITHIN
S5OO0OOO Of the extent Of the contraction In
the surplus reserves. Figures as to the loan
and deposit items also were wide OF the mark.
To-morrows exhibit may or may not be ia
vorable. The prospect is that II Will at least
not be good. However. It is likely to be the last
bad" statement for the present. for in the last
half Of the month a large part Of the July IN
terest and dividend money will have returned
to its former repositories. 1t is thought that
loans have materially decreased in the week
The matter of chief uncertainty is the outcome
of interior exchanges-whether they have been
in favor Of or against the New-York banks.
There was a report, which lacked confirma-
ton. that there would be shipments OF gold
aggregating S2OO0OOO by steamers sailing for
Europe tomorrow. The report doubtless had
It's origin in an advance of one-eighth cent in
demand sterling. which was due to the higher
discount rate in London. With demand ex-
change at 81 SIS, there was no way Of figuring
a profit in gold exports; in fact at this figure a
loss appeared to be inevitable. For this reason
an outgo of gold was considered improbable
Should there be at any time consignments OF
gold to the other side with demand sterling be-
low S4 So, 1t will be regarded as certain that
concessions, such as the waiving OF interest and
tod ha CHI
The recent transfers of gold to Europe were
admittedly not the result OF exchange opera
tions. Practically the gold was borrowed.
There was nothing in the money market to
excite apprehension. There was good demand
on the Stock Exchange for call money at Az
per cent but It was likewise in good supply at 8
per cent A quotation of 6 per cent was made,
but that was only a momentary rate. Most Of
the loans were made at Az and per cent At
the same time, money was in comparatively
small request with liberal offerings at 3h to
per cent for sixty days to four months. and
at 4 to Az per cent for longer periods. The
time money market seemed to indicate that the
stiffness in call money was temporary.
The largest trading, as we'll as the principal
loss in price Of any stock on the active list. was
in Brooklyn Rapid Transit. which was pressed
for sale on continuance Of the rumors OF an
impending strike on the company's system
There was fair inside buying Of the stock. The
stock next in activity was Manhattan Railway.
which made small gain for the day. The
strength OF Manhattan was attributable to a
belief that there would be change IN the
control OF the company. The commonly ao-
cepted notion that the Metropolitan Street
Railway would come into possession Of the
property. Realizing carried down the price Of
Missouri Pacific. which had advanced on the
expectation of a consolidation Of the Gould
Southwestern properties. There were rather
large sales to take profits In Burlington and
Quincy, st. Paul and Rock Island That, too,
was the case in Sugar Refining. Northern Pa
cifc common on the other hand. was freely pur-
chased and improved in price.