New-York tribune., 1900-08-14
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The stock market displayed little more ami
nation yesterday but It still was far from being
active In general the disposition to buy was
stronger than to sell. with the result that for
most stocks higher prices were recorded. Sur
prisingly enough. selling was not induced by the
rather unexpected heavy engagements Of gold
for export. Nevertheless II became apparent
that the extraordinary measures adopted by the
Bank Of England TO draw gold from New-York
20 London were effective, and that the outflow
would greatly exceed the first estimates. But
for the action Of the bank IN remitting interest
on consignments in transit and in raising the
buying price for American eagles and bullion. II
IS doubtful II one-half Of the payment for the
British exchequer notes subscribed for in this
country would have been made IN gold. The
foreign trade balance in favor Of this country
would have been used instead. AS II is, the
aggregate Of the gold shipments TO London and
Paris may reach S25,OOOo00, The gold con-
signed 20 Paris is. presumably, on a triangular
operation. and II is, therefore the same as If 1t
were shipped TO London direct.
The question as TO the future Of money IS
obtruding itself as Is natural II should. The loss
Of gold by export to Europe Will soon be aug
Inented by q transfer Of currency to the West
and South TO handle the crops. New-York has
for long time been a steady gamer from the
interior flow OF money, but this movement seems
20 be at the turning point, or. at any rate, not
far from It. Receipts os currency have re-
Gently been steadily declining IN volume, until in
the last few days they have little more than
eoualled the shipments out Of New York. The
situation in money is not likely to become men
aoing, but IT is mistake TO suppose that higher
rates than those now prevailing will not be
reached before long. It would certainly be IN
usual, not to say remarkable, did not such prove
% be the case. While in some respects the crops
are deficient, the prices that cereals and cotton
are commanding are so high that as much
money will be required to take care Of them as
II bumper yields were to be harvested which
would bring smaller prices.
There are two factors that VIII operate to
prevent q squeeze in money in any crcum-
stances. One Of these is the large inflow OF gold
from Australia and from Alaska and the Klon-
dixie. to say nothing Of the liberal output Of the
mines on the Pacific Coast and elsewhere in the
West. The other Of these factors is the constant
increase IN National bank circulation. The in
crease OF the New-York city banks alone since
the passage Of the Finance Act OF March IA
has been S91575O0 The greater the need for
money. the greater. Il is assumed, will be the
rate Of increase IN circulation In this regard
as in others. the law has worked admir-
ably Money has been abnormally cheap. There
IS no prospect that ii will be especially dear
Il IS doubtful, no matter what comes to pass
81 the rate for call money goes above per cent
this fall
While the trading IN Sugar Refining was the
largest Of all stocks on the list. this was one Of
the few issues which sustained q loss IN price
Most Of the sales Of Sugar Refining were for
profit taking. The steel stocks were strong and
this was particularly true Of Tennessee Coal and
Iron, which was bought by inside interests Con-
solidated Gas receded on the sale Of what was
believed to be investment stock. Brooklyn Rapid
Transit attained g higher price although the
transactions in 1t were comparatively light
The absorption Of the Atchison issues which
has long been a feature OF the market, con-
onued, but their gains in price not large.
ct Paul developed marked strength on buytne
to cover shorts. There was a renewal Of the
somewhat mysterious buying Of Northwestern.
which was supposed 10 be for interests Identified
with the property. Union Pacific was again IN
request