New-York tribune., 1900-08-16
@Ex dividend.
BONDS
TEE DAYS OPERATIONS N STOCKS.

There was a fair degree Of activity in the
stock market yesterday. and for a large ma
5ority Of the issues dealt In higher prices were
recorded The heavy exports Of gold. instead
of precipitating sales and lowering prices Of
stocks, as might have been expected, have on the
contrary been accompanied by enlarged de-
naand for stocks and an enhancement Of values.
In other words. ernonstration Of strength. re-
rnarkable IN its way, has been the outcome Of
the effiux Of gold. It is, perhaps, the circum-
stances in which the shipments Of gold have
been made that have prevented their exerting
an adverse influence on stocks. It was the plac
ing OF the British Exchequer bonds here that
accomplished the transfer Of gold to the other
side at time when this country had an I'M
rnense credit balance abroad on account Of trade
relations. The fact that the United States
could furnish a great amount OF gold without
inconvenience certainly improved the position
Of American securities in the opinion Of foreign
capitalists, ami this is something, apparently,
that was not overlooked at home Since the al
lotment OF the British bonds to the American
subscribers, purchases Of stocks in this market
by Europe have been considerably in excess of
gales. and the tone Of the American department
on the London Stock Exchange has been notably
healthy.
While gold has in the last two weeks gone out
by way Of the Atlantic more rapidly than it
Klondike, and been turned out by the Western
mines, still the receipts from the sources named
have continued steadily, and undoubtedly will
keep up Indefinitely. It is a question Of only
short time when the loss of gold by shipment
20 Europe Will be more than made up by Pacific
Coast imports and native production. For
another thing the time VIII come when Europe
viii have to send back the gold IL has taken
away and more too. The international trade
stantly expanding There must eventually be
g settlement, and IL VIII be made in gold It
is peculiar that the outgo Of gold has resulted
neither in curtailment Of the offerings of
money on call nor in an advance in the rates
asked for IT. Indeed. the supply Of funds has
been far in excess Of the demand and it looks
as if such would be the case for the present at
least When the movement Of money to the
West and South to handle the crops will begin
Is hard 70 say but II will hardly be for a month
Another day passed without any specially ad-
verse consequences in the market from the death
Of Mr.. Huntington. The two stocks with which
his name was identified Southern Pacific and
Pacific Mail, were comparatively quiet. The
fluctuations Of the first were within y point and
OF the second within IA points. In Southern
Pacific there was a net loss of "A per cent while
IN Pacific Mail there was a gain Of q per cent.
There seemed TO be orders IN the market TO take
such OF these stocks as might be offered at cur
rent quotations. but there attempt to
advance them. The taking off of Mr.. Hunting
ton appeared to have had the effect Of stimu-
lating the interest Of important capitalists in
securities, as shown in the increased inquiry for
the shares Of the leading railroads. An ex-
pansion in the transactions in miscellaneous
issues followed as matter Of course. The de-
velopment Of an actual demand for stocks i'm
PEELED the covering Of shorts a rather ex-
tensive scale, which served materially to help
prices to a higher level
The total transactions on the Stock Exchange
were the largest in some time. and they were
widely distributed. In extent Of dealings Brook
lyn Rapid Transit led, and a, moderate addition
made to its price. Metropolitan Street Rail-
way and Manhattan Railway were in request
and moved Up. The trading in Sugar Refining
not large, and it closed unchanged Many
short contracts in Consolidated Gas We're closed
The steel stocks were not as active as on Tues
day, but there was a reasonably good business
in them There were only fractional alterations
in their prices. The buying Of St Paul was of
an excellent character. but the improvement in
price was not IN keeping. New-Jersey Central
was bought, and had a sharp rise on the revival
OF the runor Of a prospective change in control.
The rumor was not confirmed.
THE DAYS OPERATIONS IN BONDS.