New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-07-20
BONDS.
IL DAYS OPERATIONS ~ sToCKs.


The developments in the Chinese situation as
affecting Russia did not depress local securities
prices Trading was dull and narrow, and after
some hesitation at TIE opening prices developed
considerable strength, while at the close net
gains were generally shown. Whenever Tong
stock was offered good buyers were ready to ac-
cept it. There are many people who are dis
posed to buy all recessions and any general
break in values would doubtless attract heavy
buying orders from substantial sources The
bargain hunters who always come into the mar
ket big breaks and panlcs are waiting for the
decline predicted by bear organs but many con-
sentative capitalists are taking stocks at the
current level It may be a good time for small
margin traders to hold aloof from speculation,
but the fact remains. nevertheless, that stocks
are being slowly accumulated by some Of the
most important interests in the Street. This
does not necessarily preclude the possibility of
lower prices, The market is still narrow and
professional, but at the moment the bear ele-
u1ent has little success IN working for cheaper
quotations
Bear traders have several strong factors on
their side. But the present holders Of stocks
are apparently not considering current uncer-
tainties as permanent adverse influences in the
market If stocks were selling at fictitious
prices, If the market were honeycombed with
weak accounts and if underlying conditions
were unsound, then the uncertainty over the
crops and the home and foreign political situa-
tiol would be effective weapons in bear hands.
Serious financial disturbance may grow out Of
the Chinese trouble, but the banking community
is not inclined 10 take this view. And in many
circles the belief is growing that far the
United States is concerned, possible disturbance
IN the money market will be Offset by the ex-
pected gain to trade from the demand for sup
plies that an Eastern would develop. A
factor which has not yet been considered in
connection with a general war in China is the
possible check to the foreign commerce of all
nations which the employment Of vessels for
army transportation service would entail. If
all the great Powers send big. armies TO China a
large number of ships will be taken out of the
merchant service. This would be a per-
manent factor, but it might cause temporary
setback in general commerce.
An advance in the Bank Of England discount
rate TO 4 per cent was responsible for a further
decline in British consols and general weakness
in the London market. Although the advance in
the price Of money in London indicated a con-
tinuance Of the gold export movement from here
local securities were not adversely affected
The market intensely duh throughout the
day. reaching the point of stagnation in the
afternoon. The steel stocks were strong feat
ures; also Sugar Refining. OF the railroad is
sues. Missouri Pacific and Union Pacific were
moderately active in the early dealings Else
where in the railroad list little was done. The
advance in the steel stocks was due to pool
buying.
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BONDs.-Market firm. Final