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

The dulness IN the stock market was not re-
neved yesterday. Supplementing the absence Of
the public. there was almost complete lack
OF interest by professional operators. As on the
day before, prices receded because Of the stag
nation. There was no development Of unfa-
vorable features unless the opposition to the
movement on Picking and the renewal of gold
exports could be designated as such. AS
fact, neither Of these incidents exerted any ap-
preciable influence The weather, indeed,
more Of q factor, for II kept not few specu-
lators out Of the market altogether. and re-
stricted the dealings Of many others. The gen.
sral situation may be pronounced satisfactory
and there is reason TO believe that II will con-
dnus so. The Presidential campaign up to the
present has had disturbing effect. It is to
be presumed that It Will later be marked by
some more or less startling happenings but
The outcome is not in doubt, IT only
passing changes In the values Of securities.
II IS probable that the expectation Of gold
which VIII begin tomorrow, VIII be wholly on
account OF the British ExcheQuer loan, the sub
scription to which in America is surprisingly
large. Aside from this matter the state Of the
foreign exchange market has not warranted,
and does not warrant the shipment Of gold to
the other side American credits abroad grow
ing out Of trade relations are ample to pay for
whatever part Of the new British loan may be
allotted 70 this country. but England desires
gold, and gold IS to be sent across the ocean
The practical effect Of the transaction will be
an increase IN the foreign obligation to the
United States. This is the cheapest money mar
ket IN the world. and Il is natural that Great
Britain should supply portion Of its needs
here. The prospect OF q considerable outgo Of
gold has not been productive of any change in
the rates for money. The banks hold more
money than they can find employment for even
At e~gs4 Iovu rha md
thing It is tolerably certain that gold will pour
fn from Australia. Alaska and the Klondike
faster than It Will depart by way Of the At
lantic.
The returns of the railroads continue ex-
trenely favorable, and II the railroads are
enjoying prosperity in undiminished degree
the country at large must be also. The indica-
tions are that agreement on the wage scale
will be followed by a readJustment Of affairs
in the iron and steel trade There is falling
off in the demand for finished materials. There
has been overproduction in some directions but
this is something that doubtless will be cor
rected. The Government monthly crop report
viii be out Friday, and # other advices are TO be
relied on it VIII furnish promise Of a yield of
corn nearly If not quite large as that Of
last year. Corn is a crop Of steadily growing
Importance, by reason Of the expansion in the
exports Of the cereal itself and Of the products
of II. Less is heard Of the deprecated condi-
ton Of cotton and with the large acreage an
abundant crop would seem to be assured.
The largest dealings were in Sugar Refining
which was under attack for time, and sus-
tanned decline. but subsequently more than
made up the loss in price The demand for
sugar was reported to be so heavy that the
company sold two three weeks ahead
There sharp rise in United States Rubber
common information that dividends on the
70 faa Toha
steel stocks and most Of the other industrial
tissues fell on IN price There was a dispo-
eition 20 take profits IN Union Pacific, and a
slightly lower quotation for It was the conse-
qusnce There a fair business in the
4tchison issues. Northern Pacific, the Granger
stocks and Baltimore and Ohio, but they de-
elned fractionally Reading first preferred was
sold because the expectation Of an increased
dividend was not realized