New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Professional traders sold stocks in yester-
days market and people who are looking
about for good securities at cheap prices
bought on the decline A raid worked on
the general list on the strength OF large gold
export announcements. while efforts we're
made TO induce liquidation because of the va
rious strikes. Under certain conditions gold
exports real bear factors Several years
ago when gold going out Of this country
because of the loss of foreign confidence in
the American financial situation stocks
good short sale on gold exports end investors
had some reason to convert their securities
into cash At present. however. with business
conditions prosperous. with gold standard
established by law. with money in abundance
end with foreign and local captal confident in
American institutions there is reason for
apprehension a gold export movement.
which is merely due to 'nterna tional money
market conditions. Gold is needed abroad
than it is needed here. Money moves to
the point where it Fan be the most profitabIy
employed. and while gold IS going out in
response to legitimate foreign demand the
local hanks are lending in addition large sums
TO foreign bankers sterling exchange col
lateral. The actual result OF current ship
ments Of the precious metal Will be 10 increase
American credit abroai. And foreigners may
buy American securities with money Dor
Gold exports and labor strikes not under
present conditions, adequate reasons for the
sale Of investment stock And there does not
appear to be the least chance of investment
sales by the great majority of American in
vestors. AS a rule investors not given to
sentimental fright, although many spectators
are and in the present instance evidence Of in
vestment liquidation has yet be discovered.
Spectators may lose their purchase price, while
professional traders may make raids stocks
without limit, but. barring real adverse develop
Inents, actual values will remain unnjured, and
securities will accumulate in larger lots in the
hands of people who are not influenced by pass
ing speculative fluctuations.
There was little commission house buying yes
terday save for the account Of investors and
coura geous bull operators. The greater number
Of issues We're dull and, a rule, prices
weak throughout the day Losses, however
were not important, except in some of the
active speculative issues. The steel stocks were
under pressure. Sugar Refining was a strong
feature, and good buying was again noticed in
the dealings l Missouri Pacific Union Pacific
and in all the more active railroad stocks. Long
Manhattan Beach stock advanced in sympathy.
Missouri Pacific directors will to-day and
developments Of Importance to all the South
western railroads will, il IS believed. follow.
More than So, 100000 in gold will be shipped
TO Paris to-day, but money market rates are
not higher in consequence Supplies at this
centre can stand n1oder itely large outward
movement Of gold without material effect
money quotations. and bankers are not inclined
to believe that the Withdrawals of the metal
will affect the general monetary situation in
this country, beyond possible passing fuctua-
tions in local money rates.