New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-08-17
BONDS,
THE DAYS OPERATIONS IN sTOCKs.

THE DAYS OPERATIONS IN SIOChS.
There was moderate recession in the prices
of stocks yesterday. It the result Of sales
TO take profits. The reaction. therefore. was
natural. and was not to be construed as a de-
velopment OF weakness in the market. There
was no change in the general situation. It was
regarded as probable that there would be further
shipments OF gold. but If such is to be the case
there was no reflection in the money market
which was apparently as easy as IT had been at
any time. Call loans were made at the same
rates that had prevailed for many days. There
was perhaps a disposition on the part Of some
lenders to seek 10 advance rates, but owing TO
the largness Of the supply the naming Of the
rates really rested with borrowers. If there
were any loans made above IL per cent they
were not representative, but special transac-
tons. However. It lie fair to expect that rates
for money Will before long be higher.
The time is not far away when preparations
will begin for the transfer OF currency to the
West and South TO move the crops. Any idea
that these sections have enough money TO meet
their requirements is wrong. They are probably
better supplied than they ever were before. but
they WIN need help. They may not call for as
much money as IN former years, but for all that
they Will take away great deal Of money from
the Eastern financial centres, and particularly
from New-Yorl. It viii be recalled that last
year there WIS confidence IN some quarters that
the marketing of the crops would not entail a
drain upon the New-York banks. Yet it did,
and call loans were made high as 40 per cent
For days the rate was 10 per cent or higher.
There is no occasion for alarm about money.
The probability Is that with the reduced specu-
lation the call rate VIII not this fall go much. If
any. above g per cent Nevertheless, the state
OF money has always been important element
in speculative calculations and il is none the
less SO now than formerly.
II may be that the bank statement to be is
sued tomorrow win AFFORD information as to
what tina future is likely TO bring forth in
money. It should show considerable decrease
IN the cash holdings OF the banks and In the
surplus reserve, although, owing TO the prepos-
ferrous system upon which the statement is
made up. # is hard TO determine what it will
show. Last weeks exhibit completely mis-
represented the current condition of the banks
that II was positively grotesque. It is possible
that the gold exports viii cease very soon: they
have, perhaps already come to an end. Bills
drawn against conEignrrents OF gold have
stopped coming on the market, which may or
may not be significant.
The largest dealings were again IN Brooklyn
Rapid Transit, which pressed for sale
throughout the day and closed at the lowest
figure There was realizing in Manhattan, but
its loss IN price was unimportant Sales were
comparatively large in Union Pacific the Atchi-
son issues. ST. Paul and Pennsylvania, but the
declines IN these stocks only fractional.
Baltimore and Ohio moved up on moderate
purchases. Buying of Sugar Refining was re-
stunned, and # advanced. There is said to be
large pool IN this stock. Despite a practically
Official announcement that Consolidated Gas
would. with the next dividend, be put on an
per cent basis, the stock receded.
THE DAYS OPERATIONS N BONDS.