New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-08-23
sEx dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Dealings In stocks were very light yesterday.
They were in fact, the lightest IN years Never
theless, there was a slight Improvement IN
prices The market was in the hands OF pro-
fessional operators, and there was no sign that
the public was taking, or soon would take' any
active part IN It There is nothing to bring the
public into the market. 1t comes In When
stocks are moving upward. That IS not no" lne
case The outlook indeed, is for somewhat re-
duced figures before there is any important ao-
vance. About this time of the year, or little
later. It is customary for decline TO set in, as
the result OF sales Of stocks in anticipation OF
higher rates for money. This is something that
has proved unfailing in the past, and presuma-
bly, this year will not be an exception II is not
that conditions as whole are not good They
are and they warrant the maintenance Of val
ues but when it is made expensive to carry
stocks the demand for them diminishes ana
naturally they receGe IN price.
While there has been large accession 10 the
supply OF funds ct this centre from the redemp-
ton Of the extended 2 per cent Government
bonds. the amount OF the payment here Will no
where near come UP TO first estimates The dis
fribution Will practically be finished this week.
and then the money market will have to rely
for new supplies upon gold transferred from the
Pacific Coast and upon the increase in National
bank circulation Possibly not as much money
VIII go TO the West and South this fall to move
the crops as went last year, but 1t is certain
that money will flow to those sections in suf-
ncient volume to make money in New-York and
throughout the East stiff. It has not yet been
determined whether or not there will be
further exports Of gold to Europe. Sterling
exchange has been strengthening and rates have
been rising in the last few days, and it would
not be surprising If there should be additional
shipments TO London. and, not improbably to
Paris In such an event q rise IN money rates
would be accelerated
In many circumstances rates for money are
not likely TO go as high as they went last year.
Speculation IS greatly contracted, and there is
not and VIII not be the heavy use for money in
Wall Street that there was IN 1899 For an
other thing there have been rather extensive
engagements Of time money by Wall Street
houses which last fall failed to provide them
selves with funds, In the belief that money
would continue abundant, and paid dearly for
their neglect. It is undeniable that the West
and South are better of than ever before, but
& IS e question If It does not turn out that the
surplus funds Of the banks in those sections are
largely on deposit with their correspondents in
New-York and elsewhere in the East These
funds VIII be called for soon as the need
for them arises. This was the experience in
1899 II is not the habit Of interior banks to
keep IN their own vaults money that they can
not find employment for. They send IT to their
correspondents IN New-York and other leading
cities which allow them per cent or on
balances.
The stock which led in extent Of dealings was
Peoples Gas. This stock had been under pres
sure for several days, but q demand for 1t ap-
peared and checked the downward movement in
st The attack on the stock is said to have
ernanated from Chicago. Consolidated Gas made
a substantial gain. There was very little doing
IN the steel stocks, and the changes in their
prices were inconsequential Sugar Refining
improved on small purchases. Brooklyn Rapid
Transit was quiet end steady. The business in
Union Pacific was so evenly balanced that no
alteration in the price resulted. The other rail-
road shares were for the most part firm. The
chief trading IN the Atchison issues, St
Paul, Rock Island, Southern Pacific, St. Louis
Southwestern and Missouri Pacific.