New-York tribune., 1900-08-25
sex dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Intense dulness again marked the course of
stock market operations yesterday. Trading
was without active movement in individual is
sues. while prices a rule were without I'M
portant change as compared with Thursdays
final figures In the greater number of issues
the tendency was toward lower level. Efforts
were not made to create activity, and little con-
cern was shown by the Street In the movement
Of values, a movement controlled entirely oy
the transactions Of a few professional traders.
Consolidated Gas was sold by room traders on
the discovery of a weak bull account; also
Peoples Gas in which some selling was induced
by the incorporation of a new gas company in
Chicago. The new concern Will not secure the
consent necessary for the laying Of mains in
day, and officers Of the Peoples Gas Company
are not at all alarmed over the proposed COM
petition which so far exists only on paper.
The reference in Mr. Huntingtons will to the
disposal Of his Southern Pacific stock failed to
stimulate activity in this issue, total transac-
tons amounting to only 700 shares. Some long
stock came out in the railroad list, and further
selling Of Brooklyn Rapid Transit by bear trad
ers was noted. The last annual report Of the
Brooklyn Rapid Transit Company furnishes no
ground for bearishness on the stock. In view of
the heavy losses suffered by the company as
a result OF the strike last summer. the state
rnent for the year showing over l per cent on
the stock cannot be considered other than sat
Isfactory Earnings Of the last year should not
be taken as q criterion of the company's cur
rent business. The general market closed dull
and heavy.
The redemption of the called 2 per cent Gov
ernment bonds progresses slowly, and the local
money market has not been benefited TO any
important extent by the operation. About
100000 Of the bonds have far been pre-
of redemption might be accelerated by a more
active money market but It is idle to expect
that all the bonds outstanding Will be offered
for payment in this city. Holdings Of these
Issues are widely scattered, and a good part of
the money paid in retiring them will go to other
money centres. Domestic exchange is beginning
TO work against New-York. This is an i'm
portant factor at the moment, as 1t doubtless
foreshadows an active withdrawal Of funds
from Wall Street for use in the West and South
in connection with the moving Of the crops
Rates for money are beginning TO harden. and
by the middle Of September quotations for call
and time loans should rule materially above the
current level. In addition to the influence Of
the crop movement upon money rates, the
market may be forced to stand the pressure
Of further gold exports.
Foreign exchange rates appear to be tend
ing toward a higher level. Although high ex-
change at this period is exceptional It should
be borne in mind that foreign conditions are
exceptional and that there are many factors
In the situation that ordinarily are not present
at this time Of the year Europe may need
more money before Chinese affairs are settled,
and in that event the United States will have
10 supply the demand. From the known move
ment Of money in the week the bank state
Tnent to-day should show a gain in cash, but
the average system employed in compiling the
statement cannot be counted upon TO reflect the
actual position of the banks. London money
rates We're higher yesterday and consols were
lower.