New-York tribune., 1900-09-05
'Ex dividend
BONDS.
SEX interest.
THE DAYS OPERATIONS IN STOCKS


The operations in stocks yesterday were not
on e large scale, but the tone Of the market
was good. and for a majority of stocks higher
prices were recorded Stocks derive their pres
ent strength largely from the continued ease
Il money, which is somewhat surprising at
this season Of the year. The last bank state
rnent reflected with fair degree Of accuracy
the condition of the banks at the time OF its
Issuance The gain in cash was chiefly from the
redemption Of the called per cent bonds. A
tact rather conclusively revealed that the
interior movement of money was, If not IN favor
Of Nev-York, at least not yet materially against
this centre. II is idle TO expect. however, that
rates VIII long remain as low they now are.
The indications that there viii be no actual
squeeze in money this fail, but the inevitable
dsraand for money from the West and South
70 move the crops viii almost surely carry rates
20 g higher level The sections Of the country
sust named are IN far better circumstances than
formerly, but It should not be forgotten that
the surplus funds OF the banks in those sec
tons are largely kept in the banks in New
York and other Eastern cities that act as their
correspondents
The time Will soon come. presumably when
she banks in the West and South will ask for
their money. and the result viii be q lowering Of
the cash holdings OF the banks in the East, and
particularly in New-York. Then will ensue an
advance in rates. with probably some calling
bf loans and perhaps discrimination in collateral
Il Is difhcult TO see where new supplies Of money
are to come from to take the place OF the funds
withdrawn for crop handling purposes. The in
crease in National bank circulation will be
help perhaps but II will not be enough Of a help
to hold rates down to their current level The
idea prevailed q year ago az this time that the
crop moving period would be passed without
any disturbance II money. The notion was
ulusory. A pinch IN money came. It was not
specially severe, be sure, but rates got as
high as 20 per cent. and for days ruled at 15
and 20 per cent. Should speculation keep within
anything like existing, limits It is quite likely
that last years rates will not be reached, but
II is reasonable TO look for a per cent cali
money market later. 1t IS by no means certain
that more gold will not go to Europe. There
are suggestions Of an outflow Of gold In the
course Of foreign exchange. Concessions in in
terest OF otherwise blythe Bank Of England
would enable gold 70 BE shipped TO London.
The intrinsic worth of securities will not be
impaired by whatever may take place in money.
Stocks, at any rate. with few exceptions, are
cheap. In the end there must be consider
able appreciation in the market price Of stocks.
This is something that will be accomplished
when natural conditions are freed from the
restraint OF uncertainty as to money. The most
conspicuous feature Of the general situation is
I comprised IN the returns Of the railroads. There
are not many roads which are not reporting q
large expansion in gross earnings as compared
with q year ago, when traffic was very heavy.
Furthermore. despite the greater cost Of ma
terials and labor, the roads showing a cor
responding improvement in net revenues. In
deed, in many instances this growth in net
earnings is larger than that IN gross earnings
This demonstrates that there is little rate cut
ting and that Intelligent economy is exercised
II the operation Of the lines Taken altogether
the exhibit by the railroads discloses q healthy
condition Of business throughout the country
The iron and steel trade. about which there has
been much apprehension, is In more satisfac-
tory shape. Stability in prices appears to be
developing, and the disposition TO withdraw
orders Is disappearing.
More than one-third Of the total transactions
on the Stock Exchange were In Sugar Refining
In the late dealings the stock rapidly advanced
under manipulation by the pool that has been
In existence in II for some time. The announce
Inent OF the dividend was not made until after
the close OF the Exchange II had been sup
posed that there would be no change In the rate
OF distribution the common stock The small
increase making the rate the as on the
preferred stock was therefore q surprise. A
restoration Of the dividend to the old rate-3 pei
cent ouarterly-probaby would not, IN view ot
the doubt TO the future Of the sugar trade
have had a favorable influence on the stock.
Peoples Gas was pressed for sale, and fell ir
price on account CT the beginning Of active war
fare between the company and the Ogden Gas
Company. It IS expected that ultimately the
Ogden company will be absorbed by the Peoples
company. The steel stocks were strong, but
Steel and Wire was the only one IN which there
was much trading. There were fairly liberia
offerings Of Brooklyn Rapid Transit, and the
stock sustained a moderate decline. There were
not many railroad stocks in which advances
were not recorded.
1rrz r>.1,S opup A1-1o,,S TNy pON-1S