New-York tribune., 1900-09-29
sex dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The higher prices recorded in the stock market
in Thursdays dealings attracted profit taking
sales in yesterdays transactions. Evidence of
liquidation by interests that have been waiting
for rally led to renewed operations for the
short account. while the expectation Of a poor
bank statement to-day helped 10 increase bear
fish sentiment. The failure Of the public to re-
spond TO Thursdays advance merely reflects the
general indisposiIion of capital TO move into Sc
curities at time when passing influences are
in favor of lower prices. Current rallies appear
10 be the result Of oversellng. AS soon as prices
advance point or more enough stock is offered
10 check the upward movement. and whenever
the pressure against the shorts" is removed
prices begin TO sag. Investment values present
the element Of stability. but market values are
at the moment as unstable as water and as un-
certain in their movements as a bark in a storm
beaten sea. The market is f1oundering about.
but il is in no danger Of being wrecked. Mar
gins may need repairing at times. but intrinsic
values are not going 10 destruction.
The banks have. according 10 the known move
ment Of money. lost large amount Of cash this
week. Demands from he West and South have
been heavy but the effect upon legal reserve
may be modified by a reduction in the loan ac-
count In last weeks bank statement loan con-
traction was noted. and it is not improbable that
further heavy contraction has taken place in
the last six days To the Sub-Treasury the
banks lost on interior account over s., 100000,
while on direct shipments to the interior the net
loss was nearly 100000 Money market rates
have not made material response 10 falling
bank resources, but. of course, if the constric-
ton in reserves continues a higher price for
money will be recorded Sterling exchange mar
ket conditions seem TO point toward gold i'm
ports. A movement Of gold this way, how
ever, viii be urgently opposed by foreign bank
ers. who may place an effective barrier in the
way Of shipments, through the medium Of their
own money market. A year ago gold imports
began at this time, but the movement was
small being checked by an advance in money
rates abroad. The situation abroad is much bet
ter than il & year ago. and the local bank
holdings are also much larger than at this time
in 1899 but despite these facts the money mar,
ket contains elements Of uncertainty that will
doubtless prove 10 be among the controlling fac
tors in securities speculation for some time TO
come
Arbitrage houses were not active in the local
market, but further selling Of Northern Pacific
for Berlin account was noted. Inside buying was
reported in the coal shares; also in Baltimore and
Ohio end Union Pacific. Peoples Gas sold of
on pressure from Chicago and Brooklyn Rapid
Transit was heavy on realizing sales. Brooklyn
Rapid Transit stock is selling under its actual
worth. and purchases made at the current level
and on all declines ought 10 result in good
profits just as soon as the general market en-
joys bull activity. The company's earnings are
increasing and its expenses are decrea sing. and
by another year fair dividends ought TO be
earned on the stock Brooklyn is growing. and
all Of Brooklyn which extends from the Fast
River TO the ocean. is forced to patronize +ba
Brooklyn Rapid Transit Company. The market
closed dull and heavy.