New-York tribune., 1900-04-13
sex dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

In the greater part OF the day stocks were
strong and higher Trading not active. and
commission house buying was light, but securi-
ties continued TO be absorbed by substantial
Wall Street interests. There little encour-
agement in the days course Of values for the
bear trader. The predicted decline did not mate
rialize, stocks not In good supply, and COW
ering was forced on rising prices. In few
issues declines took place, in American Steel
and Wire and other steel issues. but exceptions
10 the general strength were few. and. as a
rule, losses when made recovered before
the close. The approach of a triple holiday nat
nraIy restricted trading. but a number OF care
full operators bought stocks on the confident be-
lief that quotations would rule higher next
week Sentiment was cheerful, among
traders who short of stocks, and who ap-
parently were sensible of the falling prospects
for q sustained decline In values Adequate
exists for the expectation of better prices
next week. The market has enjoyed a health
full reaction this week, strong holders have not
parted with their possessions, while weak
counts have been liQuidated. money market fac
tors have moved in the direction of a long
period Of easy rates, and foreign investors have
increased their interest in American invest
anents
Foreign operations yesterday In the local mar
ket the buying side, total purchases by
don is bullish American securities. Our divi-
dend payers yield better return the invest
Inent than do the English securities, and the
South African has checked speculation in
the Kafir stocks the London operator is study
sne the merits of American issues invest
rnents and speculations The local market is no
longer in position where IL needs the help Of
Europe. as American capital is fully able to
take care of American securities; but the fact
fnyaS 0enfS acts
certificate Of merit which ought to encourage our
home owners of United States investment issues.
Foreign buying shows that financial and busi-
conditions in this country are stable.
Europe sold millions of dollars worth of Ameri-
can stocks and bonds when it thought that
financial heresy might gain the upper hand in
American legislation, and Europe is now buying
these stocks and bonds back because IL is con-
WINGED Of financial soundness.
Sterling exchange made a further considerable
advance Yesterday bringing demand rates to
point a little under the level at which the last
gold exports were made. International money
1aarket conditions at present would not admit of
gold shipments much under 81 SSA for sight
sterling, and foreign bankers do not encourage
the suggestion Of early Withdrawals of the pre-
scious metal for European account. The ease in
local money rates and the high discounts abroad
are in great part responsible for the rise IN
sterling, while the heavy imports of merchandise
and the enormous credits created by American
travellers abroad are additional factors of i'm
portance in offsetting the trade balance in this
.countrys favor. The in domestic money
rates has induced foreign stock operators to
carry their holdings of securities here rather
hhan TO pay for them with their own capital, and
foreign borrowing in this market against ex-
change bills as collateral has been heavy. Gold
exports. If made should not exert an adverse
influence upon the local stock market. as they
will represent legitimate business operations
while they viii not have any material effect
upon the general supply of money in this coun-
dry