New-York tribune., 1900-07-14
BONDS.
TO-DAYs OPERATIONS IN STOCKS.


The reports from China had a depressing ef-
feet upon the home and foreign stock mar
kets. and as consequence prices were generally
lower while trading was restricted TO a small
volume Of business. Affairs in the Chinese EN-
pire are not encouraging. They may not be as
black as reported but they certainly dark
enough 10 create great uneasiness in foreign
money and stock market circles. The fall in
foreign Government securities reflects the seri-
business Of the situation viewed from for
eign eyes, but yet American securities have
not been materially affected While the local
market was enjoying a rise incident to tech
nical market conditions, Wall Street was dis
posed to consider the Eastern situation as bull
card on American securities on the ground that
the United State would experience great COM
merciaI advantages in China when army
opened up the Chinese channels OF trade. II
may take a long time before any country will
be able to enjoy trade profits in China, while IN
lhe mean time all the great Powers may find II
necessary to raise enormous sums of money in
order TO meet the requirements OF armies
that may be thrown into the Celestial Empire.
The money part of the Chinese situation has
caused much thinking the part of London
bankers. and II the various Powers unable
TO settle the trouble by diplomacy the money
side of the question will cause much thinking
on the part Of local bankers also.
The home money market situation is sound
but larger reserves at this centre would induce
greater confidence in the outlook If the Chi
nese uprising should be settled in the immediate
future. large gold shipments to this country may
be expected this fall; but in the event of a pro-
longed conflict in the East money will command
a price abroad that viii not only keep the for
eign metal at home, but possibly force exports
from here. The known movement of money this
week suggests an increase in bank resources in
to-day's statement and until the demand for
crop movement purposes begins there is little
prospect Of a change in rates Reports from
abroad yesterday reflected an increasing de-
mand for money from Germany, and a further
decline in Paris exchange on London indicated
q continued demand for gold from the last
named centre. Our own exchange market is
little below the point at which gold could be ex-
ported at a profit but It is interesting TO note
that certain foreign houses have been figuring
on shipments within the last few days. British
consols suffered a sharp decline yesterday, and
arbitrage houses sold stocks in the local market
The granger shares We're heavy under con-
tinued pressure from Chicago and sales We're
made in Rock Island and Burlington the
strength Of alleged bad reports the corn crop.
Atchison preferred and Union Pacific common
were in good demand on the decline. and fair
class Of buying was reported IN Northern
Pacific Southern Pacific was under pressure
from traders. Missouri Pacific was taken by
Rockefeller brokers and Brooklyn Rapid Tran
sit was moderately firm on pool buying. De-
clines were not important and final changes
were generally fractional net losses.