New-York tribune., 1900-07-08
BONDS.
A T 8 S F gen Is. .1o1
THE DAYS OPERATIONS IN STOCKS.

AS indicated by its course yesterday. the STOCK
market is full of doubt on account Of possible
political sensations and developments IN emma
as we'll as uncertainty to the state of money
this fall. 1t is hardly to be expected that any
sustained advance can be counted on for some
time to come. The market is oversold, and an
opportunity is presented for a turn. but this is
an opportunity that the professional element In
Wall Street may or may not take advantage of.
Caution is pretty sure to mark all ventures in
stocks for the present. The public is not In the
market to any extent, and 1t will not participate
freely in operations until the outlook is much
more clearly defined. While the outcome of the
Presidential election cannot be said to be In
doubt, the campaign is sure TO be energetically
prosecuted by both sides, and accordingly events
may be looked for which will have a powerful
influence the values of stocks and bonds, and
which also will govern at intervals the volume
OF dealings. The men who make leading stocks
their business naturally watch for chances to
pluck profits from rises falls in stocks. and
they will promote such movements in prices
may he 10 their gain. They fill their pockets at
the expense of those less familiar with the ways
of Wall Street-to-wit. the so-called outsiders.
There is not is there likely to be any
thing threatening in the situation. A demoral-
izatiOn in the steel trade may have been ave~ted
by the prompt and decisive action of some Of
that the worst in regard to the crops is kno yn.
1t IS usual at this season to hear reports of
damage to the crops which subsequently
modified. 1t therefore is not improbable that
forthcoming Government and other reports may
be more satisfactory. The Government monthly
report giving conditions on July ], Will oe is
sued on Tuesday and it is awaited with consd-
erable interest. It will be the first report of the
season to contain information on corn. Miscel-
laneOus advices to cotton are more favor
able While increasing conservatism in divi-
dends and other disbursements is displayed hy
railroad managers, the traffic of the railroads as
a whole keeps up, and there is at any rate no
immediate prospect Of a falling off in it.
As for money, while large amounts may be
fore long have to be sent from this centre 10
the West and South to move the crops, no signs
Of tightness have thus far been revealed. If
needs for general business are not expanded and
if the needs in Wall Street are kept within ex-
listing limits, acute stringency in funds will
not be experienced. Nevertheless money is al
ways an important consideration in Wall Street
and the situation in money will constantly re-
ceive close attention
AS for some time past, the bank statement
yesterday failed to coincide with previous esti-
mates. An increase in cash and in the surplus
reserve had been counted Instead a de-
crease in both shown. The contraction in
loans ascribabe to the fact that a large
amount Of time exchange had matured and had
discharged the loans for which it was empIoved
as collateral. The appearance of the bank state
ment was followed by a moderate recession in
stocks The final changes in prices from Friday
were unimportant.
The usual weekly table of price changes for the
more active stocks follows: