New-York tribune., 1900-07-27
BONDS.
THE DAYS OPERATIONS IN STOCKS

Irregularity marked the course Of prices in
Yesterdays market. Trading was intensely dull
and with only few exceptions last quotations
showed small net losses as compared with
Wednesdays final figures. Long" stock was
sold in moderate amounts throughout the list
but sales merely represented profit taking by
people who bought earlier in the week. In
few issues buying for prominent interests was
reported while in the majority Of issues trans
actions were purely professional. Sugar Re-
fining and American Tobacco were in fair de-
rnand in the morning dealings, and Brooklyn
Rapid Transit and Manhattan were again hrm
features on apparently inside buying The an
nual report Of the Brooklyn Rapid Transit Com
pany will be issued in August, and the showing
will doubtless add new friends TO the property
for despite the enormous losses suffered by the
company from last years strike, there VIII pe
r. moderate surplus after all charges. The gen
eraI railway list was dull and heavy, with the
largest dealings in Baltimore and Ohio COM
mon in which a net loss of over per cent
was recorded. Total sales in all stocks
amounted to Isl. 500 shares, of which Sugar
Refining. Baltimore and Ohio, Brooklyn Rapid
Transit. American Tobacco and Union Pacific
furnished over one-half.
The position of business affairs throughout
the country. as measured by railway earnings
an5 hank earnings, is extremely sound, while
actual
for Presidential year. Despite the Chinese
situation and the political campaign in this
country general business is not stagnant, busl-
ness men are not pessimistic and investors are
not losing confidence. The optimism that pre-
walls in business circles is one Of the cheerful
features Of the moment Whether or not pres
ent sentiment will be changed by the course
Of home and foreign politics to an extent that
will involve liquidation OF investments and
acute contraction in trade only be con-
iectured. Current sentiment is buoyed by the
confident expectation that politics will not upset
the financial and Industrial prosperity Of the
county Wall Street may have prediction
fright-it usually does in Presidential years
but unless the great business interests of the
country become alarmed over the so-called bad
features In the situation there ought not to be
anything approaching a. panicky stock market.
The greatest danger undoubtedly lies in a pos
eible decentralization Of the European money
markets, incident to Chinese developments.
Fortunately, however. bankers the world over
are taking in sail in order to be prepared for
emergencies. and if a serious storm does come
the effects will not be as bad as certain in
terested stock spectators would make the world
believe The local money market shows a some
what firIner tendency than was reported a
month ago. but as yet material change in
lending rates has taken place. New-York may
become a 5 per cent money market before Sep
tember and still higher rates may be quoted
later on in the season. The Bank of England
: made no change in its discount rate yesterday,
but it's proportion of reserve to liability showed
only small fractional improvement over week
ago. Sterling was strong in yesterdays mar
ket, but q further decline in Paris exchange on
London may take the metal to the latter named
point before Paris can get any.