New-York tribune., 1900-08-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Profit taking continued in the stock market
yesterday. with the result that for most stocks
reduced prices were recorded. There were
severe breaks, but simply a natural and fairly
regular recession. II could not be said that gen
eral weakness developed, but the advancing ten
dency seemed to have disappeared, except, per-
haps, IN a very few individual stocks that were
influenced by special causes. 1t is too early yet
to say whether or not a permanent change has
occurred in the market. 1t is usual when the
time approaches for the movement Of money to
the West and South to handle the crops for
decline in stocks to set in. The selling of stocks
in anticipation of this movement has not GUS
tonariIy begun until the fore part of September.
II It has already begun IT is because spectators
believe that the large exports of gold are likely
70 produce a tightening in funds sooner than
would otherwise have been the case To say the
least. a good part Of the selling of stocks in the
last few days has been in expectation of de-
cidedly unfavorable bank statement to-day.
The statement can hardly fail to disclose a heavy
loss in cash by the banks. with material con-
traction in tie surplus reserve.
In ordinary circumstances, when rates for
money are going up prices of stocks are moving
IN the opposite direction. The influence of the
money market on the stock market is something
that cannot be ignored The state of money
will be the most important factor in the
speculative situation, and it is a question if its
potency has not already begun to be felt. There
Is nothing alarming in the outlook. On the con-
trary, ii is probable if a decline in stocks en-
sues it will in turn be followed by a substan-
tial appreciation in values, for conditions as a
whole are extremely satisfactory. There is a
shortage in some crops, but the high prices
which all crops bringing insure large re-
turns to the farmers. There has been effort
to work up a scare in corn, but whatever dam
age has been done 10 the growing crop has not
been widespread, and the total yield will almost
certainly be bountiful In any event, the out
turn of this staple Will not fall much, if any, be-
low last years immense production. For an
other thing, corn is at the stage where the right
kind of weather would quickly accomplish pro-
nounced Improvement in it's condition. Wheat is
safe and the apprehension as to cotton is dsap-
pearing. The reliance on miscellaneous business
is demonstrated TO be well founded by the main
tenance of railroad traffic In most instances
the roads are reporting larger earnings than
year ago.
AS the day advanced the trading in stocks de-
creased in volume until toward the Close when
there was a little animation. The stock in
which the transactions were largest and which
was one Of the limited number that gained in
price was Brooklyn Rapid Transit 1t was
bought on intimations that the annual report
would be- all things considered a reasonably
good showing. It was recalled that the report
would cover the period of the strike on the COM
pany's system last year, and it argued by
buyers Of the stock that, there had this year
been no interruption of operations the company's s
revenues were much greater. For another thing,
it was urged that the extensive improvements
on the lines would be reflected in lessened
working expenses in the future. The dealings in
Manhattan Railway were only moderate, but it
held its price The granger shares and the other
leading issues were quiet, and such losses in
price as were sustained were unimportant
There was demand for Consolidated Gas stock
and rights the promise Of an increase in the
dividend 10 per cent rate The restoration
of the charge for gas, following the termination
OF the gas war, has, Of course, greatly enlarged
the profits Of the company. Sugar Refining
picked up slightly in price. Federal Steel and
Tennessee Coal and Iron advanced fractionally,
but the other steel stocks receded.
THE DAYS OPERATIONS IN BONDS.