New-York tribune., 1900-08-07
BONDS.
THE DAYS OPERATIONS IN STOCKS

Dulness again prevailed in the stock market
yesterday. and there was moderate decline IN
prices. There was no actual development OF
weakness but values sagged simply because of
the snalness of the dealings There was no
market in London, but the consequence of the
Stock Exchange there being closed was not felt
particularly here In fact, it not felt at all.
except in a few stocks in which there is usually
more or less arbitrage business. The New-Tork
market has latterly moved quite independently
Of the London market and has, indeed, for the
most part ignored affairs and conditions ABROAD
There have been neither extraordinarily good
nor unusually adverse developments TO affect
values Conditions and circumstances generally
have been favorable, more than ordinarily So
perhaps and have furnished a strong and nat
,raI support for stocks. This is a situation that
is likely 10 continue. for the present at least
August is usually month of rising values, and
there is no reason why August this year should
be an exception to the rule
The only factor in view that is calculated to
work a material change in the situation Is
money. When money begins TO tighten. as 1t
inevitably will when the demand to move the
crops sets in, it is reasonable TO presume that
there will be recession in stock, although II
ought not TO be extensive. In former years
downward movement in stocks has started the
fore part Of September. or about the time that
-
It is probable that this will be the case next
month The outgo of money to these sections is
noe likely 10 be as large usual The West
and South well supplied with money-bet-
ter than they were-and their demands
upon New-York and other Eastern centres will
be correspondingly reduced. For another thing
the New-York banks have much more money
than they had a year ago, and the needs for
speculative operations and for commercial uses
@t,ax
this time in 1899 Altogether. the outlook is
for comparatively low rates for money this fall
and for no great interference with the stock
market. Exports Of gold 10 Europe will begin
tomorrow. They are not expected 10 last long.
nor to reach important proportions. The gold
that may be sent TO the other side can easily
be spared. and there will be no misgivings be-
cause of its departure. It is a good thing that
this country can let Europe have gold without
any resultant disturbance at home.
The gold will not be dispatched across the
ocean because this country is in debt to Europe.
II is well known that the United States has an
enormous credit balance abroad. The gold VIII
practically be borrowed.
Union Pacific common continued feature Of
the market. The demand sufficient 70 Offset
the realizing sales and the final price disclosed
only a fractional loss for the day. There was
fair volume OF transactions in the Atchison
issues, in the Granger shares. Northern Pacific,
Southern Pacific and Baltimore and Ohio. Read
ing first preferred offered rather freely after
the declaration Of the dividend. and fell off IN
price. There was some disappointment that the
distribution on the stock not larger. A
duction n the price of several grades Of sugar
was followed by fall in Sugar Refining stock.
An active inquiry created for the National
Tube issues by the handsome showing made by
the company in its annual report Most Of the
steel stocks declined.