New-York tribune., 1900-10-09
BONDS.
THE DAYS OPERATIONs IN sTO0Ks.

There was a loss in values in the stock mar
ket yesterday, which not surprising in view
of the obtrusion once more of money dom
mating factor in the speculative situation
Money now is going to the West and South, par
ticularly the West very rapidly. and the result
is higher rates for money and discrimination in
collateral Under such circumstances. trading
in stocks naturally is restrained, and with re-
straint trading the tendency Of values is
toward a lower level. But this is q situation
that probably will not continue. In the better
Informed financial circles it is understood, if in
deed, II is not known, that if the movement of
money to the interior goes much further Ameri-
can credits abroad viii be curtailed, which is
another way Of saying that gold will be i'm
ported.
Europe is heavily indebted TO America, and 1t
has deferred the settlement, or even payment
on account Of its Indebtedness. first by raising
its own money rates. and then by selling British
German and Swedish bonds here. Bankers seem
to be agreed that this country is not in a temper
to buy any more bonds of foreign Governments
at present. More bonds Of course, might be
taken and paid for with exchange, but IT Is
realized that the exchange may be required to
maintain the equilibrium of the home money
market. Last Saturdays bank statement re-
corded large decrease in cash, but it really dis
closed only partially the loss OF cash by the
banks. AS a fact, the banks were some 5000
600 weaker in cash at the time the bank state
ment was made up than the statement indicated.
The discrepancy is accounted for by the ridicu-
Ious average system upon which the bank state
ment is based.
The political situation is all right and when
the money situation is adjusted TO it the course
of stock prices must inevitably be upward.
There has been a great and unwarranted fall in
stock values this year. and actual business
conditions have not deprecated and not
likely to- the loss in values is sure to be made
good in due course. There is check on trade
OF nearly all kinds. but it plainly is temporary
This is something TO be expected in a political
campaign, and especially in a Presidential cam
paign After the election there ought to be, and
presumably will be, great boom in all lines of
business. The outcome will be earnings by the
railroad and industrial companies whose stocks
are dealt in in Wall Street such have not
been approached in the past. 1t is probably
true also, that stock prices in many instances
in the succeeding few months may attain their
highest prices.
The largest dealings on the Stock Exchange
yesterday were in Union Pacfic, which has be-
come a favorite stock of the room traders
There was a large arbftrage business in this
stock Northern Pacific, which recently has
been a weak feature Of the market, was dealt
in lightly The so-called granger stocks were
vayering Burlington and Quincy, of the
prominent issues in this group, sustained ma
terial decline. Brooklyn Rapid Transit was
fairly well taken, and its net decline was small
Metropolitan Street Railway, on the other hand
suffered a serious drop. There was profit taking
on short contracts in Sugar Refining, and this
stock benefited fractionally in price as a conse-
ouence. The steel stocks were irregular.