New-York tribune., 1900-09-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was wholly professional,
without important change IN prices. There
no evidence Of active commission house buying,
and. although prices for many issues held fairly
nrm throughout the day, no concerted efforts
were made to advance values. The coal stocks
were heavy, owing TO the strike prospects in the
anthracite coal region, but elsewhere in the
market prices generally moved entirely in
sponse to the passing operations Of boardroom
traders The railroad shares held firm because
holders would not sell. The industrial list was
without feature, save in the case OF Peoples
Gas. which again moved in line with dealings
based upon the gas in Chicago. Interests
identified with the Peoples Gas Company assert
Shat the fight in progress between the
Peoples and Ogden companies will not be fol-
bowed by reduced dividends but, of course. such
q promise carries little weight with stock specu-
lators. who remember the disastrous results Of
the recent gas war in New-York and the profits
made in selling local gas securities short. The
opposition TO the Consolidated Gas Company in
this city was powerful and well organized. The
opposition 10 the Peoples company in Chicago
comes from a company weak financially and
physically.
The demand for bonds fairly active, and
bond brokers reported a good inquiry for attrac-
tive issues. Market values Of railway mortgage
issues are not dear, and many securities of this
some yield on the investment. Holders of high
grade bonds are not selling in expectation of
being able to use their funds TO more advantage
In the money market, the prospects Of dear
money not bright enough TO encourage the
sale OF high grade securities. And the prospect
of buying stocks and bonds back at a cheaper
level are far from promising. Four years ago
investors sold from apprehension Of Mr.. Bryan's
election but sentiment is now so confident in the
reelection Of President Mckinley that the in
vestment community is firmly holding all its
securities and looking forward to higher prices
before the close of 1900. Money as bear factor
has been dropped by the bear element Rates
refuse to harden because the supply of funds is
heavy and the demand light Further additions
have been made this week cash holdings and
q heavy inquiry for funds from the interior can
be met without disturbance in money rates. The
London money market IS improving, and the
necessity Of gold exports this month may not
develop.
The prominence of the cotton market at the
moment directs attention to the growing pros
perfty Of the South, reflection Of which is seen
In a moderate revival of speculative interest in
the railroad secuTitie7 Of Southern and South
western roads. When the stock market begins
TO move under the influence of a genuine bull
movement Southern Railway issues, St Louis
and San Francisco, st. Louis Southwestern. Mis-
souri, Pacific and Louisville and Nashville ought
10 become prominent features Southern Rail
way preferred was sold for profits yesterday, but
the sales were well absorbed. Business in the
general market decreased after the first hour
and near the close trading was practically stag
nant Brooklyn Rapid Transit was a strong
feature on what appeared to be good buying.
At the close net changes We're about evenly
distributed between small gains and losses.