New-York tribune., 1900-08-22
BONDS.
THE DAYS OPERATIONS IN STOCKS

Changes in the prices of stocks yesterday
were not important. The dealings which were
small IN volume, were thoroughly professional,
and therefore without special significance. The
speculative community is awaiting developments
N money and is not expected to become par
ticularly active for the present-at any rate, not
until the future state OF money is more clearly
defined than Il is at present The heavy pay
rnent by the Government account Of the re-
demption Of the extended 2 per cent bonds is
Cor the time being contributing to the ease in
money This distribution will practically be
completed this week. and then the money mar
ket will be left TO shift for Itself There may
or may not be additional exports Of gold II
IS not al all improbable that more gold will go
across the Atlantic. It will fact, be sur
prising # shipments have permanently stopped
England is spending immense sums in military
undertakings. and these expenditures will not
be terminated for a considerable time to come
America is the only country where arg impor-
tznt amount OF gold be obtained.
While this is about the time when currency
begins 70 go to the West and South TO move
the crops, this years movement has not yet
started There are reasons for this. The crops
are late in maturing, and for another thing the
sections named have larger supplies OF funds
than ever before. These supplies will be ex-
hausted, or. at any rate, reduced. before call
"a made upon Eastern financial centres, and par
ticularly upon New-York, for cash. The call
will be made nevertheless. and there is not
epeculator Of experience who is not on the alert
for It He especially desires to secure dehnite
notion Of its probable proportions. which is
something he will be able to do comparatively
soon A surprising thing is the small way in
which the political campaign figures as factor
In the stock market. 1t ought to have a greater
influence as the election approaches but the ele-
rnent Of most potency first and last will beyond
question be money.
The stock in which interest was chiefly
centred was New-Jersey Central The report OF
the company for July was issued. and while
there was q decrease OF only S3,104 Il in gross
earnings. there was an increase OF S23, ,126 62 in
operating expenses and taxes, which effected
reduction Of S26 $50 "A in net earnings. The
stock became active. and accomplished g sub
stantial improvements IN price. The story was
repeated that the property was likely to change,
but on this point there was no more Information
than there had been. The stock has been in
steady request for weeks, and it has been evil
dent that some leading interest was accumulat-
ing it. presumably in connection with a deal IN
the coal trade. The New-Jersey Central ter
rninal facilities are extensive and valuable for
use in the handling OF coal. The changes in the
prices Of other railroad stocks were for the
most part fractional, but. generally speaking.
the tendency was toward lower level. Brook
lyn Rapid Transit displayed strength.
The effort TO depress Peoples Gas was kept
up, but the net result was trihing. The steel
stocks yielded slightly. There were liberal offer
ings Of Sugar Refining. and the stock receded.
It is said that some difficulty is now encountered
in maintaining the prices Of refined sugar. The
consumption has fallen of, and there is nc
prospect OF a revival Of the recent heavy de-
mand- There is a better understanding in the
sugar trade, and the trade war may not be re-
neWed.