New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Extreme dulness marked the course Of Stock
Exchange business yesterday. AS a rule. prices
were firm. but final quotations showed little
change from Wednesdays closing level. Com
mission house trading was light and profess
sionaI operators exhibited disposition to work
actively on either side Of the account Big
operators were not in the market. Advances
represented covering purchases. while declines
when made reflected selling by people who are
uneasy over the money. political and labor stu
ations The reports from the coal fields created
renewed apprehension regarding the anthracite
strike and the hard coal stocks were heavy
throughout the day. Reading first preferred
showing especial weakness. Liquidation was
noticed in the steel stocks but the selling pres
sure was too light TO cause any important price
changes. Manhattan after early weakness be
came strong on q fair volume Of buying orders.
and Peoples Gas, though sold by Western in
terests was moderately firm on local support in
the early dealings and decidedly strong in the
afternoon. advancing four points on renewed
reports that the Chicago Gas war had been set
tied Northern Pacific was firm after the ces-
sation Of foreign selling.
The strength of this country's credits abroad
will, IT is thought prevent real disturbance in
the local money market but pending the arrival
Of GOLD from Europe the banks may find it
necessary To protect their legal reserve by
drastic contraction in loans. Loan contraction
generally hurts operators in stocks who specu-
late with borrowed money. When the banks
call in loans liquidation in stocks naturally fol-
lows and if money rates in the present instance
should happen TO suffer violent fluctuations
certain amount Of long stock will undoubtedly
come upon the market Moreover, if the situa-
ton should develop indications of sustained
higher rates for loans. many substantial owners
Of securities may find II more profitable to use
their funds in the loan market than in stocks.
Higher rates for money viii be taken advantage
of by professional traders TO depress the prices
OF railway and industrial shares while efforts
doubtless will be made 70 induce liquidation
when Mr. Bryan comes to town. The Tam
many campaign managers intend to have big
time over Mr. Bryan's Invasion" of New-York
Hybrid crowds. professions of subsidized voters
and fireworks will greet the Popocratic candi-
date and this great show may brighten tirnd
holders Of stocks into believing that Mr.. Bryan
viii be elected. Stocks sold on possible Bryan
scare will furnish rare bargains for intelligent
buyers. Stock Exchange betting ran to l in
favor Of Mckinley yesterday.
Local money and sterling exchange quota
lions showed no material change, and the Bank
OF England's minimum discount rate was main
tanned at I per cent. The failure OF the direc-
tors 10 raise the rate was thought TO reflect con-
hdence in London that New-York would not be
able TO take much foreign gold at the current
price Of the metal Gold bars and eagles were
advanced in the London market. and the profit
on gold imports was accordingly reduced. In
fact. at the ruling rate for exchange and the
price Of gold in London. there is now practically
no profit in tmportations of gold. The Bank of
England lost over t1.00n000 in reserve in the
week ended yesterday. and continuation of
the movement may be expected for some time to
~
looked for. Currency Withdrawals from the
local banks have been heavy this week, and
unless there has been a large contraction il.
loans surplus above legal requirements will be
near q minus quantity in to-morrow's bank
statement