New-York tribune., 1900-07-11
Sex dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The maintenance Of railroad earnings in gen.
eral. coupled with the declaration OF dividends
as TO some of which there had been doubt, IN
duced buying Of stocks yesterday for both the
long and the short accounts, with the result
that the closing figures showed a substantial
Improvement over those Of the day before. For
another thing, attacks on stocks. and especially
on railroad stocks, were deferred pending knowl-
edge Of the nature OF the Government monthly
crop report which was not issued from Wash
fngton until an hour after the termination Of
business on the Stock Exchange. While the dis
position in the main Of spectators was to shape
their ventures 10 extract profits from declines,
the fact was not lost sight of that the immensely
Of the short interest in the market afforded
basis for rally any specially favorable de-
velopments The bearish sentiment among the
professional element in Wall Street has It's
origin in the expectation of political sensations,
further serious trouble in China and additional
crop damage reports. Moreover, there is appre-
hension Of a tightening Of money in the not dis
tant future.
Not alone the speculative but the whole inan-
cial community is concerned in the prospective
condition Of money. The desire always is to OBJ
tain money as cheaply as possible, and with this
idea the procuring Of accommodation is often
DELAYED beyond prudent limits Borrowers know
full well that scarcity of funds and an increase
In rates are an inevitable accompaniment OF the
transfer Of funds to the West and South TO
move the grain and cotton crops, yet consld-
cradle proportion Of them wait until the pinch
comes before they seek TO supply more than
their current needs. The consequence usually Is
that they have to pAy dearly for their procras-
tinatyon However,; more time money for use IN
Wall Street has been obtained, or engaged, than
was the case last year. This step was impelleo
by the Presidential campaign and also py the
somewhat expensive and disturbing experience
in 1899 The Treasury Department within the
next thirty days will call upon the depositary
banks for S1O0O0O00 more Of public funds, and
this withdrawal will come at a time when the
banks should be accommodating money for the
purpose Of meeting the requirements for hand
ling the crops Should the occasion arise the
Secretary of the Treasury will adopt measures
for the relief Of the money market, but 1t is not
the duty or intention Of this official 10 come 10
the aid OF individual sufferers from any possible
construction in funds. They should look ahead
and prepare for emergencies. The surplus re-
serve OF the banks is not at present large and
should It disappear the return Of money out
standing on call would naturally be exacted.
The Improvement in stocks proceeded without
much interruption until near the close, when
sales IN take rrofts caused small recession in
urices The closing nevertheless was firm
BROOKLYN Rapid Transit again led In the volume
Of dealings Efforts to effect another break IN
the stock were defeated, and then ensued COW
ering of shorts which carried the price up
steadily but the heavy decline on Sunday was
only partially recovered. There were fairly
large transactions IN the leading railroad stocks
and they disclosed considerable strength. ThoSe
which made the best gains were Burlington and
Quincy St Paul Northern Pacific, Union Pa
cifc Missouri Pacific, Louisville and Nashville,
Baltimore and Ohio and Norfolk and Western.
Atchison preferred sold ex-divdend, and after
de6ucting the dividend showed a small addi-
tion TO its price at the end Of the day. The
steel and iron stocks were strong on the better
order OF things in the trade. The advance IN
the price Of refined sugar to the highest price
in years was reflected in sharp rise in Sugar
Refining stock. There was a moderate increase
in the total dealings in stocks
The Government crop report proved rather
startIingly unfavorable in some respects. 1t
showed q decline in the condition Of winter
wheat Of 9 per cent from June and decline
of 321 per cent in spring wheat. decline Of
G. per cent was shown IN cotton. The report
as 10 corn. which was the first made this year,
was more satisfactory the condition being given
as 30 per cent better than at the same time
last year. with an increase Of Is per cent in
acreage planted over the acreage harvested in
1899 The report of the gross earnings Of the
St Paul road for the first week in July, which
was received late in the afternoon, disap-
pointing showing as it did a loss Of S11O,21S as
compared with the corresponding week last year.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDs.-Narlzet steady Final