New-York tribune., 1901-07-04
THE DAYS OPERATIONS IN STOCKS.

J. As.
THE DAYS OPERATIONS IN STOCKS.
More than one-half of the total transactions
on the New-York Stock Exchange yesterday
were in the issues of the United States Steel
Corporation. Except in these stocks the deal
fngs were Of small proportions, and the tendency
Of prices. on the whole. was toward a lower
level The Exchange is not to reopen until next
Monday. and the general disposition of specu-
lators was TO close contracts. The heaviest fall
in prices in the United States Steel issues
1t is almost the rule in Vail Street for stocks
TO sell off the declaration of dividends on
them, and il is not specially surprising that
such was the case with the Steel stocks. The
fact that the dividend on the common stock was
not specified a quarterly distribution was
not Of special Importance. There is not much
doubt that in declaring the dividend II was the
intention 10 place the stock on 4 per cent
basis. There a small commotion in call
money, in which the rate got up TO % per cent
In this there was great significance. The
sudden determination of the governing commit
tee TO close the Exchange Friday and Satur-
day, after once, having decided not to do so. pre-
cipitated an abnormal demand for money This
was circumstance which the banks and other
lenders had not prepared for. and il naturally
was disturbing. though not seriously so. The
loans hold good until Monday. when the pre-
sumption is. rates will he normal again
In the matter of money a satisfactory situa-
ton exists The July ] disbursements for in
terest, etc. were very heavy and in a few days
will TO a large extent be available for stock
market requirements For another thing the
general stock Of money in the country is steadily
growing by reason of the output Of the Western
gold mines and arrivals of the metal from
Alaska and the Klondike. Furthermore a re-
newal or, rather a continuation, Of the move
pent Of gold from Australia TO the United
States on exchange operations is probable. In
addition. there is a steady expansion in national
bank circulation. The present inclination of
funds is TO flow to New York from the interior
The need for money TO handle the crops will not
develop for some time yet 1t probably will be
sixty days before there is any important outgo
Of money from New-York to the West Exports
Of gold to Europe except on special transac-
tions, have definitely ceased. and il is doubtful
If they will be resumed this year On the con-
trary, the prospect is for influx Of gold from
abroad later in the season, especially as the ten
sion at the foreign financial centres has relaxed
and is not likely to recur until there is some
paramount political change, of which there now
is no sign Apprehension of serious untoward
disclosures in banking other fducary con-
Germs does not appear to be well founded. The
troubles that have occurred have been due es-
tireiy to special causes, and have been local in
banking in few instances has served to bring
out clearly that sound banking is the rule while
Indifferent banking is the exception.
Is less than a week the government monthly
crop report showing conditions on July / will
be issued. This report will be the final one on
winter wheat, and il will practically determine
the extent Of the spring wheat yield The win
ter wheat crop is harvested, and the spring
wheat crop is safe. The total yield will be very
-,a, +Ia
port IS looked forward TO with especial interest
is because il will be the first on corn. which is
a crop of great consequence. The weather re-
Gently has not been ideal for corn, but it is
doubtful If the excessive heat has done any
special damage. for the ground was thoroughly
saturated by the unusually copious rains earlier
in the year. The acreage planted to corn is of
vast extent. and it is believed that the govern
nent report will point to a production con-
sideraby in excess of 2,000O00,Oo0 bushels
The prosperity of the country at large is at
tested by nothing more unerringly than by the
earnings of the railroads. The business of the
roads simply is phenomenal. Not only that but
its limits seemingly have nowhere near been
reached. The enormous traffic is derived not
from the enlargement of any one individual
source of tonnage. but from the dstenson of
tonnage OF all descriptions Nor is the growth
in traffic confined to special sections 1t extends
over the whole country. The exhibit of net in
come is, if anything, more remarkable than the
showing Of gross returns. Rate cutting has been
almost abolished. and the result is an increase in
profit that is gratifying TO the of railroad
securities. Railroad rate wars were responsible
for many railroad bankruptcies in the past.
The great railroad combinations that have been
formed are calculated to preclude them here
after.
THE DAYS OPERATIONS IN BONDS