New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-30
Total IS Co.'S $3.50 397 5SJ9.4sO Inc. so1ooss 4o'
THE STOCK EXCHANGE MARKETS

THE STOCK EXCHANGE MARKETS.
The general markets for bonds and stocks last
week were not OF booming character Ihere
q steady hardening OF values, however, de-
noting both growth OF confidence and n scarcity
Of the securities sought after. For some OF the
lOw-priced mortgage and income bonds sharp ad-
yanceS IN prices were made ana tne business IN III
that class Of securities was unusually large For
the higher class Of bonds the demand was grow
ing one but business restricted by small offer
ingS at the current quotations. The stock Specu-
lati0n was not nOtceably active, but, as IN pre-
ccdinQ weeks. 10 huctuatng. with steady
tendency toward higher plane OF values. Every
day witnessed its reactions Of l-2al per cent
and sometimes the reactions occurred two or three
times a day. Following the reactions, there in
variably was q short period Of dulness. There
were no sharp upward movements during the
week that were not the immediate followers OF n
reduction, and the later movements carried prices
only fractions above the plane from which the
frequent fluctuations, every one OF which at the
time was called the beginning OF reaction, which
keep the market IN satisfactory condition
From the prices Of June IL there has been an
advance ranging from five TO twelve points for
the principal active stocks. But during this
period there have been at least ten reactions,
ranging from ! l-2 to l-2 per cent. Consider
ing the large declines which most OF these stocks
have suffered during the last twelve months, an
advance OF even 2 per cent without substantial
reactions should furnish no reason why the up
ward movement should not continue 1t is now
known that the declines which have occurred
were forced, and were made without a substantial
OASIS. III is Known Ildb inc lIdlIt uuIIuB llt
last twelve months has been larger than it ever
was before. and that with two or three eXcep-
tons like Burlington and Quincy, and Atchison,
Topeka and Santa Fc. the decline in railway net
earnings has been exceedingly small Many Of
the companies could suffer much larger
losses from their net incomes than
they have done during the late wars Of their
managers and not affect their ability to pay dyi-
dends such as they have been paving before.
For instance, the Chicago and Northwestern
company could reduce Its net earnings 25 per
oant ND CT fpnr than nd mt
respectively on it's common and preferred stocks.
Even St Paul might lose per cent from its net
earnings as OF lss7 and still pay per cent on
its common stock. St Paul during the last six
months-the six months in which 1t never earns
anything for its stocks-has probably lost over
per cent. But in view OF the prospects OF the
crops in its country, and the better understand
ing existing between the railroads Of that section,
it is not unreasonable to expect that during the
remainder o. the year the losses OF the last six
months will be fully recovered
Stocks have steadily declined for twelve months
IN expectat ion OF something which has not oc-
CURED, exeept in few, special instances. In
the meantime, Europe has bee1 immense
purchaser Of American securities. The Govern
ment report Of the commerce Of the United States
issued last Friday, taken in connection with the
report for the preceding year, shows that the
cOuntry's foreign Indebtedness on the merchandise
and special movements for the two years ended
June 80 was sil,462.499; An estimate of
81 600 600 year for the Indebtedness accruing
TO foreign bottoms for the carrying back and
forth, Of sl,4ls, 100000 Of merchandise and
upwards Of 100000 600 Ct specie AMI bullion, is
n small estimate This gives accrued indebted
ness against the country during the two years Of
$3.50, 600 900. In addition 10 this a correspond
ent reminds US that we have omitted TO take
into the calculation the interest and dividends
which during that time have accrued to the
foreign holders Of American securities. The point
is well made. but we have no means OF estimating
what that amount may be. The figures which
we have given, however, and the condition Of
the foreign exchanges are sufficient 20 establish
the fact that Europe has been a purchaser OF
lie au1 CO aFu1r .f.f.
few persons have realized. This, taken in con-
nection with the slow hut administrative alb
sorption OF securities by home capital that is not
re presented among the professional Spectators.
accounts for the absolute scarctI OF securities in
the market and explains why, although there has
been n steady decline in contract values every
in prices and activity that would
permit Of n scoop have proved absolute
failures. II there are any such things
in the Street now rs bull eliques. can point
and then, combinations Of two or three large
Street operators for turn OF two or three per
cont on the market-perhaps the combination may
reach O. 600 or 10000 shares Of stock. One Of
these bobtail pools in the first hour Of Friday
disposed Of their holdings and. in so
doing made temporary decline OF l-2a3-4 per
cent The stocks were taken. and the cOmbina-
ton was utterly disguised that prices Friday
evening should close about per cent above their
lowest sales Yesterday the combination an
nounced itself as bear on the market and during
the last hllf-hour and in extremely dull mar
xet succeeded in marking prices of 70 about, or
something below, prices which they had realized
parlv Friday morning and were much elated with
The success Of the manipulation. The sequel Of
n is vet TO be told. The market has not yet
hroodened TO such an extent that the trading
amounts 70 60, 900 shares upward day,
bnt IL has materially broadened and there is
,oarcely a broker who heretofore was not en-
,,,ed In the buying and selling OF stocks for few
professionals whose business has not more than
ioublcd from what it was six weeks ago There
row is less Of the professional and more Of the
General business which makes up tho .23l .093
'bar,s rs the aggregate Of last weeks sales Of
istrd stocks The week closed with an undcrtone
n firmness in the speculation with advances for
he week averaging about J per cent
Subioined is our usual table, giving the number
" shares sold Of all stocks. tho highest lowest
md fnsl prices Of the week. together with the