New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-11
High. Low. July 9lJu,. llch'ses. lsaies
THE WEEKS OPERATIONS IN STOCKS

THE WEEKS OPERATIONS IN STOCKS.
The stock market has yet TO reflect the i'm
provement warranted by the defeat Of Cervera's
squadron the progress Of the war in general,
and above all the magnificent Industrial cond-
lions ard outlook throughout the country. 1t
IL because Of these factors that bear traders
have been unable to make noteworthy impress
sion upon prices. despite the fact that the mar
ket has been without buying support from the
public or from substantial market interests.
In the last week the customary summer dulness
was present in all Its force. How long the mar
ket will continue under the influence Of dulness
Is a question not easily answered. but 1t may
be comforting to the advocates Of a buoyant
market to remember that 1t was at this time
@ year ago that securities trading began to give
evidence Of the great bull movement that Gull
minated in September. 1t IL argued in some
quarters that improvement in business condi
TONS both past and prospective. have been
overdscounted in the stock market; but In the
opinion Of many Of the most conservative men
in the Street prices will be very much higher
before the end Of the year. barring. OF course
exceptional accidents
Many stocks at present on a dividend-paying
basis will have their dividends increased before
the year Is over, while number Of securities
not upon the dividend list will be placed there
at no far distant period. And the fact that
money is cheap and promises to remain go
for long time to come makes securities more
attractive than few years ago. when paying
the same rate Of interest as at present With
the declaration Of peace between Spain and the
United States there will. from present indica-
TONS remain no obstacle or unfavorable feature
in the stock market situation, and II is not
unlikely that the advance in stocks will come.
irrespective Of war or possible complications
involved by the war. II holders Of securities
thought that the war with Spain would cause
serious difficulties with other foreign Powers.
or be the means OF bringing on a general Euro
pean conflict and II they considered trade con-
ditions artificial. they would make no delay in
d!sposing Of their stock holdings. 1t Is owing
To the confidence felt in investment circles that
bear operators in stocks are unsuccessful In
forcing liquidation. Owners OF stocks and bonds
know that there is nothing artificial In the
countrys extraordinary foreign trade balance.
in the unparalleled cash holdings Of the locs!
and country banks. in the heavy railroad ton
mage Of the last year. in the crop situation. IN
bank cearings and in every indication that
shows the wealth. strength and power Of the
United States.
Railroad earnings not falling off as much
as stock market bears would like Bank clear
ings show a heavy volume Of general business.
considering the time Of the year. and exports IT
merchandise continue heavily in favor Of this
country. The condition Of the United States
Treasury Is beyond oil danger OF depletion on
account Of war expenditures. The enec, OF war
taxes and receipts bond account IS shown
In an increase In the Treasury's actna' cash bal
ance in the week Of S15.47ncl2 Ard az Ear as
the money market Is cor eerred there are no
indications that the Cover mert bond issue
will cause the least disturbance In rates. 1t
was recently thought that In the time preced-
Ing the final allotment OF the bonds money rates
would gradually harden, but three weeks have
gone by without the slightest restriction in ad-
yances from the banks. while at the same time
the tying up Of funds Incident TO the july in
terest settlements has been absolutely without
effect upon money rates. The final stage in
this great financial operation Of supplying the
Government with funds in return for bonds may
not pass without disturbance in the money mar
tet but the fact that good part OF the funds
will be held In depository banks should reduce
10 a minimum such disturbance If It comes.
The stock market shows its willingness to re-
spond TO the least suggestion Of peace. In The
week London had runners that Spain would sue
for peace. a reflection ~ which seen In an
advance In Spanish bonds and heavier foreign
buy,ng in this market Dut the Significance Of
the defeat Of Admiral Cervers's feet has not yet
been fully realized IN Wall Street and the de-
c!sve character Of the victory has not hod its
full reflection in sccur.t'es' values. Trading In
stocks last week was doubtless hid IN check
by the war taxes on stoc' Exchange business.
by the uncertainty over the Army's movements
At Santiago. and by the absence from town Of
many prominent speculative interests Efforts
were made by traders to force a decline. but net
results for the week showed more gains than
losses, with increased interest IN investment
Issues at the close.