New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-20
THE WEEKS OPERATIONS IN STOCKS

The collapse Of the Letter wheat speculation
l., Chicago early in the week caused consider
,Ne selling of stocks in the local market, part
10 from forced liquidation by Western holders
.,a also owing to the fear that the Letter
,.nu,e might involve several Chicago financial
,n.u,utons IN difficulties. Happily the end OF
.h,s reckless and senseess speculation in wheat
"a m known unfavorable effect upon Western
~.rrs and whatever losses It caused In the
s,o,k market were brought about by misappre-
tension of the facts in the case and false
alarm over the possible outcome OF the liquida-
tim OF Mr. Letters holdings. The removal or
such q factor from the market cannot fall 10 he
heneAcal And the lesson learned by MT
Letter should be taken TO heart by spectators
IN stocks who frequently make heavy losses
merely from "overstaying'' the market. Local
stock market bears were ready TO take advan-
,age of the Letter collapse TO depress values.
end as substantial market interests were not
onposed 10 lower prices. professional traders
were successful in causing a reactionary market
throughout the week.
Conditions are so attractive in all depart
nents OF trade and industry that II Is not sur
arising 10 see general desire among specula-
Tors who have sold their stocks 10 bring ABOUT
,oUor nrices But it is important 20 observe
that these SPECTATORS are d. I'oi' 'N''
hu,ish and that they experience extreme diff
Guilty in forcing a materially lower range OF
volres Stocks are not in weak hands. and
present holders show no disposition 10 part with
heir possessions at current quotations. The
few weak accounts in the market could doubt
l.ss be eliminated by continued bear attacks
IN, unless conditions affecting the actual worth
o. securities should suddenly grow dscourag-
vi doubtless experience
ursr failure in attempts to dislodge heaVly
rs,o,ned accounts and investment holdings
rns-s cannot be a break in prices without
heavy selling pressure. and present indications
give no announcement that this Will take place
As long as some powerful spectators are work
ing for lower prices 1t IS wise however. Tor
small traders 10 look carefully after margins
and for many the best advice is 20 stay OUT or
the market until the reaction is at an end
The factors that are working in favor OF ap-
probation IN market values were renected III
tia u.aaL IN the unprecedented statement Of
foreign commerce for May and the fiscal year 70
Nav 81 in the hearty response Of the pubic 10
The w Government loan. continued me aeT-
cultural nrospccts and further gains In rsilroad
earnings and bank clearings. Money may grow
trine harder pending the acceptance or the
bids for Government bonds. but there IL MOTH
ing in sight that indicates any important change
in money rates for long time 70 come Ana II
there were IL would speedily be onset by goio
Imports The balance OF trade for the hscai
year will be in this countrys favor TO the extent
Of over $GOovD0OOO an amount never peiore
eQualed in the history Of the United states A
large mart Of his balance remains to be lqul-
dated practically remaining on deposit ABROAD
Subject 10 call from this side. There are so many
favorable Influences at work building up ana
strengthening the intrinsic worth OF the prop
critics whose shares are traded In on STOCK hN-
changes that Il Is wellngh impossible for Wall
Street 10 remain bearish for any length or Tune
The big spectators are bearish just long enough
to recover at cheaper prices stocks sold al mana
some profits
The effect OF the new Government loan uPon
the money market has not yet been felt the
heavy demand for the bonds naturally suggests
the tying up Of considerable money until the
final distribution Of The bonds. and as conse-
quence former rates for funds. But JUS as
soon as The subscription lists are closed ana the
bonds turned over 70 the lucky bidders funds
representing unaccepted offers viii seek EN-
poyment which, in connection with the heavy
Government interest disbursements In July
about $7.OvOOO-shOuld create supply of
money more than enough for the biggest kind OF
bull speculation in stocks In addition the
money lent TO the Government will soon be pald
out in war expenditures. while the banks VIII
cOubtless take out new circulation based upon
'he new bonds The creation OF S2oo"o""
new securities should therefore be ABSORBED
Without lasting impression upon money rates OF
securities prices and the moral effect or the sue
cess Of the loan should be pronounced factor
N favor 90 higher prices I'm the stock market
Jus, a; present the market needs inspiriting war
news % stimulate bull activity. and In the an
serce % such news traders are likely to force
slightly lower range Os values An extended
pear account is not safe. however. in this mar
set. for there IS nttlc Of real Importance upon
which a bear campaign can be based. iuriher
decline would doubtless attract good buying
BANK EXCHANGES AID STOCK SALES.
The bank exchanges q the NcW-YOrk Clearing
house and the stOcls sold a, the New-York
STOCK Exchange last week and FOR the same
s.ex o: the preceding two years compare as
follows
r,,a Jane ~ 99 jane 10 81. Juns - '.s
", sses ...... s.vG.77s.o0 s9Ds ~ 62 $S3 ~ ~
~ les sold ... l.UB.+:2 i.39- 332 ..'N>"''
GOVERNMENT BONDS.
1o'ernment bond quotations compare as foi-
"N' With those Of a week ago.