New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-13
THE WEEKS OPERATIONS IN STOCKS

THE WEEKS OPERATIONS IN STOCKS
Persistent operations for lower prices In Sc
cur,,,es last week resulted in dismal failure In
sore instances small recessions were made. ana
IN certain stocks that cannot be considered as
moving under the influence OF legitimate condl-
.,ors sharp temporary breaks were recorded
Az n rule however, reactions were conilned 10
insignificant figures, and the recovery at the
close of the week left prices With more net gains
than losses as compared with a week ago Inc
course Of values in the week proved 'ha' III
market controlled by natural conditions opera
lions for the short account cannot be cohouc'eu
successfully for any length Of time AND the
strength Of values proved also that the HaJo'H!
Of stocks are held by substantial interests VINO
are not disposed to sell at currAr. quotations
Professional traders are apparently unequal "
the task of dlslodging stocks so helo' ana 'hey
are fighting against heavy odds when they ell
deavor to break a market controlled by strong
financial institutions and individual capitalists
Easy money and splendid crop prospects are 'he
factors IN which the current bull movement IN
securities is based The monetary situation VIII
probably not be disturbed by the forthcoming
issue of bonds, owing to the vast amount oi
money available for the floating or the ISSUE
and TO the determination OF the secretary oi tiie
Treasury to leave the proceeds from the SAFE
OF the bonds with designated depository oanhs'
And any possible advance In money rates as
the result Of the bond issue Will Immediately
result in the resumption Of gold imports. Inc
AGRICULTURAL prospect is almost unpreceoeh'eo
In brilliant promise. Preliminary returns VI .Ne
spring wheat acreage indicate total area seeoeo
Of l6sOOOOO acres, which. with the area OF VIII
Ter wheat &c 100000 acres, makes total wheat
acreage Of 100000. or over three and half
a
average condition OF spring wheat is ex'raoro'
nary In percentage it reaches 1908. against
SOC on June I. 1897 and 92.5 the average lor
,ba last ten years Present indications not only
no,n, n a large crop but TO continued heavy
demand At the present rite Of exports IL is
evident that the outside world needs ABOUT al
the wheat this country can spare exports iroii
the Atlantic coast last week amounting 10
4 oO6 293 bushels, against 1.634.6OZ Dusheis IN
the same time year ago
pus;ness conditions in almost every particular
are extremely encouraging. War has ceased 10
worry the business mind and prosperity is be-
r,rr,ny N overshadow all other factors The
silver men in the Senate have not impaired con-
hdence in securities. because their VICIOUS WORK
IS offset by the accommodating indications OF
diving silver cause. The Oregon election rur-
nishes adequate reason for rejoicing and reilects
a growing change in Western sentiment on the
currency question. Present silver Senators fail
to gauge public opinion Alright. and their natural
ohtuseness prevents them from realizing that
while they give vent to their silver ideas their
recent followers are returning TO the platform
OF sound money. While 1t is unfortunate that
the war revenue measure as amended shows
the work Of silver fanatics there is no cause
for Wall Street TO alarm itself over the socalled
no
was passed upon by the Senate has been eliml-
mated from the BILL and in its place is a provision
for coming the bullion in the Treasury into
standard silver dollars at rate Of not less than
81 100000 a month This silver-coinage provi-
sion merely compels the Government to do some
thing which IL has been doing since 1894. at the
discretion OF the Secretary OF the Treasury. The
seien!orage arising from this operation will &C
crua 20 the general fund OF the Treasury.
Wall Street was treated to further increased
dividend distribution IN the week. and reports
were not wanting Of additional announcements
70 be made later on. Burlington 1t Is said. Will
10 10 q per cent basis In August. and Brook
Iyn Rapid Transit Is reported as slated for divl-
dend payments. The Minneapolis and st. Louis
company increased It's rate on the second pre-
ferred stock and Oregon Railroad and Naviga-
ton resumed dividends on the common stock.
Union Pecifc preferred will have dividend IN
the fall. and Missouri Pacific is reported to be
in condition TO make It's stockholders a pay
ment. The earnings Of this company phe-
nomenal, and the stock should sell much higher
before the summer Is over. The low-priced
shares are attractive and are scheduled for bet
ter prices In this class especial attention is
being given to Chesapeake and Ohio. Chicago
Great Western General Electric. Kansas and
Texas preferred Cleveland, Lorain and Wheel
Ing. Des Moines and Fort Dodge and Reading
issues. Brooklyn Rapid Transit has passed the
price predicted. 80. and 1t is still favorite
among substantial interests. Technically the
market Is In better condition for on advance
than II was week ago.
BANK EXCHANGES AND STOCK SALES.
The bank exchanges OF the New-York Clearing
House and the stocks sold at the New-York
Stock Exchange last week and for the same
week OF the preceding two years compare as fol-
lows:
June 49, 'oC. June IL 81. IL. '9s
Exchanges 1897 0so 9se $3.50 o49 800 s747s74O44
No. shares sold. se6o3i i.53l0s5 2s20oil
Total sales Of stocks for the week ending May
oS. 1.S6400l shares. against 1791 oSs in the pre-
cedins week
AMERICAN STOCKS IN LONDON
London. June 12.-Amercan securities had a
strong tone. but business in them was moderate
and chiefly on New-York account The leading