New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-30
THE WEEKS OPERATIONS IN STOCKS.

THE WEEkS oPERAlloNS IN Si''N''
The in, ,stnnent possibilities Of American rail
read corporations are attractive-probably more
80 than at any time in the history Of ;he coun-
try Increased traffic and business activity are
reflected in the current returns Of earnings and
conservatism and intelligence as now displayed
IN the handling of the great railroad systems
insure the use OF such traffic returns for the
protection End best interests OF the stockholders
With magnificent industrial prospects and SOUND
and efficient management OF the properties. In
vestors have nothing TO fear in employing their
money in the stock and mortgage issues OF this
country's railroads.
While there are in Washington a number or
Senators representing the gradually dying free
silver folly. there is little danger OF American
investments suffering in the future from the
fear Of unsound currency legislation. wheat al
81 and 81 90 has done splendid service as an
educator An Incident Of the week IN "ashihS-
ton Is a hopeful indication Of a break In the
ranks Of supporters Of the Bryanite movement
of 500 and 10 investors and business men IN
general It should be encouraging symptom
Of returning sanity among the silver men IN
Congress Senator German made a speech on
the war revenue bill on Friday in which he
strongly opposed the issue Of greenbacks instead
of bonds. and advocated bonds as the OILY safe
honest
placed himself in direct opposition 90 al. the
amendments reported by the free-silver major
ity Of the Senate Finance Committee whcn
would tend to depreciate the currency. Wash
ington reports ntimated that Senator Germans
attitude was considered the beginning OK cam
paign intended to bring back the Parry to the
sound currency doctrine. The war overshadows
many things at present but incidents that
point to the growing strength Of sound-currency
belief will tend to impress all holders OF s9cuTi-
ties with greater confidence and faith in the
common-sense and honesty Of the American
people.
The possibilities IN the investment situation
extend to the field Of speculation In which the
market value Of securities is proving attractive
to a large class Of substantial financial inter-
ests Speculative values. while subject TO the
manipulation and the influence Of technical mar
ket conditions. have their foundation on actual
worth. Nobody doubts that Rock Island is
worth the advance made in the last few weeks.
nor in the majority Of issues is there any sound
reason for not crediting the upward movement
10 the underlying influence Of intrinsic merit.
Speculation is based on facts Unsound specula-
ton accompanies all movements and unscrupu-
lous operators make profits by illegitimate
methods; but the greater part Of Wall Street
speculation. conducted upon the Stock Ex-
change. is founded upon actual factors relating
TO the position and prospects Of the country's
trade and industry. AS Wall Street and the
country at large have found that with
Spain will not upset favorable trade and nnan-
cal conditions. prices OF securities naturally
fleet this sentiment Of confidence, and move In
response to a healthful demand created by the
promising prospects Of increasing and expand
ing Industrial activity.
ted he
In the war with Spain. a serious setback
in the stock market is not looked for And IT
does not probable that anything unfavor-
able that might occur in the progress Of the
war would cause more than u temporary i'm
preston upon values. Technically. the market
could stand a mild reaction without impairing
the strength Of bull conditions. but In no sense
OF the word is the market eak in technical
conditions. There has been considerable real
izing Of long holdings. but stocks thus sold have
been absorbed by people fully able protect
them. and among the smaller class Of operators
there has been little tendency 10 carry more
stocks than can be safely handled. There are
some weak accounts. and powerful spectators
il unopposed and favored by some really adverse
news. could dislodge a considerable amount Of
stock: but until conditions work more in favor
OF the bears there is little danger OF any i'm
portant bear success. The market last week
strongly reflected that the operators who have
the largest interests at stake not of the
sort to allow important decline In the alb
sence OF really disturbing news. The money
market favors higher prices for securities.
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:
May % 90 MAY ~ 81. MAY IS %
Exchanges .$4l9 i6 40 S5O2 127 POS 500 SIS 900
No. shares sold.. oSt@@ S23 '67 l.SG4 .00l
Total sales Of stocks for the week ending Nav
81. ,791 2SS shares, against 1905 17S in the pre-
cedinG week