New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-27
BONDS.
TIE DAYS OPERATIONS IN STOCKS

TIE DAYS OPERATIONS IN STOCKS
v,ue dealings In stocks yesterday were NOT
-. an extensive scale they were at the Same
ur,s On a materially larger one than TOT con-
.,,arab,e time and there was distinct I'M
,,ovement in the tone OF the market IL was
made plain that the general tendency OF Vaiues
w,s upward. although there was an EFFORT OF
aha mart OF some Of the professional operators
who were short OF stocks to obstruct the Az
,.nce II is recognized that conditions In the
main are favorable to a bull movement IN secuii-
.es and that sooner or later much hisher
-onee Of values will be recorded. Naturally the
mar news creates some uncertainty in the course
q, stocks from day TO day, but as there can DC
n,,v one outcome of the conflict between the
United States and Spain. the other factors IN the
stock market are the more powerful
The crop reports are practically all that could
,a desired and furnish ample assurance OF
urse traffic for the railroads during the coming
an and winter. While the farmers are NOT
,,s.ly TO obtain as high prices for their wheat'
and perhaps some other cereals. as they did last
wear. they will nevertheless obtain fair return
far the grain which they have for sale, ana VIII
send II TO market with reasonable promp'hess'
With the proceeds they will be noerai Pur-
.,as.rs ~ supplies which they require, and the
-.uroo6s will have not only the transportation
=, rroauce Int also the return carriage OF goods
ora ,ron,er,ents which the money derived from
the sale Of grain will be used TO pay for' "hie
the price of cotton promises TO be low IL IS eA-
pected that 1t will move freely, as there VIII De
no incentive for the growers to hold IT, any
way the cost of production of cotton mas STEAD
iv declined. and the reduced market price OF
that staple does not mean an equal loss IN the
profit on it.
There are signs that the time is not far distant
when there will be a flow Of gold from Europe
IN the United States. Exchange rates are fall
ing quite rapidly. and 1t is not improbable that
imports Of gold may begin within thirty days
II Is 10 be expected that an effort will be maze
"A. the European financial centres. particularly
London and Paris TO prevent gold from moving
10 this country by increasing the price for 1t
and by raising money rates. Europe Is already
a very heavy debtor to America. and the ex-
ports Of wheat and cotton will soon enormously
increase its obligations Somewhat premature
estimates have been made that the gold imports
this fall will aggregate at least Soo.ooo'ooo ana
they may run up 10 SIo.OOO.OOo.
healthy feature Of the securities market Is
the large demand for railroad bonds which nave
heretofore been rated second class This de-
mand implies faith in the future of the roads
Issuing the bonds, and also reflects an abund-
ance Of money The git-edsed bonds have
reached almost prohbitory prices so that the
best opportunities for investors are in junior
liens There are plenty OF such issues that con-
tain few elements Of risk and hold out much
promise OF enhancement in values.
As usual Sugar stock was the leader In point
~ ottx,g nd CHI sinh
price, The movements in this stock are due to
manipulation. and cannot be considered as re-
nsctlng conditions which affect the stock market
Is q whole There pronounced strength In
the so-called Granger stocks. which apparently
have q long period Of prosperity before them.
Tho Chicago Great Western issues were again
literally purchased on the favorable earn
ings Of the company and the probability OF
dividend on the "A" stock. This road Is taking
leading place as q grain carrier, and the prop
erty has been put in fine shape physically, which
enables It to handle its rapidly growing traffic
economically Confidence in the management
has been created by Its action IN having its &C
counts audited by chartered accountants. and by
the fact that its finances and operations are
directed by committee representing important
interests
Reading and other coal stocks developed note
verify strength on the announcement that capt.
tal!sts holding the securities Of the company had
htervened TO stop the war in coal prices. which
has been going on for some time and has elm
mated the profit from the business. The con-
sumption Of coal is at low point. and when this
Is the case there Is usually scramble among
coal companies 10 pake sales without regard to
The price obtained for coal. Therefore II is
argued that the only way for the coal roads to
make money Is to hold up prices and restrict
production to actual requirements.