New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-04
July June
High. Low. 1. rs. lCh'ges Sales.
THE WEEKS OPERATIONS IN STOCKS.

'Ex int.
THE WEEKS OPERATIONS IN STOCKS.
The beginning OF the new fiscal year finds gen.
eral business throughout the country better than
1t has been at any time since 1872. Money Is
cheap and in great abundance for industrial
and stock market purposes Railroads have
experienced a year Of expanding traffic receipts.
and from physical and financial point Of view
are In a most fortunate position to make hand
some returns to their security holders The
heavy grain exports Of the last fiscal year may
not be exceeded in 1S9S-'99. but the fact re-
mains that the granaries Of the word empty
and wheat must be exporte: from the United
States The crop outlook is exceptionally good
thus insuring the railroads continued heavy ton
mage, Increased wealth among the farmers and
as a consequence. more general distribution OF
money and heavier westbound traffic on all the
great trunk and transcontinental lines fo- the
greater part Of the year. The countrys excess
Of exports over imports in the year Jus; closed
amounts in value to more than S6OOoOoooI
furnishing an exhibit never before equalled in
the records Of the Government.
It Is upon the factors enumerated that the
prominent interests in Wall Street base their ex-
pectations Of higher prices for securities. And
they believe in higher prices. despite the fact
that the advance in the last year has been con-
siderable and since the outbreak OF the war
pronounced. Comparisons with the year 1881
are used In relation to the current market situa-
ton, conditions then and at present being
somewhat similar and many professional trad
ers In the same state Of mind regarding the
market possibilities. The talent In 1881
thought a further advance impossible, but II
saw the market advance steadily until the as
sassnation Of President Garfield. In the mean
time being forced TO cover at heavy losses
stocks sold short in the belief that the upward
movement had run Its course. Conditions, as
whole are far better than in 1881. and In
the opinion of many prominent bankers. the
current year will witness enormous specula-
ton in stocks and heavy investment buying.
The war as a g-tme argument does not en-
ter into consideration for the simple reason that
the country In general believes that the Ameri-
can Army and Navy will force the fighting from
now on, and speedily compel Spain TO sue for
peace
War taxes OF course. troublesome, but
they are not of sufficient Importance to over
shadow the present rising tide OF prosperity.
For a time they may cause restricted dealing
in stocks. but it does not appear probable that
they will long remain an obstacle to animated
trading In addition to the encouraging factors
in the situation making higher prices probable.
the market should soon begin to reflect the In
fluence of the July interest and dividend dis
bursements, which will naturally find their way
into the securities markets. Investors who re-
ceive handsome returns from American railroads
are in happy frame Of mind at this time of
the year and II is not unlikely that they Will
seek to reinvest their funds in the corporations
that have treated them generously. People
.1{Oof
as the result Of Germanys alleged attitude
over the Philippines have little upon which
TO base their conclusions. and it does not seem
at all likely that the German Emperor will dare
to provoke the United States. when German
interests In this country immeasurably exceed
German interests at Manila. Investors are not
worrying over the presence Of the German feet
at Manila, nor are they alarmed over lighter
railroad earnings at Of the year when
traffic always falls Off owing to the passing OF
the heavy grain movement and the general re-
stricton In trade incident to the summer period.
The week in the stock market was one Of
special movements, with a continued investment
absorption OF bonds and strong undertone for
trices. The money market remained easy, and
developed no disturbance on account OF July
payments, while the outlook for higher rates
was not improved by the Government loan
negotiations. Some bankers expect higher
level after July a. when the bond subscriptions
close and when the Treasury is expected to abb
sorb the funds paid In for the bonds. This
idea is based on the belief that very few OF the
banks will be able to hold funds deposit
owing TO their Inability to acquire Government
bonds for security. and consequence, sub
scription payments will. It is thought. in great
part be paid into the Treasury at once. Any
material advance in rates Is not expected to
hold for any length OF time. And any dis
turbance in the money market can be Offset by
gold imports that can be undertaken whenever
the necessities OF the situation require replen-
ishment from this The un. quidated
trade balance abroad Is still large, anG the fact
this wear further strengthens control Of the
International exchange market. II Is estima ted
that the war means a decrease In American
travellers expenditures abroad Of Sj00O0000
The reduction in the Bank of England's dis
count rate IN the week reflects more settled
condition Of affairs in the European markets
and indicates renewed confidence in the main
tenance Of peace between the European nations
especially In relation to the settlement Of the
dispute between England and France regarding
African territory
BANK EXCHANGES AND STOCK SALES
The bank exchanges Of the NewYork Clearing
House and the stocks sold at the New-Yorls
Stock Exchange last week and for the same
week OF the preceding two years compare as
follows:
Exchanges $3.50 5ss 200 s7ci 500 ss2s 500 e22
No. shares sold. ISc7,is9 i72i,2se iscoo4
RAILROAD AND OTHER STOCKS.
The following is the usual table giving the
number CT shares OF all stocks dealt in last
week. the highest, lowest and final prices of the