New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-18
THE WEEKS OPERATIONS IN STOCKS.

The many impressive factors in the industrial
and financial situation failed TO exert any IN
fuence upon stock values last week In the
bond department heavy speculative and IN
vestment absorption Of the lower priced issues
foreshadowed a similar movement In stocks.
while indicating the genuine bull sentiment IN
the Street over the actual value Of current In
vestnents and their brilliant outlook for mar
ket enhancement. Outward conditions war
ranted active speculation In stocks. but the pub
lie appetite was rot sufficiently whetted TO
make buoyant speculation possible. In the abb
sence OF public support traders were bearish.
and succeeded in bringing abou: lower level
OF values without however inducing any i'm
portant liquidation or detracting one iota from
the attractive position Of stocks. regards
their future market values. A number OF specu-
lat,ve accounts formed at cheaper prices were
closed out. but proft-tak!ng sales and genuine
selling furnished only a small proportion OF the
weeks business. operations for the short ac-
count making up the bulk OF the transactions.
Technical market changes In the week were
a In fay or Of higher prices. The short account
vas materially enlarged. and stocks were more
strongly placed in the hands Of substantial
market interests. Traders announced that they
had sood and sufficient reasons for selling
stocks but II close analysis Of their arguments
were made It would be found that material con-
ditions had less TO do with their attitude than
the absence from the market OF interests cap
able Of defeating bear campaigners The theory
that prices have overdiscounted all the improve
rnent IN the business situation In the last fiscal
year Is being reiigiously preached In Wall
Street. but the minute the public returns TO the
market contrary opinion will prevail. and trad
ers will be only too anxious TO reverse their be-
lief in order to participate in the upward move
ment that must inevitably come. From trad
ers' talk might believe that business was at
q standstill. At this season the country's In
dustries naturally at the lowest point Of
the year. Yet the actual volume Of business in
The last week exceeded that Of any preceding
year. being 1; per cent larger than last year
and nearly ~ per cent larger than in the same
week in 1892
Exports from this country in the year ending
June 30 were never before equalled in amount,
or in imports. For the last six
months OF the fiscal year the earnings OF POP
railroads. covering 15S,366 miles OF road. in
creased. according TO one compilation, S57 .440,-
COS compared with the same time In 1897.
And railroad earnings and foreign commerce
promise TO be as heavy in the current year The
condition Of the growing crops Ia most salts
factory. The Importance OF encouraging
agricultural situation. both in its effects upon
railroad earnings and foreign trade. cannot be
o~erestimated. and 1t should IN the near future
become active influence in shaping the course
Of stock market trading The war situation is
far better than 1t a week ago. The effect,
however OF upon the country's business
mas not been important. while its insigniioance
as market factor has been pronounced for the
last two weeks
been accurately reflected In the statement Of
foreign commerce for the fiscal year. and in the
magnificent response to the new Government
loan which was subscribed for more than six
times over. The vast amount Of capital repre-
eented by these subscriptions has been prao-
ideally tied up for the last month. and its return
TO active employment should soon be noted.
Despite the fact that so much money has been
withdrawn from the market. money rates have
not advanced, and the supply OF lcndable funds
continues largely in excess OF the demand Al
though this is not the season forreceipts OF money
from the interior. money is coming 10 this cen
ire In large amounts the result OF the great
prosperity in the West. All parts Of the coun-
try ore we'll supplied with funds. while foreign
trade balances afford a further source from
which money Dan be drawn whenever needed.
At no remote time this great plethora OF money
viii find an outlet In the securities market. and
when It begins to move there Will be some pan
fcky scrambling among stock market bears.
BANK EXCHANGES AND STOCK SALES.
The bank exchanges Of the New-Yor 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 follows
Jgylsse Julyt7 81; July t. ss;
No shares sold 1.574.70l 1921 I2 .<O7. EOS