New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-08
THE WEEKS OPERATIONS IN STOCKS.

pronounced Improvement III tile
stock market last week. Not only was there a
substantial gain in values. but there was con-
siderable EXPANSION In dealings The indications
were that an upward movement Of duration hac
started There was nothing approaching a
hoom IN stocks. hut instead a steady, healthy
advance.
The explanation was simply that actual condi-
lions asserting themselves. The negotla-
tous for an early peace between the United
States and Spain removed whatever restrictions
existed on the stock market. and made both In
vestors and spectators feel that the normal
state Of affairs had been fully restored. Toward
the end Of the week the absorption OF the stand
ard stocks particularly rapid and there
was as good. If not better. trading In bonds as
IN stocks. In fact. on one day-Thursday-the
dealings in bonds reached the highest total In
the Stock Exchange records. Throughout the
entire week there notable activity in what
may be termed the speculative bonds-in other
words, the junior issues which depend upon
the earnings OF the companies. practically the
same as stocks. for returns TO holders. SUB
stantial additions were made 10 the prices OF
all classes of bonds
1t Is favorable sign when there is large
demand for bonds. for it implies confidence in
prevailing and prospective conditions. notsonly
the bonds but also those pertaining to the coun
try at large. Relatively speaking. there could
hardly be a better order Of things than at pres
ent obtains. In the first place. money is cheap
and abundant. There is so much money in the
country that the requirements for moving the
crops this fall. no matter how great, will not
materially increase the rates asked for II by
lenders Accordingly. it is not necessary TO pre-
pare for a possible disturbance in the money
market at any time in the year Vast sums
were held in reserve pending the allotment OF
the new Government bonds. and all this money.
excepting that actually required to pay for the
bonds. is now seeking employment good part
Of 1t. at any rate. will go into stocks and bonds
this money is possessed by genuine invest
ors. the securities purchased with it will be
taken out Of Wall Street entirely. and reduce
by so much the amount of the issues traded in
The flow OF gold from Europe to America has
begun. 1t has not as yet attained extensive pro-
portions, but 1t is certain that before long the
imports Of gold will be extremely heavy
There promises to be surfeit Of gold in the
country Just as there is a plethora of money In
general. The United States Treasury is fairly
bursting with gold. and the banks keep their
legal reserves almost wholly in IT. IL has been
estimated by authorities the exchange mar
ket that S100OOOOO or more in gold will come
from Europe this fall Europe has for many
months been a large borrower In America. The
Of heavy exports Of grain. cotton and
other products is at hand and the obligations
of Europe to the United States must soon be
enormously enlarged. While Europe will con-
tinue borrower here. fair proportion OF the
credit balance in favor of the United States will
inevitably be paid in gold. There is scarcely
anything that has so stimulating an effect on
the securities market as an influx OF gold from
abroad. and. the gold mportatiOns are likely
to spread the entire fall. they will furnish
constant support for the market for several
months.
The crops in n highly satisfactory state.
The wheat crop has been secured. and II is a
large one. The question TO wheat is the
price 1t will bring. The latest reports indicate
that the foreign crops are deficient and that
there will be a large export demand for Ameri-
can wheat. As the home reserves OF old wheat
were almost thoroughly exhausted. their re-
plenishment added 10 the foreign needs. ought
TO carry the price to n point acceptable TO the
farmers As it looks now wheat will move
freely. The corn crop Will undoubtedly be al
least a normal one. The weather has been such
recently that the fear Of short crop Of corn
Is removed There is much old corn In the
country left over from the bumper crops OF last
year and the year before SO that the railroads
will in any circumstances, receive thei- usual
tonnage Of corn The yield OF oats will be com
paratively small, but the deficiency here VIII
be made up in other ways. The crop OF nay,
which is OF more Importance than most people
realize. will be a maximum one.
The prosperity Of the railroads depends large
ly upon the agricultural products. and. as the
earth is bountiful this year. the railroads will
have liberal traffic II Is freely predicted
that the Granger roads the great grain carry
ing lines of the West. will in the twelve months
ending June 30 1899. have the most prosperous
year In their history. This prediction applies
also 10 the majority of the other roads in the
country.
There is a widespread revival In Industrial and
commercial lines. 1t Is believed that the close
OF the war with Spain will be followed by a
great expansion Of the foreign trade OF the
country Aside from this, the domestic stua-
outlook highly favorable Supplies have been
wholly exhausted throughout the country and
their replenishrnent has become an actual neces-
sity.
BANK EXCHANGES AND STOCK SALES.
The bank exchanges OF he New-York Clear
ing 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:
Exchange. s;o ss s siss:i.ss5 81: e:
RAILROAD AND OTHER STOCKS.
The following is the usual table giving the
c,r,ber ~ chares Of all stocks dealt in last