The Anaconda standard., 1899-07-02
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks
Metal Quotations-wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.

New York July 1.-The remarkable de-
mand for the standard railroad stocks con-
tinued as strong to-day as it was yester-
day and applied to much the same stocks.
Pennsylvania took the foremost place,
both in respect to activity and strength.
The stock showed the largest gain at the
opening and held its leadership without
change throughout the day, closing at
the top level, 32 points above last night s
price.
A study of the May report OF the earn
ings was the primary cause of the
strength of this stock. but there were also
pmors in circulation that the incursion
of the New York Central into New Eng
land was TO be followed by a similar
movement on the part of the Pennsyl-
vania lease of the New Haven road. The
extraordinary railroad earnings reported
from every section of the country was
the motive for buying in that department
of the stock market. The grangers were
all in good demand and gained a point or
L u
led in point of activity, but Rock Island
showed the largest gain in price. Bur-
lington felt the effect of profit-taking on
the publication of the May statement,
showing an increase in the surplus for
the month of $15O,Oo0. The Union Pacific
stocks enjoyed the benefit of a strong
showing in the May statement, as did
Norfolk & Western preferred. The for
ner rose more than point and the lat
ter about as much
The early strength was largely confined
10 the leading railroad stocks, but became
general on the publication of the bank
statement on covering by shorts. who
were disappointed at the markets failure
to weaken. There was early weakness
IN the specialties on the injunction against
the payment of dividends on Federal
Steel stock and on talk of strikes on street
railway lines. but disclaimers of an in
tention TO strike by labor leaders and the
strength of Sugar on the decline in raw
sugars helped this department, as did the
strength of Anaconda.
Bonds were moderately active and
strong. In the ordinary course of events
the operators in stocks and securities are
Influenced by the expected, rather than
by present conditions. Thus the profess
sional operators sold last week on the
wel-grounded belief that the course of
in the money market on July l. This
week, though the expected event had not
yet occurred, stock market operators be-
gan to look beyond to the promise of
abundant money which will come with
the disbursement of July, and stocks
have been bought in anticipation of that
condition. The most important influence
of the week was the strength of New
York Central, corroborative as it was of
rumored consolidation of Vanderbilt rail
road interests.
The successful results of the merging OF
the Lake Shore & Michigan Central into
the New York Central are already becom-
ing apparent in higher efficiency and low
er operating expenses. The railroads in
which the Vanderbilts holdings are in
1uential form so vast a ramification that
comprehensive plan of consolidation
such as w. X. Vanderbilt is said to favor
Is no less feasible, considering the con-
ditions and tendencies of the times. thar
was the original line from New York tc
Chicago. achieved by Commodore Van.
derbilt The widespread belief that the
present Vanderbilt interests contemplate
a trans-continental line from Boston tc
the Pacific was reflected this week by
the sympathetic strength with New Yorl
Central of Chicago & Northwestern
Omaha. Union Pacific, Oregon Short Lin,
securities and Oregon Navigation. Tht
strength in New York Central was th
most influential factor in inducing th
buying of railroad stocks in anticipation
of the rise, which Wall street traders be
lieve is sure to come after July l. Tn
much improved condition of the country
crops and the springing up of a cash de
mGnd for wheat and corn from domesti
sources, and also for export, have ais
been influences. The large grain move
ment being added to the already heav
freight movement of merchandise of al
classes has brought the current railroa
earnings up to unprecedented figures.
The attitude of London toward Amer
can securities has been very favorable
Buying from that source has been larg
during the week and has made sutffcien
sterling exchange to effectually break tn
exchange market and preclude the likel
hood of further shipments of gold.
The industrials generally have been i
d;sfavor in the New York market durin
the week and the movement in railroa
stocks has separated itself from the in
dustrials. Profit-takng was induced t
some extent by the stiffening of the mon
ey rate, but liquidation was not on a larg
scale and the standard stocks ended nea
the highest. There has been an enlarge
business in bonds and an advancing ten
dercy in primes.