New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading exhibits a broadening
tendency and consequence an improving
price level. In view Of the approach OF 'he
July interest period. when disbursements VIII
be larger than ever before recorded disposition
on the part Of traders TO settle snort contracts
and TO take a position on the long siue Oh
speculation is not surprising. interest anu
dividend payments July ! Will furnlsh
large amount Of capital available for use in the
stock market and 1t is not probable that any
considerable portion of the money dis6ursed al
the period named will remain idle FOR any
length of time With the actual worth or Sc
curities increasing every day, II is reasonable
10 assume that July payments Will seek REIN
vestment in the local security market ana IL
Is reasonable TO expect a noteworthy advance
in securities values In yesterday market
prces were strong the greater part OF the day
on an increased volume Of business, well as
tributed throughout the list.
The standard railway shares were again note
worthy strong features under the lead Of the
so-called Vanderbilt issues. The granger shares
displayed pronounced strength, with good de-
mand for Burlington. st. Paul and Rock Island.
OF the cheaper railroad shares Atchison pre-
ferred Erie first preferred, Kansas and Texas
preferred Louisville and Nashville and MIS-
souri, Pacific were features. In the local trac-
ton group Manhattan and Metropolitan sold
higher but Brooklyn Rapid Transit was weak
on renewed bear pressure following further I'M
confirmed reports of an impending strike on the
Trooklvn RAND Transit system. officers OF the
comnany profess to have no information re-
.esrding alleged grievances among the en-
Moves and as far as can be learned from other
sources the only dissatisfaction that exists
comes from small group OF men of the Mas
san division. who do not approve the change IN
MANAGEMENT involved in the acquisition OF the
Nassau company by the Brooklyn Rapid Tran
sit people. Early weakness In the stock was
b. followed by a rally. and at the close II showed
a net gain of over one point Consolidated Gas
lose sharply reports that gas war settle
nent was in sight. and Federal Steel gained
over ~ points on the dismissal OF the inJunc-
ton against the payment Of dividend Bear
traders endeavored to weaken the whole list by
attacking Sugar Refining. but their efforts were
unsuccessful. while Sugar Refining closed at
net gain Of nearly point. Last-hour deal
ings were on an advancing price level. accom-
panied by a noteworthy increase in the actual
volume Of trading.
On July ! the price Of anthracite coal VIII ne
advanced % cents ton at udewater points
while further advance later on in the season is
,predicted Raising the price Of coal % cents ton
means a total increase in revenue for the an
lthracte producing companies of over Sl,UoOOC
FOR July, basing the output and sales on total
production for the year OF S46.OOO,OU tons. on
ythis basis the total production in the last SIX
months of the year will amount to upward OF
100000 tons including the usual heavy out
put in October and November. and at this rate
the increase in money value TO the anthracite
companies will amount TO S6.635,0OO. From
these figures il Will be seen that a small advance
in the price Of coal means material addition &c
. the receipts Of the big anthracite railroads and
las consequence important appreciation in
rhe intrinsic worth Of their securities. The Goa
trade is now controlled by interests who in
"a position to maintain any advance that may be
nade in prices. Concentration OF ownership and
the Improvement in business conditions have
placed the coal companies a money making
basis. and II is not unlikely that the influence
of these factors Will soon be reflected in the mar
ket value Of the anthracite stocks. An indca-
ton Of the Improvement in the coal trade is fur
nished by the Reading statement for May, which
shows for the coal and iron company a net profit
of SlIS95. against deficit year ago of SAT 242
Reading Will fall trhe short Of making the full
per cent on its first preferred stock for the
fiscal year, but. allowing for extreme caution
and conservatism. the management could easily
afford to pay per cent in July.