The San Francisco call., 1899-07-02
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, July 1.-The remarkable de-
mand for the standard railroad stocks contin-
ued as strong to-day as 1t yesterday and
applied 10 much the stocks Pennsyl-
Nania: took the foremost place, both in respect
to activity and strength. The stock showed the
largest gain at the opening and held its leader
ship without change throughout the day clos
nights price Study of the May report of earn
fngs-was the primary cause OF the strength OF
this; stock. but there were also rumors in cir
culation that the lncursion of the New York
by "a Similar move on the part OF the Pennsyl-
Tania lease of the New Haven road The siIs-
tanning strength of New York Central at its
high. level doubtless prompted some large buv-
ing Of. Pennsylvania, also paying / per cent
more, per annum in dividends than New York
Central and selling so far under the latter The
extraordinary railroad earnings, resulting from
eVety- section of the country, was the motive
for buying in that department Of the stock
market. The grangerS were all in good de-
maI2d and gained point or over in the half
ity,; But Rock Island showed the largest gain in
prices. Burlington felt the effect of profit TAX
ing Son the publication of the May statement
showing an Increase in the surplus for the
m6nth of sl5O09, The Union Pacific stocks en-
f9yed the benefit Of strong showing in the
ferIner rose over point and the latter about
as much The early strength was largely con-
fined to the leading railroad stocks but became
general on the publication OF the bank state
ment and on covering by shorts. who dis
appointed on the markets failure to weaken.
There was early weakness in the specialties on
the injunction against the payment of dividends
OF EeGeral steel STOCK, and on talk of strikes
on street railway lines, but disclaimers of an
intention to strike BY labor leaders and the
strength or sugar, on the decline of raw sugars
helped this department as did the strength OF
Anaconda Consolidated Gas was strong on
talk OF a settlement of the rate war. Interna-
tfonal paper and American Smelling weakened
sharply in the late transactions 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. Except when some
sudden and unforeseen event is precipitated
the course Of prices always reflects a forecast
and as FAR In the future the operator is will
Ing 10 rely on his judgment to penetrate Thus
the Professional operators sold last week on
the well-grounded belief that the course of
events would inevitably lead to a squeeze in
money July ]. This week. though the expected
event had not occurred, stock market operators
began 10 look beyond to the period of abundant
money which will with the disbursement
stuGks in anticipation of that condition Oper-
aters who sold short last week have also been
buylIEg this week to their contracts and
take. their profits, thus helping on the rising
tendency But the most important influence of
the week was the strength OF New York Cen
trail corroboratiVe ii of the rumors of
impending consultations of Vanderbilt rail-
road interests.
This comes under the head of sudden and
siirHlness~ Of New York Central at a price above
& fair investment value of per cent has
clearly indicated faith by insiders of coming
favorable developments. The successful results
OF the merging OF the Lake Shore and the
Mtchigan Central into the New York Central
are already becoming apparent in higher eff
clency and lower operating expenses. The rail-