New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-06
THE WEEKS OPERATIONS IN STOCKS.

THE WEEKS OPERATIONS IN STOCKS.
The week in the stock market was rot a cheer
full one for the over-enthusiastic traders who
think that prices cannot decline so long
conditions underlying intrinsic worth pros
porous sound and substantial Market values
enjoyed healthful reaction in the week. owing
10 speculative liquidation that was helped by
operations for the short account. Some of the
more important operators worked with the
bears In many stocks small holdings were
shaken out and securities passed from weak
10 strong hands: but at time was there any
investment liquidation selling on account OF
actual business conditions. outside of techni-
cal causes there was nothing upon which to sell
the market And far as the real worth of
securities is concerned It is likely to be long
time before the situation will develop anything
that will tend to cheaper the intrinsic merit of
stocks and bonds The elements of prosperity
IN the current trade situation give every evil
dence of permanency. There has been fall
ing off in the volume OF business. no let-up in
Industrial activity. backward movement IN
the steel. ron cotton and other industrials
throughout the country. Almost without eX-
ception trade reports show Improvement in
every branch Of business. Increased wages In
the cotton iron. stee and other manufacturing
centres were among the favorable developments
Of the week that reflected the onward progress
Of the country in wealth and commercial eX-
pansion.
The demand for money from merchants is In
creasing II money rates advance as the re-
suit OF such a demand there should De no un-
easiness in stock market circles Spectators
may be forced 20 pay little more for accom-
mediation and traders who buy poor stocks on
small margins may be forced TO suffer the
all pxDprieuCp that follows the
operations OF people who buy stocks on faith
and over-optimistic expectations. But the act
nal owners Of securities will not be troubled, nor
will legitimate speculation be placed in jeopardy
Bull markets have been conducted with none!
much higher than IT rules at present, and II 10
not likely that slight advance in rates viii
have any permanent influence upon market
quotations Money cannot become stringent
There is more money in the country than ever
before in the history OF the Nation In addl-
tion TO the domestic supply trade balances
with foreign countries are so much in our IA
vor that any important advance in money quo
tations here will be followed by large imports
Of the precious metal. 1t is waste OF time
to worry about monetary conditions. They are
so strong that IL is absolutely impossible TO de-
tect any point of weakness in the whole money
situation.
Weakness and comparative dulness in the
stock market are not unusual at this time of
the year. and as a rule they are taken advan-
tage OF by substaptial market interests 10 ac-
cumulate securities in expectation Of coming
strength and activity While interests Of this
character were not important factors in last
weeks market active workers on the long
side they were however quiet buyers on the
decline and at no time did they lose faith in
the belief that values must eventually sell
In ba week action VIII DE
taken on two important dividends. namely, that
of the St Paul company and that Of the Amerl-
can Sugar Refining Company. In the present
condition of bear aggressiveness in the stock
market the failure Of the ST Paul directors TO
increase the dividend rate TO per cent may
have an adverse influence upon values. and II
the Sugar Trust should decide to suspend divi-
bends the effect upon sentiment will doubtless
he bad. The st. Paul company is now earning
about 10 per cent or its stock but If the diVl-
dend is left at : per cent no Legitimate excuse
for selling can be found in such conservative
action on the other hand, if the Sugar d.
rectors pass the dividend the stock should be
sold but holders OF other securities should not
concern themselves with the movement Of Sugar
Refining certificates If the dividend is paid it
viii not IL Is thought be because il has been
earned
At The annual meeting Of the Sugar company
in January the stockholders approved a rcsou-
ton providing that The accrued profits Of the
cornpanv less dividends declared up 10 date and
intending the dividend OF January .. 1899 be
reserved as working capital" IT would seem
from this resolution that Il was not the inten-
ton Of the directors to pay dividends while the
sugar war Is in progress. The Street however
is confident that the usual dividend VIII be
paid and that the cOmpanys surplus Is big
enough TO pay dividends and carry On the trade
war TO the end OF time. Many railroad stock
holders held the same opinion regarding the
"s,Irpluses" OF the companies in which they
were represented in the years preceding the re-
cent railroad bankruptcies but they subse-
ouently discovered as in the case o. the Baiu-
moro and Ohio that the surplus" VAS repre-
xsptad IN creat part by figures alone. old loIi-
inr-stock stations ard other assets that could NOT
be negotiated Railroad bookkeeping ana genera
railroad management are now conducted upon
a different plan. and stockholders nave every
reason TO place confidence in American railroad
securities In the case Of Sugar REIN ne. every
thing must be taken faith The company
makes no public reports. and there Is no way
Of Judging IS actual financial position. II Is APP
narent however that the trade war ~ cutting
down profits and using up working capital
BANK EXCHANGES AND STOCK SALES.
The bank exchange OF the New-York 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 rs follows:
Exchange. Nar "a Mss 81 $. As 81
lTQ