New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-19
High Low. IJune17 June1O Ch'gs. sales.
THE WEEKS OPERATIONS IN STOCKS.

The stock market was dull and irregular
throughout the week, without important change
I'm prices. Commission house customers were
not actively engaged in speculation while pro-
1essional traders. as q rule, worked for lower
prices. Developments affecting the actual value
of securities all in favor of higher prices
but the exaggerated and unwarranted uncer-
tainty in the Street over the crop situation
served TO check bullish enthusiasm while en-
couraging the advocates of lower values to re-
new their operations for the short account On
all declines stocks We're we'll taken by substan-
tial interests. Attempts to force liquidation
were not successful. because there were few
weak holdings in the market, the owners of
securities representing influential corporate and
individual financial interests were not disposed
10 part with their possessions at the current
bargain-counter level. The bear element can
not be successful at present unless it can in
duce liquidation, and there is nothing in the
situation TO warrant liquidation, a materially
lower price level appears out of the question
All OF the more important market interests
are convinced that a much higher range Of
prices will be reached this summer than the
high level recorded last January. Professional
traders also hold the same opinion, but they
would like to begin operations for rise at lower
figures The bears, to be successful, need the
assistance Of public liquidation, and the bulls
must have the support of public buying in order
TO enjoy profitable campaign. The public has
little to SELL and yet it shows no willingness to
buy. The market is at a level where it would
quickly respond to active outside demand,
but until such demand materializes the move
nent of prices probably will not vary much
from The current level The bear element has
technical and business conditions against 1t.
1t has not the support Of the capitalists and It
IS depending upon its own exploded arguments
20 keep its campaign alive. With every frac-
tional decline in values the position Of the shorts
becomes weaker To win success at this period
the bears must be favored with the help Of
some distressing and unsettling development
that will frighten investors and strong mar
ginal holders into selling.
Gold exports are not indications OF weakness
in financial or trade conditions. Europe needs
the gold. and it is paying for it IN this market.
Foreign exchange rates show no profit in ship
ping the metal, and in face OF the foreign trade
statement for May the current exports Of gold
are made for purposes other than the settle
ment OF trade indebtedness The net merchan-
disc movement in May IN favor of this country
was larger than In any corresponding month on
record, with the exception OK May, 1898, while
for the fiscal year to May 81, the excess Of ex-
ports over imports larger than in any other
year on record save 1875, despite an increase
IN imports in value Of S70.0O0OO0 And the ex-
cess OF exports IN May made despite fall
ing of in exports OF agricultural products of
$23, 100000. The foreign trade statement is
striking bull argument. Railroad earnings and
bank cearings bull arguments Cheap
money is a bull argument. Enormous activity
in iron and Steel advancing wages and indus |
trial expansion in all parts OF the country are
bull arguments
The winter wheat crop Will turn out short,
but indications favor an average yield OF spring !
wheat and an enormous crop OF corn. In fact, 1t |
is possible to expect yield Of corn so abundant
completely TO offset the loss in wheat Last |
years extraordinary crops will not be equalled !
but known conditions point to an average har-
vest, while predictions have been made that this |
years yield will be the third largest in the his
tory of the country. Western farmers less I
alarmed over the crops than Wall Street IS The |
volume Of business through clearing houses In
the week was "a per cent larger than a year ago /
and SO per cent larger than in 1897 Railroad |
earnings for the first week IN June were per |
cent above the same time last year and 10 per /
cent larger than in 1892. People who are pass
ing their time in dismal forebodings will doubt
less live TO see the influence of the factors emu
merated reflected in stock values This Is bull |
year. ard the short side of the stock market VIII
bring more regrets than profits.