Omaha daily bee., 1899-07-02
THE OMAHA DAILY BEE. SUNDAY, JULY 2, 1899.

event had not vet occurred stock operators
began TO look beyond 10 the period OF
disbursement OF july interest and dividends
and have bought stocks in anticipation Of
last week have also been buying this week
to cover 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
tral, corroborative as it was of the rumors
of impending consultations OF Nanderoilt
This comes under the head of sudden and
unforeseen events, though the long contin-
ued hrmness of New York Central at
price above a fair investment value for a 4
per cent stock has clearly indicated a faith
by insiders of coming favorable develop
men:s. The successful results of the msrg-
ing of the Lake Shore and the Michigan
Central in the New York Central are al
ready becoming apparent in higher eff
cisncy and lower operating expenses, The
railroads in which the Vanderbilt holdings
are influential form 50 vast ramihcation
that a comprehensive plan of consolidation,
such a w. n. Vanderbilt is said to faNor,
is no less feasible, considering the eondi-
tions and tendencies of the times, than was
the original through Ene from New YORK 70
Chicago achieved by Commodore Nanderbllt
The widespread belief that the present van
derbit interests contemplate panscoh-
tinental line from Boston to the Paclnc was
reflected this week IN the syfP1hISefS nf PhaesS
Il Northwestern, St. Paul & Omaha, Union
Pacific, oregon Short Line securities and
oregon Navigation. The strength in Rev
York Central was the most influential fac,
tor in Inducing the buying of railroad
stocks in anticipation OF the rise whlch wan
street traders believe is sure to come after
July /. The much improved condltlon OF
the country's crops and the springing up OF
n cash demand for wheat and corn from 90
mestic sources and also for export have also
been Influenced. The large gram movement
being added to the already heaNS s LIE gu Sa,s .
brought the current railroad earnings up "
unprecedented hEures. ,
The May statements of earnings also snow
some striking reductions in operating eN-
penditures for railroads in the southwest
ern region, which mark the conclusion o. OF
extraordinary outlays for bettermont whlch
have been in progress for some time ana
which were charged 10 operating expenses.
Railroads in the northwestern region In
contrast seem to be putting their heavy
gross earnings into the property, but they
showed no fall in the value of their seGuri-
don toward American securities has been
very favorable; buying from that source
has been large during the week and has
made sufficient sterling exchange to erec-
tually break the exchange market and pre-
clude the likelihood of further shipments
Money rates have been high in London,
even with credits extended to the open mar
ket by the Bank of England of upward of
$26OoO,oco, resulting in sharp decline IN
the banks already low reserve. But there,
as in New York, confidence is felt in an
abundance of money after July /. The Bank
its loans for the relief of the market and
the Bank of Germany has pursued the same
continues unabated, the conditions in the
iron and steel trade being similar to those
in this country. But there speculation in
stocks of iron and steel companies is on
large scale, while here the securities of
these, companies have fallen into almost
complete neglect and sag away in spite of
strength in the general market. But the
rate of capitalization in Germany is low
enough to allow dividends of 15 per cent
last year and this on some of the steel
shares, while the plant of holders is that
they were not increased 10 per cent this
year. The industrials generally have been
in disfavor in the New York market during
the week and the movement in railroad
stocks has separated itself from the Indus
trials. Profit-taking was induced to some
extent by the stiffening of the money rate
but liquidation was not on large scale and
the standard railroad stocks ended near the
highest. There has been an enlarged bus
mess in bonds and an advancing tendency
in prices.
The Commercial Advertisers London
financial cablegram says: Money was easy
today on the turn of the half year; dis
counts also were shaded. The bank bought
$4,000 bar gold and sold $4,000 in French
coin.
The following are the closing quotations
for the leading stocks on the New York
exchange today: