New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-07-03

THE WEEK IN WALL STREET.

The ,ourse,of values in the securities markets.
last week wvas in the, direction of higher prices
Efforts by "a large short interest TO depres'
nrices were without effect upon sentiment Vi
quotations despite the fac; that the operators
for the decline; had the ,beneht Of developments
that were Of a character 20 discourage trahsac'
lions for the.long account. But opposed to the
short interest1 was. determined party OF opera
tors representing the strongest financial inter
ests in the. Street backed by an investment
nublic that was absolutely unwilling to par
with any of its holdings If the market nae
hoen I'm an overipught condition the advance 1T
coll loans Mt Thea end OF the week would nave
resulted in a sharp decline in prices Ana II 'he
market had not been sold To standsul se'eia
weeks ago, the expectation OF Dig loss III paiiN
holdings further t1Dld exports and the Approach
Of a triple holiday would have been suncieh' u
induce an active downward movement Cai
loans advanced owing to the shIung OF ioaH'
and financial preparat IONS incident TO the jury
interest disbursements. More gold went out De
corsa Euro,e needed it.sand not because of any
change In the sterling market by "h'ch '"'
,notaI couIdtbe shipped as a regular exchange
transacton Ta1es in the exchange market
we're decidedly,Iower due in part to the higher
rates for money. end to the heavy buying OF
.oaricon,securt lies for European account.
co-caI,eG adverse develop ents in the week
uere of passing significance only. The money
market will. ,unesg,all siensfare wrong ease OF
after July ] and remain comparatively easy
throughout THE Sumner Cold exports thd'
renresent loans, TO ,Eu: Ope cannot be cohsluertu
unfavorable factors. Nttempts TO use Inc crop
situation as a bear card failed because all lnui
cations point toward an average harvest WIN
a good foreign demand for American p'eau-
sturfs Exports of grain are increasing Al
,yeetern points the movement Of gram 10 mar
let IN .June was1 heavier than In any CORE
snonding time on, record and larger imam !"
,tov 1895 when deliveries were enormous
owing TO the Len ,r Awheet speculation. lhis -
merely an evidence that the agricultural COM
,nuoity does not,eXpect short crops Inc pea'
a,on,ant about reached the end OF its resources
,,her q discovered than there was some dis
.a,tstoc,ion amonga few employees of the Brook
,vn Rand Transit system and the Me"opoH'"N
C,roet Railway Company. and. as conse-
'oo s,rtla talk became acute in Wall Street
co acute that an outsider would have though,
-. o,or, surfsce line in Manhattan anc
1roo,,lvn was hopele0sly under the power OF
o.,,,e hodv Of strikers. The holders or STOCKS
,raver refused 10 sellson this last bear cara
rd aven the traction companies STOCKS re-
e.od little uneasness on the part or 'hes'
ol,ost owners AN for the big interests "
prooklvn Rapid Trareit and Metropolitan 'neS
simnIv laughed and added TO their possess'ohs
The refusal of the stock market 10 oec"n
In the face of Developments that oiuii'"
vould create a selling movement relleN's ~
strength OF technical conditions ana the iiii'u
ence of the more permanent lac'orS 'i'"' ~
aerIo Intrinsic worth Strong financial Interest,"
hold the greater part of the so-caiieo Hoa'ii'
supply OF stocks. They apparently oeneve ra,r'
I'D fnT "a
Y1C vement in securities. and unless soIhe u u1
tressinR development in the business oi Poit.'
cal situation arises they VIII mos so,at,or Tn
ioy the fulflment of their ekpee'a .S,. daa
I,g New-York Central-Boston and Albany ue "a
is one of the important FACTORS that WIZ n,, ~
duce renewed public ouylhs se VI r. is eener
deals are pending Despite denlais IL 10 go go,
civ believed that a complete alliance pet"ee
the New-York Central and inc mon snntad an,
that the PENNSYLVANIA and Central VIII apsor
the New-York New-Haven ana haT.io u, d
set forth in The Tribune yesterna ~ otion con
believed that the reported local trSctioi con Soi,
soiidation will become an accomplished Iac'
ond that future developments Will snow CLOS
eI The soft coal roads will also be brough
rpearer together as far the control OF th
trade is concerned. Regarding oiVluehus, -.
t,,,ure holds out promising expectations LOUIS
vile and Nashville is scheduled, aCcoiu'hs
current belief. for a per cent pa! il zen. IN, u,,
summer while 1t is not unlikely tha' saasnd
railway preferred will have lts ra'e az 81
Cleveland Cincinnati, Chicago and ST Loul
Iii, he on a dividend basis before the END 0
~ voar and the chances favor a diVldeno o
Missouri Kansas and Texas preferred. Ohlol
Pacific preferred can easily go 70 PEI cen
basis. and Rock Island and 81 Paul Dolh ma a,
move 10 per cent. Reading hrst prelerrsu an
Baltimore and ONO Piei'''NN 80
for dividends honr c,earines through
ont the country are larger thaN al any w. g
Snording time In the history OF the couhti'
these two factors indicate business grown an
IHeoe ..a. hnlI factors could be wished for. Tn
I'D ~ the fiscal year shows the country rlche
,har ever before on record. The National nhance
era sourishing and individual and corpoIal
wealth are expanding Nnei the WIZ. s 49,,
,,on is carefully surveyed II Is almost hnpossl
s,H 80 AID any material black spots. Stock mar
lot traders OF bearsh procvities are Desihh .n
~ harm upon the uncertainties that VIII De III
o,,,sd In the next Presidential election; put De
go active political manPuvring oeglhs stoch
vii cell much higher than at present. AccorulH
"a the calculations OF the people pest ini"i i"e
or to situf ton. $780,. .,,. ,os
,,sek VAS an encouraging symptom OF the SUP
.on,ial character Of the people VINO are nov
a. ,be market The demand for bonds va
Ia The enormous interest and dlVldenu us
hursements which are now payable: shouir eA
ert a potent influence upon the mar M .,
ay,oents will certainly not be locked up ~
p,y,,,.ss hanks They will seek investment j
wall street An active advancing market
looked for this week
RANK EXCHANGES AND STOCK SALES
IT.. bank exchanges OF the New-York Clearins
-. and the stocks sold at the New-York stoci
T~ohange last week and for the same week OF I'M
,reced,ne two years compare as follows: -.
rs..... ... slz :! SsE & . '''s