The times., 1899-07-02

The railway list is seen to be sharply
defined by the uniformity of the gains
made. The grangers have advanced on an
average. five points. The Vanderbilts are
up. on an average. three or four points.
New York Central, with the dividend, hav-
the list is from point to three points
higher. The industrials have almost uni
formly lost ground or barely held their
own. the exceptions to the rule being of
the kind that make it more forcible as they
are all old Industrial securities that have
in manner proven themselves to he
worthy. The New York street railway
securities are all off except Manhattan.
which. for some reason. has advanced as
much as any other stock on the list.
Such being the record of the week that
Is passed, it is interesting to note some OF
the factors which may affect that of the
coming week, and those that are to follow
it in the new fiscal year. The matters
that will Immediately demand the atten-
tion of the street and of investors and
spectators in general. are the immense
disbursements OF interest and dividends for
which this particular July is to be remark
able, and the annual reports that will be
made during the month. Not only are the
disbursements to be larger than ever be-
fore. but far larger part of the total
amount is to be distributed on this side of
the water, owing to the throwing over of
American securities by London and the
Continent in recent months. Interest be-
comes due on bonds having face value
of over $4,000, 100000 and amounts to over
$50. 100000. The dividend disbursements
are on stocks having a par value of about
l,600, 900, 900, and will amount to about
s93, coo 900. The total of dividends and in
terest is thus about s94,00O,0 900. These
figures do not include the interest on Gov
ernment bonds or the disbursements to be
made by insurance companies, trust COM
panies, and some of the new industrials
1t is estimated by trustworthy authority
that the total of all these disbursements
will be in the neighborhood of Sl20, 900 900,
mainly in New York. In other cities the
corporations that are not represented on
the New York Stock Exchange will add
large sums to this amount. II cannot be
doubted that with the already large surplus
of idle money. a very considerable portion
OF this big sum will find its way back into
stocks and bonds. The present very high
prices in the bond list make ii certain that
at least the proper proportionate share of
the sum will be reinvested in stocks. II
will be the best kind of buying The
stocks will be taken out of the market
and held for materially higher prices, even
II they are not locked up to draw divi-
dends for their new owners. The COM
putation is easy, that II the entire amount
of money were invested in stocks it would
buy something over a million shares. OF
course this will not happen, but many
thousands of shares will undoubtedly be
withdrawn from the market. AS for the
annual reports, those that have already
1 appeared and the monthly reports up TO
this time dicate what the others will be
| il IA tpt
that they will be extremely bullish in their
showing.
! During the coming month 1t is extreme
| ly probable that the crop. reports will be-
| gin to tell of an immense yield of corn and
| spring wheat, of cotton, and of agricul-
tural products generally. The outlook for
| the iron and steel trade is brighter every
month. despite the fact that 1t seems every
month that there must come a turn in the
other direction. The steel companies from
now on will be turning out their contracts
at the very highest prices, and this will
| last for many months even should prices
! decline somewhat in. the near future.
| Another bullish factor in the immediate
situation is the buying of American shares
again by London.
One of the most interesting develop
ments of yesterdays market was the
| nedVy Duylng ana RAPID duNdHCe Vi IeHu-
| sylvania The opening price for the day
was high, and the advance from that figure
was points, the last quotation of the day
being the highest. The stock opened at
! 1874 and closed at 1877 rs. The spirited
! buying OF this stock and of others was be-
| lieyed by many to be for Mr.. keene, and
was particularly important for this reason.
1t is stated by people who ought TO know
| that this gentleman is now on the bull side
of the market. The advance in Pennsyl-
vania was not surprise to friends OF the
stock. The certainty that it would have
a quick advance at some time in the near
future was pointed out in this column on
the morning of the day in which the up
ward movement began. Hints are heard
that In addition to the well-known rea-
sons why Pennsylvania should be among
/ the first In any bull movement there are