New-York tribune., 1899-06-12

A(s.o
Total .................'
THE WEEKS OPERATIONS IN SIOChS'
Tho movement Of securities values In the
1veek gave unmistakable evidence Of the pres
ence in the market of powerful speculative In
terests Prices were strong the greater part OF
the time and buying by banking syndicates,
pools and rich individual investors was feat
ure that led careful observers 10 believe that
preparations were making for an active bull
caunaign in stocks The recent decline in values
discounted the few so-called unfavorabe rae
tors in the situation The market was prac-
ticallv sold TO a standstill. Technical conditions
warranted an advance while the business situa-
ticn justified the buying for rise or nearly
every good security on the list. Railroad earn
ings continued TO show marked increases over
the same time last year. bank clearings con-
tinued largely in excess Of the big recoros OF
the prosperous year of 1892, and in all particu-
lars tho industrial situation showed remarkable
progress and expansion throughout the country
With all conditions favorable to rise, 1t Is
impossible to believe that the advance OF last
week is not the preliminary movement 10 an
important upward tendency In securities
prices The increase Of one-quarter OF per
cent in the Atchison preferred dividend from
the January payment, and the declaration OF
the regular quarterly rate on Sugar Rehning
stock are factors favoraoly affecting wall
Street sentiment. AtchisOn's dividend marks
the current growth;in the railroad business, and
il reflects a belief the part of conservative
railroad managers that the crop uncertainties
are not sufficiently important TO cause uneas-
ness over the outlook for this and next years
grain movement. And the Sugar dividend ap-
parently indicates that the sugar trade war is
in process Of settlement and that an agreement
will be reached without endangering the stock
holders interests in the American Sugar Re-
fnng Company. If powerful interests were not
sure of the future liquidation would continue.
but there appears every evidence of confidence
on the part of the interests named and dispo-
sition to accumulate rather than TO part with
stocks People identified with the big industrial
combinations recently formed have not sold
their stocks while they show decided tend
ency to support the issues in which they are
interested The good industrial stocks, espe-
cially the iron and steel securities. promise TO
sell materially higher. and the assured declara-
ton OF dividend at the rate Of ) per cent on
Federal Steel common should play an important
part in advancing the steel issues this week.
The condition OF the anthracite coal trade is
in better shape than II has been in many years,
and the outlook for higher prices for coal is
excellent. Powerful financial interests are in
control of the anthracite companies and the
trade has been placed in a position which as
sues higher quotations for the hard coal stocks
II will not pay TO sell the coalers short. On
tario and Western, the Reading issues Jersey
Central and Delaware and Hudson WILL accord
ing TO the best opinion in the Street sell higher
and it is not unlikely that Ontario and Western
will prove one Of the most remunerative stocks
the list. The general railway list offers
many attractive inducements. especially among
stocks such as st. Paul, Rock Island Southern
Railway preferred Norfolk and Western pre-
ferred. Louisville and Nashville and Union
Pacific preferred. OF the cheaper stocks.
Wabash preferred Southern Railway common
Des Moines and Fort Dodge. St Louis and San
Francisco common and second preferred and
Mexican Central are promising candidates for
speculative attention. The so-called Flower
stocks present evidence Of renewed life and II Is
believed that Peoples Gas. Federal Steel and
Brooklyn Rapid Transit will be actively pulled"
by the banking interests composing the Flower
party.
Gold exports have come at time when the
country can well afford to spare the metal. The
effect of gold exports upon sentiment and prices
is not likely TO be material because the con-
ditions under which the shipments are made
represent no unfavorable feature in the coun-
try's trade credit position. The enormous
trade balance abroad has been liquidated by
heavy selling of foreign held American securi-
ties. and the international trade movement has
for the time apparently made gold exports a
necessity In the fall return movement Of
the metal will doubtless set in. and It is more
than likely IL will be heavier than the outward
movement that is now under way. The sale
OF American securities by foreigners means an
enormous reduction in this country's interest
and dividend obligations abroad while reflect
ing the strength of the domestic financial situa-
tion. The increase In wealth in the United
States has made the absorption of securities
sold for European account an easy matter 1t
has caused a marked expansion in the invest
ment demand and 1t has practically forced the
creation Of the new securities that have come
upon the market in the last few months. The
greater number OF good old stocks are locked up
I'm investors boxes. and the amount OF capital
still available for speculative and investment
purposes is ample to take care OF all the good
new issues that may be offered for sale
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