New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-07-08
BONDS.
THE DAYS OPERATIONS IN STOCKS

Transactions in stocks were moderately heavy,
and prices, a rule moved toward a higher
level. In the afternoon dealings buying for
both accounts increased in volume. with de-
cided support in all the active issues from
powerful financial interests. Renewed reports
Of Vanderbilt control OF the Pennsylvania
system served TO increase the buoyancy OF
the market The mere suggestion of an
alliance between the two most powerful
railroads In the country has an inspiriting eff
feet upon Wall Street sentiment. And just at
this time when reports OF al kinds OF consoli-
dations-many Of them being well founded-are
circulating in the Street any rumor Involving
Vanderbilt interests is likely to cause an active
movement in the securities concerned, while
stimulating speculation elsewhere in the list.
Pennsylvania stock and New-York Central stock
need no booming, for they can stand on their
merits as two OF the leading investment securi-
ties in this country. Both stocks will doubtless
reach a level we'll above current prices. and 1t
is not unlikely that both stocks, In large
amounts. are resting side by side In the boxes
of the leading interests in the New-York Cen
trail company. But there is no foundation. be-
yond that Of original inference. for the pub
lished story that the New-York Central Is In
control of the Pennsylvania system.
New-York Central and Pennsylvania stocks
were strong and active yesterday, while the
whole list after some hesitation in the eauy
dealings advanced on a well distributed volume
OF business Buying Of Chesapeake and Ohio
and big Four" feature. The last
named stock is scheduled for dividend this
year and It is thought likely that Chesapeake
and Ohio will receive a small payment before
the winter These stocks are included in the
Vanderbilt group, and Wall Street has natural
" reached the conclusion that in the course of
time they will be benefited by consolidation
scheme that will include big Four" Chesa-
peake and Ohio the Monon route and Cincin-
natl Hamilton and Dayton. The fact that the
current speculation is encouraged by brokers
representing Vanderbilt interests tends to in
crease the belief that the best men in the Street
are firm believers in a mater.aiy higher range
Of values, and as a consequence the bear ele-
ment is growing smaller every day.
Strength in Manhattan also reflected the in
fuence that the name Vanderbilt has upon
traders sentiment. According to report the
VanderbiIts are to become the owners Of the
elevated system. and published denials fail to
convince a certain class OF traders that Man
haitian will not figure as a branch Of the New
York Central. The stock advanced nearly per
cent but the other local traction issues were
somewhat heavy. The so-caed Gould stocks
were strong and active. and the granger shares.
after early weakness advanced to a level above
Thursdays closing Atchison issues were feat
ures OF the industras, Tennessee Coal and
Iron was strong on reports of coming favorable
trade developments Colorado Fuel and Iron
was also feature in the Industrial list Many
o{p no
market closed strong and active. In the money
market large amounts OF time money were or
fered for four and six months at 3hn4 per
cent. and call rates. while stiff, were somewhat
under Thursdays level. Easier sterling ex
change rates and lower discounts abroad will
doubtless prevent further gold exports.