New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-29
THE WEEKS OPERATIONS IN STOCKS.

greater part OF the week was toward io"ei
level under the influence Of bear pressure ana
further commission house liquidation the last
named fact however, was not an important
feature OF the weeks dealings, as the commis-
sion houses were practically free or weak holu-
ings while well-protected accounts were heid
nv people who saw reason for selling on
declining market. Stocks have been ENJOYING d
period of liquidation for the last two mon'ns'
and the floating supply usually avalaoIe lot
specuative purposes is held by men ana lhst'-
tutions of wealth that certainly Will not part
with their holdings at the current level II Is
now doubtful whether the bear element VIII oe
able TO force a further material decline III VAL
ues unless helped by actual investment hquiua-
ton. Investment liquidation hardly seems PROV
able at a time when the favorable FACTORS III 'he
situation so largely outnumber the unraVoraole
factors and that there is no disposition among
investors to sell is proved by the acuNiE vi
capital in the bond market In the last TWO
weeks bonds have enjoyed a business tha' Has
seldom been equalled except in times OF an a.
tive bull campaign in securities. Prices nave
steadily advanced. and in many cases oohu
houses have been unable to satisfy the demand
for the hgh-grade issues
con,,a, Is confident. despite bear assertions to
the contrary. ana cdpltdl Is III siN"'
ond &c seeking investment. Its presence in the
bond market foreshadows its appearance ]"
.tocks for the time will come when the scarcity
md high prices OF bonds will make an overno"
=, money into stocks absolutely necessary If
owners of money wish TO find employment Ioi
:, Stock market values have been subjected TO
,eyere pressure from an active pear parry
headed nv the largest individual operator in the
ha aQid
rass NJ this marty has convinced the legitimate
boldars Of stocks that intrinsic values nave
denreciated Nor has this party frightened IN
,euipent men with its talk and buster ABOUT
,ba cron the Ford Franchise Tax bill and the
local gas war Winter wheat will make hghter
WELD than last years crop made spring "ne1'
is too Young TO make accurate forecasts posi-
bic. Lighter yield OF wheat WIZ no, ue VI nonId
Importance that professional traders WoulG
have us believe The railroads OF the Unlteo
states are no longer dependent upon grain snip
ments alone for traffic receipts, ana raining OH
IN grain tonnage this year would not leave the
railroads without resources The percentage OF
products carried other than agriculture is con
rtantIy increasing among the western roads
an instance of which Is furnished by the Cut Cut
rent returns of the St Paul company The
movement of wheat to market at this time las
year was enormous, owing TO the Letter "hea'
speculation. Compared with this year IL wa
two-thirds larger than the present movement,
yet railroad earnings with rates but little pete
than they were a year ago show heavy salnf
over May, 1898 ,
Money continues TO come to this city from tnt
interior and local bank resources are steaoliy
enlarging. Speculative liquidation in stocks mas
caused big reduction In loans, and call funo'
can now be easily obtained at 2l2 per cent For
eign exchange continues steady, but the posltloI
of the international money markets does MOI
favor gold exports. II gold were exported no"
Il would be returned later on In the season. anc
Il is therefore evident that bankers Will no
undertake such operation unless the forelgr
situation should actually demand the presence
of the metal. Europe's credits here can be OF
a temporary nature only Sterling loans ma,
be made as a more reasonable operation thar
gold exports, but the inevitable extension OF ou
own credits abroad later in the season Will again
supply US with the key to the internationa
money situation.
There has been a material decrease In indus
trial combinations and Wall Street bankers are
turning away all doubtful enterprises that IRE
sponsibe promoters would fost upon the public
The bear argument that the Carnegie steel com
binaton would hurt the market has been ex
ploded as the securities Of the concern Will no
appear in Wall Street, having been taken by In
terests identified with the Carnegie company
The new industrial securities recently created
are well held and their owners are satisfied
with their intrinsic worth. The public does no
hold these securities. Perhaps later the
may be more widely distributed among the pub
lie but not before prices have advanced L
much higher figures. The general outlook IA
vors advance IN securities values, and Will
the market may remain dull ard work a trifl
lower II does not present attractive opportun
ties for short selling People who sell shor
now may find themselves in the same positio
as the operators who went long Of stocks on tn
elimination OF the January rise.