New-York tribune., 1900-07-02
High. Low. June 80 June q Chgs. Sales.
THE WEEKS OPERATIONS IN STOCKS

THE WEEKS OPERATIONS IN STOCKS.
Stock market quotation showed improvement
week, due in great part to the covering Of
short contracts. There was some good buying
IN few issues, while greater disposition
the part of substantial interests to support
prices was noted. In some quarters IT was
thought that efforts making by certain
market followers to advance stocks in order
10 find a better market for securities which
they afraid to carry through the summer.
owing TO uneasiness over the political outlook.
The advance did not attract public buying, and
In circles where only bear talk is heard IT was
thought that the rally would not outlive the
present week. No sustained advance in stocks
is possible without public support. And for this
reason the current rally lacks the element of
strength so necessary for an active and genuine
bull movement. Higher prices in last weeks
stock market were warranted by technical con-
ditions Of speculation. They were also
ranted by the actual merits Of securities but
the last named factor was not the controlling
influence in the market as real conditions found
little recognition in the Street. At time 1t
looked as II Wall Street had become better in
formed regarding crop conditions, but at the
close Of the week the same old crop damage
stories were repeated and received as usual at
double valuation.
The crops in the Northwest have been
damaged and, according TO trustworthy ad-
vices, the spring wheat yield in that section Of
the country will be small. But the Northwest
supplies only one-third of the country's usual
Western grain harvest and while this year the
crops In the Northwest will be light. the loss
viii be Offset in part by a fair yield IN the cen
tral crop section. and by a big winter wheat
yield in the Southwest. Perhaps the total har-
vest viii not be as large as last years produc-
tion but the farmers will be more than COM
pensated by higher prices. The advance in
wheat so far has been out of proportion to the
damage done to the crops but it has served to
bring out large amount Of grain from farmers
stores, and in consequence the Western rail-
roads are now enjoying a heavy grain traffic.
Railroad earnings OF the Northwestern roads
may not be heavy IN the next twelve months
in the same period which closes in the
rent month, but decrease in the fiscal
year Will not result in railroad bankruptcy
among the Northwestern roads which end the
current year with earnings far in excess Of
dividend requirements and larger than in any
corresponding year on record. In the Southwest
the new year should be a record breaker for the
railroads. crops large and industrial
activity is growing. And in the Northwest the
falling off in grain traffic may be offset in great
part by a heavy general merchandise movement.
AS yet railroad earnings show reduction in
the general volume Of traffic from last years
heavy business; in fact, with but few exceptions.
last years records are exceeded in all parts of
the country.
The political campaign and the situation of
affairs in China tend to produce uncertainty in
business circles. but 1t should be noted that with
the exception of last year the volume Of trade as
reflected through clearing house payments, is
larger than in any other year. On Saturday
night a number of iron and steel plants closed
owing TO the failure Of the various corporations
TO sign the wage scale Of the Amalgamated As
sociaton Of Iron and Steel Workers and this
may have effect upon railroad earnings But
fl VIII not be permanent factor. The consen-
sus Of opinion among iron men Is that buyers
Will come into the market in large numbers in
the fall, and that under the influence Of lower
prices the actual volume Of business for the
second half Of the year will show increase
the first half. Delay at this period in the
iron business will tend to affect prosperity for
time. but with the settlement of wage scales and
the read1ustment Of supplies and prices to the
actual demand renewed activity in the country's
great iron and steel business ought TO develop.
In last weeks trade reports no indication was
given Of coming business depression. Reaction in
business and a period Of waiting are not due to
unsound conditions. The foundation is solid II
is owing TO the soundness of underlying condi-
tons and the confidence that no political mis-
fortune Will overtake the country in November
security possessions.
The stock market last week appeared to re-
feet belief on the part Of many conservative
operators that stocks were at or near the buy
ing level There are not many issues selling
above actual worth, while the great majority
rule at figures well under intrinsic value. Fur
ther liquidation in long" stock may take place
in high grade issues On the theory that con-
tinued bear pressure backed by political un-
certainties and possible international complica-
tions over the Chinese situation may afford an
opportunity of buying back at cheaper prices
At ruling figures stocks, such as Pennsylvania
New-York Central st. Paul, Burlington and
Rock Island. cannot be considered dear while
Atchison preferred, Union and Northern Pa
ciic issues and other middle class shares are
below the bargain level In the industrial list
many sound preference issues are well worth
investment attention, and in the bond market
there are bargains Of unusual promise Ad-
verse developments in the general situation may
come but they will find stocks in strong hands
and prices at a level that discounts q big re-
duction in the actual worth OF investments
Interest and dividend disbursements to-day
will be larger than in any preceding July in
terest period record. 1t is estimated that
total payments win amount to more than $780,