The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-11
YNlror1E AVID oonrrnorlL
WEDNESDAY, AUG. 10.

WAbFhAbAAs "
A rapid and general recovery in the stock
market to-day was chiefly the result Of the
corrected notions IN regard TO the tenor OF the
Spanish note In the current negotiations
toward bringing tho war TO n close, As was
pointed out In this column this morning. the
professional room traders. without any war
rant IN tnct sold stocks very freely yesterday
on The assumption that Spain had demurred to
the conditions OF peace laid down by the
Administration. When II was learned to-
day that these conjectures we're with
out foundation. and when. lator on. II
was ascortained that a protocol embodying the
proposed terms OF pehce was about to be signed,
the abort interest at once began TO cover out
standing contracts, and q practically general
advance In the market resulted. Aside from
the clearer ideas in respect OF tho status OF the
peace negotiations there was very little in the
circumstance OF the day to which the course
OF prices could be definitely referred. There
were several Unexpectedly good statements Of
TnilHay traflo reported for various periods.
among them the earnings OF the Chicago. MIL
waukee and St. Paul Company for the first week
OF August. The figures were the largest for the
period reported since those OF 1892. and they
roiiect not only the heavier grain movement
into Chicago. but also improved general trade
conditions.
Tho Granger shares. with ST. Paul the actiYe
feature. continued In the lead Of the market,
but the dealings In other stocks also attained
noteworthy proportions. Expectations as to
the showing to be made in the Governments
crop report doubtless contributed to the special
intarest In these stocks. In addition to the an
tlUipated action OF the St. Paul and Burlington
and Quincy directors upon the dividends OF
those stocks nextmonth.T The cropreport. which
was published, after the close Of business.
showedin percentages the best conditions for
the Spring wheat crop Of any time within
eight years and q decided improvement
since July !. On the other hand. the
condition OF the corn crop and that for
oats hRs doteriorated since July 1. The
only other noteworthy circumstance Of the
day was an advance IN the rates for money on
oAll. late in the afternoon, to 2 y cent. This
development was apparently the result OF the
temporary absence OF offerings Of money at q
time when brokers were making their arrange
ments for the day. for subsequently the supply
OF money offered was abundant and much Of 1t
was employed as low as IN a cent.
Peoples Gas. Sugar Refining. Atohison
preferred. Brooklyn Rapid Transit, United
States Leather preferred. and Tennessee Coal
and Iron were next after the Granger shares in
respect Of activity. Heavy dealings in the first
named were attended by further rumors Of a
settlement Of the dispute with the natural
gas interests. but these reports are ap-
parently premature. Among the so-called
specialties there were sharp advances in
General Electric. Minnesota Iron and Tennes-
see Coal and Iron. The strength OF the first
named was in connection with the days meet
ing ofthe shareholders. at which It was assumed
the proposed adjustment OF the c%ompany's
capitalization would be effected. and the adj
vance in the other cases was on buying
chiefly based on improved trade con-
ditions and prospects. Interest in the
market was remarkably well distributed.
as was reflected In the wide diffusion Of orders.
The lower price stocks, including Southern
Railway preferred, Chesapeake and Ohio. Mis-
sourilPaciflc. and Texas and Pacific, were strong
and active. The only. noteworthy exceptions
to the general course OF the market were Man
haitian and the Reading shares.
New York Stock E~xchanGe-sales Aug. 10.
UNITED STATES AND STATE BONDS TN 81. Oo0sl.
80 U 8 30. wi Il3 Va F deb 2.3s
lo4xolo4Hl of 1ss1,,,... .73h
CLOSING PRICES OF UNITED STATES BoNDs.
... Rid IaIed ND n.L.d