New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-14
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Tho stock market was weak the greater PdI'
=, the dav. with transactions poorly distributed
and dealings wholly professional Inc SHehs'i
Of prices for the last five days made the Se'pa'N
IN values yesterday logical, II not peasant Out
the extent of the decline was not important ana
was free from liquidation Of noteworthy proper
tions Reports that yellow fever had broken Out
among the troops at Santiago had an uhse''lll's
effect upon traders sentiment. while the appai-
ent determination Of Spain to continue It's nope
less struggle assisted in creating enthusiasm
among bear traders who had in ADDITION teen
nical conditions in their favor. And uncertainty
In the foreign markets supplemented by mod
crate sales here for European account worked
against higher prices A fair-sized reaction from
the current Level would be welcomed by many
people who are anxious 10 accumulate stocks
In the best Of markets lower prices are posi-
bilities. but in the present instance conservative
brokers can find no legitimate reason for ex-
pecting a materially lower range Of yalue.
In some stocks weakly margined accounts We're
forced on the market. and knowing thai there
were numerous stop loss orders in various is
sues bear traders made extra ordinary exertions
to make the decline pronounced In the standard
railroad shares los, es ran FROM fractions 70 |
per cent. and in few issues above per cent
as in ST. Paul. Illinois Central Manhattan and
Omaha. Illinois Steel advanced nearly . per
cent on rurnors that the company had acquired
valuable new property The decline was mod
erately heavy in the afternoon. prices running
off 1Q2 per cent. but recovering part # the
loss before the Gloss. outside Of reports regard
ing yellow fever rumors that the campaign in
Cuba disappointing to the Administration
and dispatches stating that there had been
trouble in the Philippines between Admiral
Dewey and the Germans there was no unfavor-
able development bearing upon the actual value
OF stocks
Officlal reports Of the amount Of subscriptions
to the Government war loan bonds place the
total al above one billion dollars or more than
five times tho sum solicited As soon as tho
alotments made large amounts Of invest
rent capital which fail to secure a share Of
tse nov bonds viii bc available for employment
IN the securities market and il is doubtless in
expectation Of this movement that speculative
interests are putting their money into the at
trac.iyc mortgage issues II American railroads
j. is said in quarters that the groat activity
in bonds IS due 10 the fact that the war tax
of 50 On stock sales does not affect the bond
department While this may in a measure ac-
count for the renewed interest In bonds. it Ger
tainly does not adequately explain the cnor-
nous dealings engaged in In the three days OF the
current week. The rea. factor in the movement
Of money into bonds is found in the enormous
amount o, accumulated wealth in this country
and in the substantial condition of American
trade and commerce In yesterdays market
bond dealings were not 50 heavy on the two
preceding days. but the total Of sales was well
above the average. and final changes were in
significant in comparison to the amount Of
realizing INDUCED In.