Evening journal., 1898-07-19
WALL STREET DULL.
Stock Market Stagnant and
Speculation Lifeless.
ADVANCE IN PRICES OF BONDS
STOCKS ARE WELL HELD AND
HOLDERS APPEAR CONFIDENT
OF HIGHER PRICES WHEN WAR
ENTERS THE PEACE PHASE

ENTERS THE PEACE PHASE
New York, July l6.-We have had
another week OF dullness in Wall |
street. AT the momen., the elements OF
a really active market do not appear to
exist. This is one Of the months OF
recreation; and although comparative
ly few are indulging in European
travel, the Summer hotels are full of
visitors, including an unusual |
representation Of the financial class.
The operators in stocks appear to have
reached the conclusion that, after such
an excited market as we nave bdG DUR
ing recent months, a reaction of quiet
was to be expected. They have reason
ed that the army campaign is not like
/ ly to reach any additional victories
during the hot months, but may be
reasonably expected to culminate n an
early peace. Thus the expectation has
become general that, as the military
campaign and the Wall street move
ment run on parallel lines We may
not expect any buoyant activity in
either for the next few weeks.
1t is mainly for these reasons that the
large July interest and divided dis
bursements have had no marked effect
upon the market. This source of rein
vestment might have been made the ac-
casion for a rise in prices had a few
strong operators chosen to turn 1t to|
account; but that class of spectators
seem to be still out of the market and
hoping for lower range of prizes.
Nevertheless, there has been, during
hn a IND Inv frrln nj II
mand from this source, which has fall
len mainly upon the gilt edge dividend
paying stocks and railroad bonds. In
the latter, the transactions have been
conspicuously large, with the result Of
a general advance in prices. In an
ticipation Of the government loan,
holders of railroad bonds sold out free
S ly, with the intention OF reinvesting
in the new bonds; and now that they
see the government issues divided be-
tween the popular subscriptions and
the financial institutions, they have had
2 20 repurchase the class of securities
with which they had parted. This has
e some significance for the future OF
= stocks; for a rise in corporate bonds is
e always conducive to higher prices In
4 the share market.
While the stock market is cOmpara-
lively stagnant and speculation is life
Z less, there is no abatement Of its in
a trinsic strength. Stocks are well held
/ and holders appear confident in q
higher range Of prices when the sum
mer absentees return and the war ha!
entered on the peace phase.
- The latter condition may easily prove
= to be much nearer than is now gener
= ally supposed. The surrender II thu
A Spanish army at Santiago and 10
|, transportation home by American yes
n sells is a most significant event. 1t is
a humiliation to Spain which tells more
q plainly than words can the weakness.
y OF her hold on Cuba and her despair o.
. military success. She consents to ID,
q withdrawal Of the Santiago soldiers
y which she had counted upon for ;hj
h defence Of the island and the fina
d strgglc at Havana. She enables US 1.
: utilize all her armaments at Santiago
n and saves us from the loss Of men anC
N arms which might have resulted from
! our having to take that position b.
/ force. She at the same time fatal.
% weakens herself and saves ant
= strengthens our fighting resources. Sh
'e does this in spite of the protests o
General Blanco and of her troops, ant
v Notwithstanding the danger of raising
serious political troubles in Spain.
surrender under such conditions ad
} mits Of but one possible construction
/, it means that official Spain, whicl
3 knows the actual condition and mum
bers OF the army, has no hope what
,. vestment might have been made the oc
= after an imposing show of nationa
!, pride, is at last yielding to a human
: consideration for her undoubtedl.
y brave soldiers. This cannot be regard
>. ed as anything less than a first an,
. also a long step towards peace AS be
:, tween the Spanish Government an,
the Spanish people, it is a bold expert
ment. A few hours VIII show how thi
" step is received by the dissenting poll
u ticians and the people of Spain. II tn
~ government is sustained by popula
y approval, this first step may be soOl
-e followed by further advances toward
the pacific issue which this surrende
~ so plainly foreshadows. If the Span
y. ish administration is OverthrOwn and
war government succeeds il, then
revolutionary confusion may resul
which will make Spains case NOR
hopeless than ever though it Nigh
~ momentarily postpone the possibilitie
, Of ending the war In any case, tn
surrender at Santiago means a larg
- progress towards peace; though it 4
d possible that political confusion or tn
y infatuation Of military leaders may in
"A volve a clinging to Havana until tn
season admits of our troops besieginl
that last stronghold.
1t is to be hoped that Spain is undo
no illusions as to the terms OF reac
a she must finally accept at our hands
a The United States must absolutely &C
a cupy Cuba and hold 1t under militar.
!. rule until the people are prepared for
self-gOvernment that will be satisfac
tory to this country. The island o
= Porto Rico must become absolutely ant
~ unqualifedly the property of this gov
;" ernment. The Philippine Islands mus
be taken possession of and held unde
= military rule as security for an indem
nifty, the amount of which should equa
d the cost Of the war. This will make