New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-16
'Ex dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS

Professional stock market traders made q
drive against values yesterday. and succeeded
IN forcing a substantial decline throughout tho
list In their efforts to put prices lower they
were assisted by considerable realizing from In
terests that had accumulated stocks at cheaper
prices, sales Of this character representing the
speculative theory Of selling stocks on the pub
ncation Of good news. Traders argued that
peace was in sight as the result OF the surrender
of Santiago, and that IN the future market
prices would have to depend upon financial and
commercial conditions rather than upon war
news. But as usual they reached a strange con-
clusion. finding in existing conditions adequate
reason for selling stocks lower And in addition
to their carefully thought out theory they were
helped In their campaign against values by the
official reports Of the yellow fever outbreak and
deaths among the troops in Cuba.
AS a result Of the days trading the short IN
terest was materially enlarged. and stocks be-
came more strongly intrenched in the hande OF
substantial buyers. The bear contingent had
many reasons for selling. and In the absence OF
demand their arguments foolish as they were.
accomplished the desired effect. II stocks are
now To depend upon business conditions they
ought to advance. and the fact that many peo-
pie are working for lower prices in order to buy
attractive securities is sufficient evidence OF the
real sentiment in the Street over the future OF
securities values. II the market had been less
professional factors warranting an advance
would have had a place IN the days discussion.
a. for instance the magnificent exhibit OF for
eten commerce statistics for June and for the
fiscal year ended June 80. The statement re-
ceived yesterday from Washington is without
parallel in the history Of the country. For the
year the excess Of exports over imports amount
ed in value to 1918 O24. against an excess
IN 1897 over 1896 Of $3.50 263 IA the total value
OF exports in the year reaching the astonishing
amount Of S121O.274,O15. The commercial and
financial strength Of the Nation is clearly set
forth in these figures. And the wealth Of tho
country Is further reflected In the enormous
subscriptions to the Government loan.
The telling movement was not confined TO any
- htdlar or of stocks. The high-priced
shares which ire active speculative favorites
naturally suffered the most. especial weakness
t-zeloping il -ugar Refining, Burlington. North
west Cons0, dated Gas, Metropolitan Street
Railway. Manhattan New-York Central, Omaha.
Reading first preferred ard Peoples Gas Lon
don prices came in higher. and foreign bankers
were considerably disappointed over the action
of the market Outward conditions certainly
favored the revival Of speculative interest in
stocks but the course of values and the small
volume of business indicated a most pronounced
condition Of apathy in the financial community.
The weeks movement OF currency has been
largely In favor OF this city. despite the fact
that this Is the season Of the year when interest
requirements take money from this centre. II
is not because the needs of the West are less
this year but because interior banks are sup
piled with funds in excess OF local requirements
The city banks have lost heavily to the Sub
Treasury on bond account and the surplus re-
serve should therefore show further loss in
to-day's statement