Evening star., 1898-07-05
FINANCE AND TRADE
The Naval Triumph Resulted in In
creased Estimate Of Values.
PROFIT TAKING WAS ENCOURAGED
Liberal Selling of Speculative Hold
ings Was a Feature.
GENERAL MARKET REPORTs

Special Dispatch 10 The Evening star.
NEW YORK, July 5.-The enthusiasm in
spired by yesterdays reports of Americar
naval triumph resulted I'm an Increased es-
Innate of values in both the foreign and
domestic markets. Early London cables
reflected advances varying from Ia to 2
per cent, the foreign prices beng dupli-
Gated on this side.
The commission house demand was not
large and once the rush to cover was sup
srseded by more rational trading a sharp
decline from the opening level followed.
Burlington, for example, sold of per cent
under practically simultaneous transactions
and similar results were recorded else
where.
Profit-taking was encouraged by the i'm
provement of the first quarter of an hour,
and liberal selling of speculative holdings
became a feature OF the trading. Toward
the end Of the first hour the market stead
led somewhat about at a parity with last
weeks closing level. In a few instances.
notably I'm Rock Island and Brooklyn Rapid
Transit, the support was better than else
where. Pullman sold up to PIG on the pur-
chase of few hundred shares, but relapsed
In sympathy with the tendency. SO conspic-
uous In the purely speculative issues.
@he ueSlai dllon CT Nne regular quarterly
dividend of per cent ard an extra dividend
of 20 per cent, payable August 10. AID a 80
per cent stock dividend, payable in Octo-
Der, supplied especial incentive to the early
llSe.
The decline from the early price vas
equal to the entire gain by com arison
with last weeks prices. Addition oil evil
dence of the profit-taking tendency was
furnished by the bond market, in VIII ch all
the speculative issues were freely offered.
The professional character of the market
WAS fully established by today develop
ments.
The public interest has been diverted to
some extent by the new government loan
and by the lack of conclusive results by
the army in Cuba. A period of suspense
Is assured until the fall of the besieged
city Is chronicled. Good news of a compre-
hensive character will find the market all
the more responsive now that weakly y-held
speculative issues have been converted into
cash supplied by stronger interests.
The attitude of Germany has produced
some conflict of opinion as a speculative
factor, and this element of uncertainty
may DE added to the restrictive arguments
now prevailing. Routing 'deyelopments ara
mostly favorable, and there is no want OF
commence in the future of the security
markets Extraordinary events are in prog
fess at remote points of the compass and a
proper regard for caution at this juncturS
can scarcely fail of good results.
The larger operators believe ir higher
prices. but admit the lack of sympathetic
outside support.
A period of waiting has been substituted
Tor one or manipulative aggressiveness.
But the waiting is for big results Com
gress is on the verge Of adjournment Ha-
Waiian annexation Is looked upon as a
question of hours, Cuba and the Philippines
are momentariy expected to send impor-
tant advices. q sustained advance NAV NOT
follow even a successful outcome of all
pending issues, but a broader ard better
working basis should be established.