Evening star., 1898-06-28
FINANCE AND TRADE
General List of Stocks is Given
Over to Dullness,
TIE MARKET AWAITS WAR EEWS
Bonds Rule at High Premium
and Are Growing Scarce.
TIL E ROU TINE EVENTS

Special Dispatch to The Evening Star
NEW YORK, June 2s.-Speculative- con-
ditions remain unchanged. There is no
pressure to sell and too much conservatism
to buy. In few speciaIties. notably su-
gar. Tobacco. Peoples Gas and Brooklyn
Rapid Transit, prices are marked up as op-
portunity offers, but the general list IS
given over to dullness. The consciousness
that an important battle is imminent in
spires caution, and the market waits for
news of the result
That 1t does not decline is evidence that
the character of the anticipated news is
favorable. A less logical market would dis
count the anticipated victory. but the lead
ers in the present situation weigh the
chances and find an argument favoring in
action. Routine events are mainly favor
able. but the market is once more especially
sensitive to war news. That this is true
was shown by the misinterpretation of
Capt. Sigsbee's dispatch. The first an
nouncement had IL that the St Paul had
been hit and had lost an officer.
The market became dull and shaded OF
fractionally only to hastily rally to its best
level upon the dispatch being corrected.
For the time being the larger undertakings
are held in allegiance pending a decrease in
outstanding uncertainties.
The one feature which stands out boldly
as an encouraging factor Is the strength
OF the investment market. Bonds rule al
high premiums and are steadily decreasing
In supply. Pullman Palace Car stock sold
up, over 200, an advance of per cent in
two days.
High prices do not deter purchases where
merit is the basis of value. The shares
last named, while paying dividends on the
purchase price, about equal to the call
money rate. are expected to profit by the
recent decision of the Supreme Court. in
xIh TOT ,1.ssa, f.T1.
reduced.
Under prevailing conditions however
sharp advances from any cause are not
likely to hold.
The market is professional and consequent-
ly narrow, and will require some positive In
centive to broaden il to the proportions
necessary to hold a gain. During the first
half Of the final hour prices shaded OF in
all departments under profit-taking sales
The Industrial shares being most active
were most sensitive to the movement. The
new government bond transaction is not so
uniformly considered to be a popular loan.
The rejection of bids made by banking in
stitutions by adopting the Cevice OF sub
scribing for small amounts in the names OF
clerks and depositors will almost certainly
result in the acceptance of some Of the
larger bids. AS the latter bids are entirely
legitimate the consensus of opinion favors
their acceptance instead Of those bids made
for large interests by financially incompe-
tent individuals.
The loan is sure of success, and this fact
is longer one worthy of serious con-
sideration from a speculative standpoint.
The demands of the several subtreasurIes
are being felt by the banks and trust COM
panies and cash holdings seem likely to be
reduced more than was at first supposed.
AS the prospect for getting the larger SUBJ
scriptions through increases money is with
held in greater volume from the stock mar
ket. Preparation for the July disburse-
ments has tendency to prevent a liberal
use Of money until that undertaking is COM
pleted.