Evening star., 1898-07-16
FINANCE AND TRADE
Decline in the Price of Conservative
Railway Shares,
In SPITE OF ALL THE GOOD NEWS
Concern as to the impending In
ternational Questions.
GENERAL HARRIET REPORTS

Special Dispatch to The Evening Star
NEW YORK, July I6.-At the close OF
business today the average price for the
more conservative railway shares -ena--ad
decline of about Ia per cent by COM
parison with last weeks closing level The
declines in the Anthracite Coal shares cor
tribute literally to this percentage of loss.
In few instances. notably in metropolitan
Traction and the industrial department
generally the weeks loss is even more
substantial.
Ihis decline has been accomplished in tho
face OF almost uninterrupted goodness.
The surrender of Santiago, the hitch in de-
tails being excluded as factor; the sue.
cess of the government war loan. tha
treasury statement and earnings Of tho
principal railway systems have all fulfilled
expectations.
The one drawback to their deyelopmenl
as speculative influences is found In ths
fact that they were expected. The out.
break of yellow fever was unfavorable but
1t also was expected, and could not be sig-
nihcantIy exploited as an incentive to a re-
action. Having looked forward to period
OF uniform prosperity the market as usual,
discounted its forecasts and now, having
caught up with the actual condition pauses
-OA A0A AHCE toHSiueTallOn. HeSltancY and
losses have become synonymous In market
circles, and inaction on the part of large
interests invites a professional campaign
against weak holders
To what extent the actual owners OF Sc
curities will submit to professional domina-
ton is the question to be determined at this
jucture.
Public interest is reflected in the bond
market, firm prices having prevailed in that
department for several days. but elsewhere
there is lamentable lack of inquiry. High
priced and inactive investment shares have
Been marketed en- several occasions lately
at wide discrepancy from Ghs previous
sale.
The only seriously considered explanation
OF this condition is based on the growing
belief that delicate international questions
are to be handled after the present war
has been officially terminated The coun-
Try has gone step forward in its progress.
ana new conditions come to the surface
and require novel treatment There is less
&C ncern as TO the result than as to the time
required IN its accomplishment. Once the
adJust tment Is made, there is little doubt
but that the financial world Will find occa-
sion for new enthusiasm for the future
Ihe week has been disappointing but
there is no despOndency, and patient wait
ing is likely to be substituted for a sacrifice
Oh values. Meantime there is little TO be
gained by hasty action.
Ihe weekly BAN. statement reflects a
tss OF S3, 4eo.oeO in lawful money, all in spe-
cie The loans have increased S6,17s 200
and the deposits reflect decrease of s2si.-
i0o The net result of these changes is
SHOWN by reduction of So, ,919, ,475 In the
reserve holding
The payments on account Of the govern
ment loan are largely responsible for the
less in cash, and still further reflection
OF this transaction is likely The success
OF the loan, however, should finally over
come the influence of the operation in
cash holdings, and be made sentimental
Argument for Improvement Routine de-
yelopments continue ito be promising but
something beyond the routine is essential
TO activity. A public demand would be-
perhaps. the least routine Of pending de-
velopments.