Evening star., 1898-07-07
FINANCE AND TRADE
London Prices Firm Because of Nc
Kinley's Proclamation.
RAILROAD LISTS WERE STRONG
Volume of Business Indicated Little
Change in Dealings,
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, July THE undertone of
today's stock market was unmistakabIy
firm, but the volume Of business ind Gated
but little, IL any, change in the character
of the dealings. Interests which began the
week as open sellers of the active issues
were noted among the largest buyers today,
and this demand, owing to an absence Of
pressure to sell, made subs additions
to initial prices
President McKinley's thanksgiving proc
lamation was favorably received abroad
and was construed to indicate a willingness
TO consider any reasonable suggestion look
ing to an ending of the war London prices
were frm in consequence of tins mterpre-
tatlon OF the proclamation, but there was
little desire TO extend the American ac-
count at that center. The passage of the
Hawaiian resolution in the Senate had a
characteristics effect on the property most
concerned.
American Sugar was opened at decline
OF per cent from yesterdays closing level
and Immediately bought in round amounts
ior an advance Of per cent from the low
price The borrowing demand for these
SHARES has been active for several DAYS
ana the covering Of the outstanding short
interest very naturally followed the COM
pieted legislation under the influence OF
Wnlch a 10 per cent decline had been ac-
Compllshed.
While the company was strongly opposed
10 this extension Of the c0untry's terri
1t is not TO be supposed that the instance
occasioned any surprise TO the manage
ment. The abandonment of one project
has Invariably given birth to another in
the history OF the company. and some de-
vice for perpetuatl e profits Is confidently
looked for in trade circles.
The Industrial list, following the lead Of
Its active representative, was given excel
lent support. The railroad list was bene-
flied by a good demand for the better class
OF coRseTvatively managed properties. New
York Central was especially strong under
the influence Of good demand from com
mission houses, inspired by a strong de-
mand from interests closely identified with
the property.
Pennsylvania RailIcad was bought in
significant volume also. and responded for
a substantial addition to opening prices
Coincidently with this demand for proper
ties with good dividend records came an
inquiry for certain classes Of speculative
bends. Issues which many advanced with
cut materially detraCtipg from their re.
turn to the purchaser re being bought I'D
in anticipation of more general demand
The over-suhscription TO the new govern
TneH loan is -eiied upon to attract some
capital to the local security market Dis
appointed in the allotment of the new 3
per cent bonds investors will in all proba-
bility, seek low-priced bonds combining a
safe speculative prospect. After exhaustinz
this class of securities. the dividend paying
stocks should be given a preference
Todays dealings such proportion OF
the total as was not covering We're largely
influenced by arguments of this character
Narrowress is still to be reckoned with
however. and pending some definite mill
ttary movement in Cuba any material
change is likely to be followed by a period
of waiting.