The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-07-17

sArunDAY. July 18.

n pnUUOmCn0l ono O6Cuubo thp hAhAA "
securities has not responded to q num-
Der OF events that are certain to hold
an important place in history, namely, the
surrender OF the Spanish army at San
tiago and the extraordinary suocess OF the
popular war loan. In the minds OF the probes
Bional element the appearance OF yeloWfever IN
the American forces around Santiago and tho
unsatisfactory condition Of the anthracite
coal trade have outweighed the consider
atoms flrst noted. Speculation has not
been stimulated by easy money In race
Of the floating OF the Government loan, by
unprecedented foreign trade returns. nor by
good crop prospects. coupled with the certainty
Of q continuation Of the present brisk foreign
demand for breadstuffs. The most logical ex-
PLANTATION Of the apathy OF tho public Is that
capitalists not actively engaged In business are
enjoying their usual summer outing and that
manufacturers merchants and business men
generally are more intent upon conducting
their regular affairs than upon seeking oppor-
tunities in the stock market. 1t Is possible, OF
course. that the change that is taking place
in the policy OF the country relative to
the acquisition OF new territory makes
some people unusually conservative. What
ever influences may be at work. the fact re-
mains that tho stock market is neglected ex-
eept by professional dealers. and they. in the
main. are playing for lower prices largely be-
cause Of the absence Of outside support.
1t is not safe to assume that this condition OF
affairs will last much longer. Tho o market
this week showed a considerable increase In the
demand for both high grade issues and those
Of n less substantial character. TIL ~dealinRsin
bonds have averaged nearly 100000 par value
per day, and for the week they arc moro than
twice as large as last week. Prices for
bonds have also advanced considerably during
the last six days. 1t is claimed by some that
the movement described has been due largely
to the certainty that institutions and indi-
viduals that have large amounts OF money
20 invest came to the conclusion early
in the week that they would not secure any
OF tho new Government bonds for which they
had applied. Their investments In railway and
other bonds. II judiciously made. nre certainly
warranted by the various trade reports and sta
tistics that are constantly coming to hand. The
volume of business rs indicated by bank clear
ances is much larger than a year ago. and quite
a little larger than in 1892. Railway traf1c
returns for the first half OF the year. as far as
reported, show an increase of about 13k p cent.
as compared with the corresponding period OF
last year. The fact that exports OF merchandise
for the fiscal year just ended were moro than
twice as large as the imports OF tho country
shows in an unmistakable way the grow
ing tendency Of the United States In its
commercial relations with other countries.
Prices OF staple goods are In the main well
maintained. and the commercial community
generally is looking forward to a satisfactory
fall business, now that the last element OF I'M
certainty as to the outcome OF the war with
Spain has been removed,
The weekly statement OF averages Of the As
ISOLATED Banks does not show rs large a loss In
lawful money as had generally been expected
on account Of the transfer of large sums to the
Treasury In payment of the new bonds. The
decrease in cash is only 81. 00O. 900. At the same
time the banks have increased their accommoda-
tions over $6.0 00 900. The deposits do not reflect
these changes. being very nearly the same as
last week. The net result brings tho surplus
reserve a little below $50. o 5000. but that item
is obviously large enough for all possible con-
tipgencles. To-day's stock market was dull
and in the main heavy. In no stock did the
total transactions foot up 10000 shares. Room
traders made a fresh demonstration against
the anthracite coal stocks. and were successful
in lowering the prices for them 102h a cent.
As compared with the final prices of last Sat
urday. the entire list Is lower. The more i'm
portant net declines are in Metropolitan Street
Railway. 6T a cont. :Reading first preferred.
81: Delaware and Hudson. ~ Northwest, 2h
American Spirits preferred. 8; American To-
bacco. Cleveland. Cincinnati. Chicago and st.
louis. Peoples Gas and Reading. 2h each st.
Paul and New York Central. . each Burlington
and Quincy. TX: Rock Island and Louisville
and Nashville. tx each; General Electric, II
brooklyn Rapid Transit, IN; Baltimore and
Ohio. TX; American Spirits and New Jersey
Central. IN each; Omaha. Missouri Pacific.
Northern Pacific common and preferred. 1H
each; Union Pacific preferred and Western
Union. ] each: Chesapeake and Ohio. Manhat-
tan Railway. st. Louis and San Francisco Sec
ond preferred. Southern Railway preferred and
Union Pacific. X each. and Tennessee Coal and
Iron, u q cent.
New York Stock Ex~chnnge-Sales July 10.
UNITED STATES AMI STATE BONDS I'm 81. 000sl.
10 Tenn Set IS.
CLOSING PRICES OF UNITED STATES BONDS.
Bid. Asked. Bid. Asked
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at pl of g o6 - 1925-....l24 e
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