The times., 1898-06-25

There was almost no movement in the
market yesterday. 1t was one of the days
that are almost worse than being on the
wrong side. Stocks that usually are
active had no fluctuation whatever and
closed at the opening quotations. What
movement there was was erTatic. The
war situation is without particular fea-
ture although there is the certainty OF
news in a very short time.-.It is qudOuDt-
edly this lack of information from the
front that causes people 10 hesitate about
buying. l am of the opinion that stocks
bought now with a reasonable margin
will yield a good profit within a week. 1t
seems impossible that there can be any
other result of the victory that is soon
to come than an advance of good pro
portions all along the line. There has
been week and more of sluggishness
and the traders are waiting for something
to occupy their time. When the victory
comes they will be willing TO buy every
thing in sight. The advance should be
for five or more points and probably II
will come in the course of week of good
buying which should be rapid enough
for most people | am willing 10 ac-
knowledge that all the traders on the
street do not agree with me in the belief
in this bull movement so soon, however
London sold yesterday, though not
alarmingly. The Street prophets were
of the opinion that this weakness of Amer
leans was due to the decline in St. Paul
earnings for the third week of June
which had not been expected. There was
some uneasiness in st. Paul on this side
for this reason probably. In this connec-
tion 1t may be well to point out that
dropping off of earnings on the granger
roads for the present and the next two
months need not be surprising 10 anybody
Chi
grain so early in the season.
The feature of the morning yesterday
was Western Union. The stock was
bought in the early trading and later sold
TO realize profits. 1t would seem proba-
BILE that this stock should have a good
advance during the next two weeks.
Baltimore and Ohio had another day of
selling and falling prices. Some of the
people that are in wish to get out very
evidently. There is evidence however,
that the movement has gone nearly as far
as it will. During the afternoon yester-
day, there was rally and a gain of
nearly all the loss of the morning. The
public has not yet decided whether it will
like the reorganiza lion scheme or not
or how much it Will like 1t. Until the pub
lie has had a week or two more to play
with its lack of knowledge. il viii prob
ably be well TO keep away from it.
There was some strength in Northern
Pacific, which was probably due to the
belief now pretty well held that there is
to be a settlement of the rate war in the
near future. The subject was only re-
ferred to in the board of control meeting
on Thursday last. The most important
thing done there was the appointment
of an advisory committee, composed of
the presidents of the ten systems in the
association. Receiver COwan is chairman
of the committee that met yesterday af-
ternoon, and it is hoped that something
was accomplished The agreement un-
der which the roads are now working is
certainly not very satisfactory, and any
other that could be devised would hardly
be less advantageous.
New York, June A.-Dun's weekly re-
view of trade tomorrow will say:
Very little of the new business seen in
proportion to the aggregate has been
caused by the war. Not any, discoVerable
by ordinary tests, had been prevented by
war. No comparison is possible with the
prostration and suffering in Spanish min
ing districts. In two months this coun-
try has practically destroyed two Spanish
fleets and landed two armies at Manila
and Santiago with no considerable loss
II Ids SdliIcu bSS Oiu ilICu III ItId-
tive Importance among other nations by
reason of its quickly eXerted power
Neither has the collapse of the wheat
speculation caused the expected decrease
of shipments, for exports continue re-
markably large. Gold comes or does not
come as we want it, the worlds markets
being evidently at our command.
An offering of bonds by the Govern
ment brings out at the start bids for more
than three times the amount offered
while the popular subscription already for
three quarters of the amount exhibits in
strong light the confidence of the people
Grain exports have been unusually heavy
This has helped greatly to cause the in
crease of 304 per cent in exports from
New York for the week compared with
last year and 3O.4 per cent for the month,
while imports at New York have declined
800 per cent for the week, and 35.2 per
cent for the month.
Similar changes at other ports would
make total exports for the month over a
hundred millions, and the excess of ex-
ports over imports forty millions, and the
power of such a balance in foreign trade
has been clearly shown.
The volume of business shown by clear
ing house exchanges is 1874 per cent larger
than last year for the same week, but
only 81 per cent larger than in 1892 This
appears less encouraging than in recent
months although for June to date the in