Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-06-25
Stocks Opened Steady To-day, But Be
lapsed Into Dullnsss.
WAR NEWS has LITTLE EFFECT
The General Tone of the Market
is Toward Optimism.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, June 25.-Today's stock
| market opened steady around yesterdays
final figures and subsequently relapsed into
dizziness. London reported q moderate
short interest in the Reading and Erie is
sues, but was not disposed to trade I'm
either account to the extent OF influencing
local prices.
The telegraphlc advices from Cuba, pre-
dieting early action OF extraordinary in
| fluence upon the subsequent conduct OF the
war. were yariously construed as specula-
tive factors. The conservative element was
disposed to take profits over Sunday.
whereas the experienced speculative cliques
forced up the prices of1heir specialties.
Brooklyn Rapid Transit was bought in
liberal volume by brokers for inside inter-
ests. the summer earnings of the company
being sufficiently satisfactory to bring the
property within range Of dividends
American Tobacco was bought in con-
siderable volume. and was singled out as
the center of aggressive trading. The re-
cent changes in management and the pros
poets for consolidation of trade inter-
ests are relied upon to develop all that Is
OF value In the comp3ny's franchise The
two stocks mentioned responded willingly
To the demand. hut there is a well-founGed
beilef that profits were taken elsewhere UNI
Ger cover of their stror 9Th.
The liquidation of Chicago Gas and tho
cautious marketing of Sugar around I:o
nave bean frequently commented upon dur
ing the week, but the ability to recognizs
two distinct movements In the market q
another proof Of its logical basis. A few
stook may be entirely out of harmony
With the genera, situh ton, but the advance
Is not to be delayed. out Of consideration
for properties suffering from specific per
soral inconyenief.ces.
Hawaiian annexation and the small argyll
ments originating in the fertile precincts OF
the board room may denress sugar but
these same factors produce a sentiment ia
Vorable TO prices in all neighboring depart
ments.
The patriotism which sends multitudes 10
the front inspires optimism at home and
the present speculative era is founded on
confidence in the stability OF values In like
Proportion to the confidence inspired in
American institutions generally.
Inc financing OF the new government
loan has failed to detract from the cash
holdings OF the local banks
Subtreasury business has reflected q lfb-
eral conversion of certified checks into
cash, but the inward movement Of chr
rency from the interior has more than off,
set this demand. The total gain in lawful
"a ohey during the week has been $4,576 500
mostly in legal tenders. The loans have in
creased s2.262.G and deposits have in
creased SG,571. 400, an increase of s. 933 40
IN reserve following. The total reserve
hoidings In excess Of the legal requirements
IuCItdseu 10 ~ ZSO,SJU.
The July interest disbursements are being
provided for In the steady stream OF in
moving currency, and investors are already
busily engaged in looking I'D a new outlet
Tor their funds. The larger eastern cities
alone are expected to pay out in the neigh
porhood of $l20.000.0O0 during the next few
DAYS, the bulk of which will Join with the
oaliy government war disbursements in
seeking immediate unemployment.
Money is likely to be used and reused
with such frequent change OF employment
as TO preclude a material change In the
prevailing interest rate
The security markets must reflect the
tefeht or such a condition sooner or Later
and there have been few occasions in
which q more competent organization for
the work ahead existed than at present