The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-06-19
r1NAno1An lrp ooMwrnoIAn


in commercial and financial anRtrs, because oil
the unusual number of important occurrences
bearing upon the general business situation.
Chief among these IL the enactment into law
Of the war revenue measure that Congress
has been considering for many weeks, and
the offering rs a popular loan Of 5000. 1000, 900 OF
the 3 = cent. bonds authorized by the new statute.
Nett in Importance. partly because IL was q sur.
prise to nearly every one, was the collapse OF
tneLeiter wheat deal and the consequent sharp
Sscline in tho price Of wheat. This last cir.
cumsLance has been made a good deal OF
by professional operators in the stock mar.
ket. who have assumed that the advance
In securities during the last crop year
resulted largely from agricultural pros
perity caused by comparatively high prices
for wheat, They have argued. therefore,
that n decline in wheat, due in part
10 the collapse of the speculative move
ment In that cereal, and also to prospects
OF a largo crop this year, means a COM
paratively poor year for Western farmers, and
hence n less satisfactory condition OF general
business than has prevailed for several months
past.
1t is q question whether this view is entirely
warranted. The price of wheat is still con-
sidcrably higher than it was u year ago. and 1t
10 obvious that II the West obtains for a some
what larger crop no better price for Its wheat
than last year the agricultural community will BIO
quite as we'll off. SO far as Wall street sonti-
ment lie concerned it will, according to prece-
dent, change ms soon as local speculative condi-
lions bring about another upward movement in
prices. The market for securities this week
has felt tho effect of salcs to realize
profits that were mado when tho speculation
was comparatively RAMP Moreover public
interest has been diverted from the Stock Ex-
change by tho Offering of the Government
--nr laAn ATanU In vnatnra md gnnpnlnt fora
are likely to hold aloof from the mar
ket for railway and industrial securities
until they are advised by the Treasury Depart
ment of the nllotments made to them upon
their applications for the new bonds. AS tho in
dications are that those bonds will m a
premium of . or 3 per cent, perhaps moro,
noarly every one who can send n certified check
for 2 per cent. of his subscription Is applying
for the bonds; but, as there is q possibility that
the applicant may not BIO able to market the
bonds allotted MIN at a satisfactory premium,
but be compelled to pay for them in order to
save the original deposit. he is obviously limit
ing his risks in other directions.
Another of the important developments this
week was the foreign trade statement
for May and for the eleven months end
ing May 81. 1t was. OF course. to an ex-
tent expected, but the publication of
the exact figures was SO gratifying that
Il was chiefly responsible for a sharp rally in
prices on Thursday. The domestic trade reports
for the week are in the main satisfactory. though
they indicate a little falling off in tho volume
of business incidental to the summer season.
Railway traffic returns and bank clearances
continue 10 compare favorably with q year ago.
On the Stock Exchange there has been o de-
cided falling off in the trading in stocks
and q more noticeable decrease in the
volume of business in bonds. This last
can reasonably be accounted for by the appear
auce of the Government in the money market.
Right here it may be noted that the rates for
time loans and commercial paper have risen
frkctionany this week on account of the offer
ing Of the war loan.
To-day's market was dull and in the main
heavy. The features were Peoples Gas and
Sugar Refining at net declines of 2Ns and Ia .
cent. respectively. The friends Of American
Tobacco endeavored to advance tho price
further, but it sustained a net loss of nearly
q point. The remainder of the list closed
sractionally lower than yesterday, with a few
of the specialties suffering net losses Of
more than I y cent. The weekly statement
of averages of the Associated Banks shows O
large increase In lawful money, resulting
chiefly from heavy disbursements by the Sub
Treasury on account of the war. For the first
time in several weeks tho loans show a slight
CUuIThCllOH. IL q ECpulL oilhBo IL piub
reserve UP to more than 59A millions. from
which it appears that the banks are in posi-
tion to do their share toward financing the new
Government loan.
As compared with the final prices of last Sat
urday, the majority of stocks are lower. Tho
more important net declines are in Consolidated
Gas, GA . cent; American Sugar Refining, Ga;
Peoples Gas, 6ls; Northwest and Burlington
and Quincy. ga each; Brooklyn Rapid Transit
and st. Paul. 29s each; Union Pacific preferred,
Oh; Northern Pacific common, 17s, and the
preferred. Ia; New York Central, 1as; New
Jersey Central. Zig; Missouri Pacific and Atchi-
son preferred. III each; Rock Island and Denver
and Rio Grande preferred, 1ls each; Union
Pacific, l; Kansas and Texas preferred and
Reading, 81 each, and Louisville and Nash,
Vile, L. D cent. The note worthy advances are in
u S. Rubber preferred 5 y cent. American To.
bacco, 3A; Cleveland, Cincinnati. Chicago and
ST. Louis. 23s; Metropolitan Street Railway, /;
Southern Pacific. 81; Chesapeake and Ohio and
Manhattan Railway, % each; Baltimore and
Ohio and U. S. Leather preferred. l2 % cent. each.
New York stock ExchanEe-snIea Juno IL.
CLOSING PRICES OF UNITED STATES BONDS.
Bid. Asked. Bid asked.
at pi of q. o5 - 1925. ....l24 1875