Evening star., 1898-07-15
FINANCE AND TRADE
Wall Street Showed Indifference
About the Surrender.
OPENING PRICES WERE IRREGULAR
London Waited in Vain for New
York's Upward Stride.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK. July 15.-The happening of
the unexpected at Santiago was treated by
Wall street with indifference similar to
that accorded the extinction of the Spanish
squadron. Prices at the opening were ir-
regular, with tendency toward conces-
sions, and public interest in the market is
but a memory and a hope
Professional Wall street sold upon re-
ceipt of the news, taking profits on re-
cent purchases and, encouraged by the
lack of support put out new lines Of short
stock With the exception of few spe-
cialties, notably tobacco and rubber, the
market offered almost 40 resistance to the
depression tactics.
London was reported to be willing to fol-
low an upward movement should New York
take the initiative. Failing to find encour-
agement in local prices, the foreign mar
ket relapsed into duilness and closed about
at the lowest point of the day.
The Anthracite Coal shares were selected
as the center of the attack made in the in
terest of lower prices.
The Reading issues were forced down in
the hope of incoming stop orders, and
thereby communicating weakness to the
general market. The fluctuations in this
group reflected fair volume of short sell
ing, and for time little resistance was
encountered. Toward the close of the
noon hour an attempt to cover New Jersey
Central developed a scarcity of stock and
prices throughout the coal group were tenn
porarily improved.
Efforts toward Improvement We're almost
Immediately abandoned, however, owing to
the sudden exposing of a new spot.
Metropolitan Traction shareholders ara
invited to attend a special meeting to be
held August for the purpose of author
izing a Sl5 100000 increase in the capital
stock, instead Of $10,OU0O00, as previously
supposed.
Two-thirds of the new stock is to be is
sued to stockholders at par and the remain
ing one-third remains in the treasury This
proposition was not satisfactory to early
purchasers who had paid 15S for the stock
In consequence of the disapproval, the vul-
nerability of the stock was speedily recog-
nZed. A professional attack followed dur
ing the progress. of which per cent was
subtracted from the best price of the day
The completeness of the undertaking very
naturally unsettled the entire list and gave
rise to new ventures in the interest of de-
preston. The Northern Pacific issues were
selected, among others, and yielded easily
Under the pressure of specula1 tive offerings.
The market had demonstrated very clearly
that it was in no mood to advance and 10
days decline followed as the only means of
forcing activity.
Should the public be attracted by the
lower prices a substantial rise should fol-
low, but that, above all else, the present
situation requires an outside demand.
Room traders had exhausted their buying
capacity, and, disappointed with results.
had sold rot only their own holdings, but
those OF others
The covering of short contracts may mo-
lnentarily give the market an upward turn,
but traders terms are brief
The final announcement of government
bond allotments will demonstrate whether
o. not Wall street is to get chance to in
vest the abundant surplus which failed to
find employment in that transaction.
The course of Spanish fours in advancing
and declining 1 per cent reflects the COM
pick peace emotions prevailing in that
country.