The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-05
Yrxlxc1At AND Co,rurRclAL.
THURSDAY. Aug. 4

THURSDAY, Aug, 4.
Tho considerations which apparently APP
pehled to the purchasers OF securities In to-
days stock market were essentially the same
us those which we're effective yesterday, name
". the more assured prospects for IN early set
Element OF the Spanish war. the further prog
Fess toward safety Of tho growing crops, and
the pronounced ease In the money market.
specifically. the first influence received the
largest amount Of attention In general discus
sion. but tho course OF the bond market on the
Stock Exchange. and OF tho equally siR-
nincnnt outside Investment market. would
scom to prove that technical; investment and
money market conditions were tho actually
effective forces In tho days situation. Tho
transactions In bonds attained the exceedingly
iarge total IN pnr value OF S7,5O0,000. and tho
dealings In stocks were upon about yesterdays
level Of activity. A significant feature In tho
latter division OF the market. however. was tho
further evident shifting OF interest from tho
heretofore dominant Industrial group into
the railway list, and tho indications went to
provo the truth OF the suggestion adj
vnnced In this column this morning
that In addition TO the growing out
side interest in the market certain powerful
speculative interests had turned their attention
from the first to the second class OF securities.
While retaining n large measure OF their re-
cent activity. the Industrial stocks, almost
without exception. scored net losses on the day.
which In some cases attained noteworthy pro-
portions. while on the other hand the railway
list was buoyant. and the exceptions TO the ad-
vancing tendency in that division were few and
Insignificant
As was the case yesterday. the operations for
foreign account in the market were in no wise
responsible for It's general strength; on the
contrary. tho early cabled advices showed the
London market for American stocks quoted at
fractional, but general rccessions, and over
10000 shares OF various stocks and n large
amount Of bonds were sold In this market for
foreign account. The unfavorable disposition
OF the foreign orders. however. seemed to be
entirely due to apprehcnsions in regard to
the effect upon the London money market
Of the prospective gold shipments to New
York. and doubtless so far as lies in their
power European financial interests will con-
tinuo their last years policy OF suggesting to
their clients the liquidation Of American invest
ments as a mcans Of averting greater stringency
In the money markets abroad. With the course
OF the day the evident liquidation and resultant
weakness in tho Industrial stocks caused frac-
tional rccessions in the railway list. but to-
ward the close OF business the general market
r~eGalned its buoynnt tone, and the close was
very strong. with a number OF stocks quoted at
the highe st level OF the day.
The leader Of tho railway list in respect OF
activity was Burlington and Quincy. which was
followed in the order named by st. Paul. Rock
Island and Union Pacific preferred. These
stocks closed at net advances on the days deal
ings extending from "a to IL per cent. The Bur-
lington and Quincy's statement for Juno. which
is printed elsewhere in this column. was n de-
cided disappointment to the bcarish room
traders. who had been basing their ventures in
the stock on recently circulated exaggerated
reports in regard to the extent OF the months
decrease in net earnings. The Rock Islands
for the same period was also an excel
lent showing. and these statements of earnings.
together with others published to-day. were
about the only developments bearing directly
upon the railway list. Aside from the evident
transfer of speculative interest noted. there was
nothing otherwise to account forthe rcactionary
tendency Of the Industrial group. Sugar Re-
ilninR, which was the leader there in respect OF
activity. also scored tho greatest net loss on the
day. namely, pa q cent. The decline in this
instance was accelerated by the execution OF
orders. and the rapidity of the de-
clines in other stocks OF the same class sug-
Gested that similar technical circumstances
were operative in their cases also.