Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-07-20
FINANCE AND TRADE
Restless Short Interest Caused a Sigh,
Advance.
TEE LARGE DEMAND FOR BONDS
No Permanently Organized Interes.
Favors Low Prices.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK, July aO.-Peace negotiations
at Madrid had d beneficial influence on
London prices this morning. and brought
foreign houses forward as moderate pur-
chssers of stocks. Opening prices on this
side were given over to some irreglIlari.y.
however, the demand being of the same
professional character as that previously
noted.
Railroad issues were neglected or re,e-
gated to positions of secondary import
arce. Activity centered I'm the Industrial
department., an advance of substantial pro-
portions following an energetic move
against the short Interest
Metropolitan Traction was opened as low
as possible, but encountered a prompt de-
mand which forced the price up ga per
cent from the low level. The proposed in
crease in capitalization is evidently to be
deprived of its natural influence. on the
price by experienced manipulation. The
eQuipping of the property with thoroughly
modern electrical appliances Is relied upon
to insure satisfactory earnings on the new
capitalization, and the much discussed ad-
vance IN the price is thought to he post
poned merely, not abandoned. However
this may be, some liquidation has undoubt-
edly assisted in making the lower prices of
American Tobacco advanced IT, per cent
under d Sood demand from sources gener-
ally relied upon to make the most OF this
company prosperity. During recent pc
RODS of dulness and tendency toward
lower prices this property has been accord
ed exceptionally fine support and IN, pre-
sumption follows that once the general
market becomes harmonious a new high
level will be established Rubber Leather
end Sugar were relatively active apd all re-
hected an improved demand and 'subsian-
tally higher prices.
There was little in the days news OF
a distinctly favorable character. and a
restless short interest may be safely cred
TIED with supplying the real incentive TO
Inc advance. Fractional advances in the
railway list were recorded but the trad
ing in this department was more or less
peTfunctory in character Conditions in
the agrlJ ultural districts are uniformly IA
vorahle and once the growing crops are
safe there can be little doubt of renewed
and profitable activity
A narrow volume of business is 80 DE
contended with for time and relief from
inns condition will lift the one depressing
Influence now operative. Tho speculative
demand for bonds now continues on a
large scale, prices ruling at fractional ad-
fanceS In consequence. The advance in
the new war loan government issue 20
lG5 3-s for round amounts reflects H. some
degree the general tendency Of frst-ciass
Investment bonds.
There is no permanently organized inter-
est favortng lower prices Declines for
turn are the most that the professional
element will concede as being likely Vel
low fever advices from Florida and Cuba
most unconhrmed, were again circulated
but there Is little time wasted on these
rumors. There is too much that Is good in
the financial prospect to admit of its being
counteracted by one adverse influence.