The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-07-18

s,ec,aI Correspondence OF Intelllgencer.
NEW YORK. July 16.-we have had
another week OF dullness in Wall street.
Al the moment, the elements OF a really
active market do not appear to exist.
This is one OF the month0 OF recreation;
and although comparatively few are in-
dulging European travel, The summer
hotels are full of visitors. Including an
unusual representation OF the financial
class. The operators in stocks appear
10 have reached the conclusion that at
Ter such an excited market as we have
had during recent monthn, a reaction OF
quiet was TO be expected. They have
reasoned that the army campaign is not
likely to reach any additional victories
during the hot months, but may be rea-
sonably expected to eliminate in an
early peace. Thus the expectation has
become general that, as the military
campaign and the Wall street movement
run on parallel lines, we may not expect
any boUyant activity IN either for the
next few weeks.
n is mainly for these REASONS that the
large July interest and dividend dis
bursements have had no marked effect
upon the market. This source OF REIN
Vestment might have been made the
occasion for a rise In prices had a few
strong operators chosen to turn II to ac-
count; but that class Of spectators
seem to be stili out oft ne market and
hoping for lower range Of prices. New
ertheipgs, there has been, during the
week, an important investment demand
from this source, which has fallen maln-
iy upon the gilt edge dividend paying
stocks and railroad bonds. In the lat
Ter the transactions have been conspic-
uousiy large, with the result OF gem
eral advance in prices. In. anticipation
OF the government loan, holders Of rail-
road bonds sold out freely, with the in
tentlon OF reinvesting In the'new bonds;
and now that they see the government
issues divided between the popular sub
scrlptlcns and the financial institutions,
they have had to repurchase the class
OF securities with which they had part
ed. This has some signihcance for the
future OF stocks; for n risefih. corporate
bonds Is always. conducive TO higher
prices in the share market.
While the stock market Is compara-,
lively stugnant and speculation Is life
less, there is no abatement OF It's In
trinsic strength. Stocks are well held,
and holders appear contidentin a higher
range OF prices when the summer alb
sentees return and the war has entered
on the peace phase.
The latter condition may easily prove
TO be much nearer than'ls now generally
supposed The surrender of the Spanish
army at Santiago and Its transportation
home by American vessels Is most sig
nihcant event. 1t Is a humiliation 10
Spain which tells more plainly than
words can the weakness OF her hold on
Cuba and her despair OF military sue
cess, She consents to the withdrawal OF
the Santiago soldiers which she had
counted upon for the defense Of the ISL
and and the fual struggle at Havana.
She enables us to utilize all her arm1-
ments at Santiago and saves us from the
loss OF men and arms which might have
resulted from our having to take that
position by force. She at the same time
fatally weakens herself and saves and
strengthens our fighting resources. She
does this In spite OF the protests OF Gem
eral Blanco and OF her troops. and not
withstandlng the danger of raising seri-
Gus political troubles In Spain. a sur
render under such conditions admits OF
hut one possible construction. II means
that official Spain. which knows the ac-
tuaI condition and numbers Of the army
has no hope whatever of succeeding in
this struggle, and after an Imposing
show OF national pride. is at last yield
ing 10 humane consideration for her un-
doubtedly brave soldiers. This cannot
be regarded as anything less than a
first and also long step towards peace
AS between the Spanish government
and the Spanish people, 1t Is bold eX-
pertinent. A few hours will show how
this step IL received by the dissenting
politicians and the people OF Spain. II
the government is sustained by popular
approval, this first step may be soon
followed by further advances towards
the pacific issue which this surrender SO
plainly foreshadows. n the Spanish adj
mlnlstratIon Is overthrown and a war
government succeeds 1t, then-a-revolu-
tionnry confusion may result which Will
make Spain's case more hopeless than
ever though Il might momentarily post
pone the possibility Of ending the war
In any case. the surrender at Santiago
means a large progress towards peace;
though It is possible that political con-
fusion or the infatuation OF military
leaders may involve n clinging to Ha-
vana until tho senson admits OF our
troops besIeging that last stronghold.
HENRY CLEWS.