The times. [volume] (Richmond, Va.) 1890-1903, 1898-07-23
SMALL TRADERS
CONTROL MARKET
They Deal Almost ENTIRELY in Indus
trial SpeciaIties.
MAY BE INTERPRETED TWO WAYS
zne Dulness May BE Caused by the
DlslncIination 10 Buy or Unwilling
neSs to Sell-Syndicatcs Pre-
pairing for Cuban Ventures.

NEW YORK. July 22.-The stock mar
kcf continued in fhc hands OF small room
traders to-day who dealt almost entirely
iu industrial specialtes. They advanced
the prices Of these early, and thus held
up the standard railroad stocks. Rcaliz-
Ing in tho specialtics later IN tho day
caused sympathetic decline IN the rail-
roads carrying prices tn many cases
slightly below yesterdays close. Except
where stocks were Influenced by indi-
Vidual causes. The total range OF prices
were narrow and without significance.
The duilness may quito equally be inter
pretcd as indicating "a Discrimination TO
buy az the present level or as an unwiii-
ingncas 90 SELL The future ~ the inter-
national trade situation IS still so OBJ
scurc that spectators are not ready 10
commit themselves There we're evidences
OF "a pressure OF funds seeking invest
ment. bat they manifested themselves in
bonds rather than in stocks. The large
demand for The new Government Is.
which were traded in on the Stock TX
change when issued had a favorable
sympa thetic effect am through the mar
kct This bond sold 20 104ts. tho last sale
being at That figure. Bids were FOR small
bonds. as well as for fun share lots Of
81 600 The advance in other Government
bonds was called sympathetic. The adj
Vantagcs Of the new issue for purposes
of circulation make a keen demand for
them from tho banks. though the present
and prospective rhcHUncss NJ money tends
90 diminish their value for this purpose.
Railroad MORTGAGES were absorbed on a
large scale to-day The well-sccurcd
bonds OF re0reanizod roads. whose value
under reorganization has not been clearly
fixed. were the favorites. There was also
demand for the more speculative issues
NJ the roads stil 90 be reorganiZed. or
whose payments of interest are contin-
gent upon earnings
The plcntifude Of money also found re-
Election in Wall street I'm talk Of syndi-
Gates preparing for financial ventures In
Eastern cuba. Time loans were made for
elk months at the rate Of 3 per cent, and
sterling exchange continued heavy under
Offering of grain bills. London also
bought stocks here. in spite Of "a stiffcn-
lnC NJ fhe London discount rate in sym
pafhy with the fan FOO London exchange
mere. Dry goods imports al New York.
ON tho other hand. for The week rose
above those for the corresponding period
of last year some S7142Sl and above last
week some SHO5o32. Coupled with the
decline BOO the exports from New York
for the week under those Of last week
az 81 fOl 49, these figures are rather sig
nidc9nt of The trend OF the International
trade situation.
Total sales OF railroad bonds. par value.
81 6f5UO. United States 2.s advanced /,
the new As registered q, the old as reg
istered and the new I S coupon e. and
the 5s coupon . in the bid price.
MbNfl ANll ~. iiANFt money on
can steady at RAN per cent; last loan
az 1is per cent. prime mercantile paper,
3ls44 per ceuf. Sterling exchange easy
with actual business iu bankers bills al
4SIL 0fS5i2 for demand and az 4Sf04sf4
for sixty days, posted rates fSjd4S6l3,
commercial bills 4sH,. Silver certificates,
a9i 1f0it. bar silver $3.50 Mexican dol
Jars. 49, Government bonds strong.
BANK CLEARINGS-The total bank
C'earings for the week in the United
States were Sl.1j2 $50 6j3-per cent. i'm
crease. $50. exclusive of New York Sf76,-
O3l. JHo-Uor cent. increase. 30
a-rnnL- nrrrDl.A ~ -lArc