The times. [volume] (Richmond, Va.) 1890-1903, 1898-07-17
AN UNEVENTFUL
STOCK MARKET.
Outside interest Seems to Be Devoted
10 Other Matters.
ORDERSWERE OF SMALL VOLUME
Bears Took Advantage of Absence OF
Buying Demand TO Attack the Mar
KETTLE Bank Statement Seems
Hard TO Analyze.

NEW YORK. July 16.-Wan street ap-
parcnuy remained unconvincod to-day
that values Of securities had been IN
creased hy the capitul0tion Of santiago,
and prices stubbOrnly refused 10 advance
in face OK that event The upward ten
ocucy Of Americans In London was view
cd with apathy, and the few advances
az the opening here were not up 70 tne
London parity. The accumulated orders
iu commission houses were OF very small
volume the outside public being appd-
rently taken up with other interests thah
speculation in stocks. The bears were
confident and aggressive. and were
pfompt % take advantage OF the aD-
sence OF buying demand 10 attack lho
market.
There seems no pending development in
the war situation 90 require caution on
the part OF the shorts. The bank state
ment is not readily andlyZed. Inc ue-
crease in cash OF $iQi99Vn Is practically
al accounted for by the ans or lne SUD
Treasury during The week on account
OF The bond subscriptions. Inc Govern"
mcuts gain on this account ls not re-
nected ln the deposit average IN we
banks. as was the case last week. me
Joan expansion is considerably curtaucd,
but stu reflects good business Inc
legal reserve requirement ls very NIUE
changed by reason OF the small decrease
in deposits. so that the decline I'M casn
is almost all reflected ia the decrease Oh
surplus.
conspicuous pressure of money seeking
investment as "a result probably OF tht
certainty that the Government loan
dcrs. thus releasing funds held against
bids made for larger amounts. Inc move
ment was most conspicuous in what are
called speculative bonds. the present hlsh
prices OF well-seCured bonds being almost
prohibltive. OF the speculative bonds one
class is made up OF securities OF bank
rupt roads with a reorganization in pros
poet and an exchange or existing securl-
Goo Nr.f.H frEIr Ha
OF newly organized roads stl held by
large underwriting syndicates who nave
not realized ON them, ana presu mdoly,
therefore not found their true price level
Another is the socalled income and adj
fuFtment bonds. the amount Of the pay
mcnt upon which Us contingent upon earn
ings. AN three of these classes have been
largely dealt in during the week, the
total par value OF sales each day rum
Ming nearly $4,000 900 600. and not falling
below 100000 600 until Friday. The At
Gibson issues have been most conspicuous.
and the demand for the adjustment bonds
has overlooked 90 the preferred stock,
the claims OF which earnings comes next.
The new United States As. coupon. gained
j. and new as. registered. y and the
old as. registered. u ia the bid price.
MONEY AND ENCHANGE.-Money on
call steady a. u per cent, prime mer-
camille paper 34H4 per cent. STERLING
exchange steady. with actual business pm
bankers bills at 4sJH0ieB for demand
and az 4S4is0ist4 for sixty days; posted
rates. 4s5NG4ST: commercial bills. 4S3lt
1881, Silver certificates, 59uj9ia; bar sil-
YER 59iS. Mexican dollars. 4Jss State
bonds dull; railroad bonds steady; Gov
eminent bonds steady.
RANK STATEMENT - The weekly
bank statement shows the following
changes: -
gr~rige reserve decreased. ......s3g go 40
Loans increased ................ CTS 200
Specie decreased ........... 49,. 3,732,3OO
LEGAL tenders decreased ........ 81 coo
Deposits decreased ...+......... 2Sl1OO
Circulation decreased ........... 81 600
The banks now hold $40 1853 S25 I'm eX-
cess Of the requirements OF the - per
cent. rule.