The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-08-01
Estma1ICtHl.
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The Stock Market.

New York, July 31.-There were a
number of depressing influences brought
to bear on the stock market to-day and
prices opened lower, but later there
was rally and the close was strong.
Most conspicuous of the depressing in
huence was the reported outbreak of
yellow fever at Hampton, Va, Soldiers
home. The group of railroads liable to
suffer from the yellow fever epidemic
and the resulting guarantees have
been favorites in the recent speculation,
especially ON the part of London. A
setback to them, therefore, was calcu-
lated to have a far-reaching influence
in the general list. Louisville and
Nashville did, in fact open down / IA
and the Norfolk and Western stocks
Southern Railway and Cleveland and
Ohio were also depressed and fell be-
low Saturdays level all day, only fully
recovering IN the ate dealings. The ex-
hibit of the associated banks in the Sat
urday's statement also had some unfa-
vorable influence in the early dealings.
A decrease of nearly 10000 tons in the
east bound shipments of freight from
Chicago, as compared with last weeks
movement, had a rather hating effect
on railroads. The effect of these COM
bined influences was to turn the tide
of speculation at first from the rail-
roads into the industrials.
The stocks of Iron and Steel compa.
MES were quite largely bought, but the
earliest strength was confined to few
of them, Federal Steel, Tennessee Coal
~ nj W.T. . 40
being the exceptions to the early
strength. Later the entire group was
affected, gains ranging from to IL,
the latter Pressed Steel Car. American
Tin Plate, American Hoop. American
Car and Foundry and American Smelt
ing all shared in the movement. The
Tobacco stocks were strong and Peo-
Piles Gas moved upward on the declara
ton of the quarterly, dividend. There
was early depression in Sugar on re-
port Of additional competition in pros
pect and when this stock rallied
strongly Q 5-3 from the low point the
last evidence of weakness was dissipat-
ed. The strength and activity of rail-
road stocks was much augmented In
the late dealings, very heavy blocks be-
ing absorbed. There was continued
buying of Southern Pacific and Central
Pacific which gained about points
each. Northern Pacific, Union Pacific,
Atchison preferred and st. Louis and
San Francisco first preferred rose from
/ to points. The coalers were quite
strong throughout and Lackawanna
was conspicuous for an upward move
ment of 1-2 points. Pittsburg, Gin
cinnati Chicago and st. Louis rose 3
points. Sterling was notably weak, &C
tual rates dropping Id cent and the
posted rates 1-2 cent. There was an
abundance of commercial bills In the
market for future delivery against ex-
ports and the bankers sold short bills |
against these. This and the continued |
bidding for commercial paper on behalf |
OF outside capital tended to relieve an
xiety in the money question. There |
was considerable selling of the bonds |
of southwestern railways, which lost
something In prices. Otherwise bond |
prices were unchanged or higher. Total
sales, par value, s2,374,000. United
States twos and threes coupon advanc-
ed ID in the bid price.
MEN iORM srOCK " .fEh AT.