The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-08-01
THE MARKETS.


New York, July 31.-There were a
number of depressing influences
brought to bear on the stock market
today and prices opened lower but lat
er there was rally and the close was
strong. Most conspicuous OF the de-
pressing influences was the reported
outbreak of yellow fever at the Hamp-
ton, Va. soldiers home. The group of
railroads liable to suffer from yellow
fever epidemic and the resulting quar-
antines have been favorites in the re-
cent speculation, especially on the part
of London a set back to them there
fore, was calculated to have q far
reaching influence in the general list.
Louisville & Nashville did in fact open
down IL IA and the Norfolk Il Wes-
tern stocks, southern railway and
Chesapeake e. Ohio were also depressed
and ruled below Saturdays level all
day, only fully recovering in the late
dealings. The exhibit of the associat-
ed banks in the Saturdays statement
also had some unfavorable influence In
the early dealings. A decrease of near
ly 1900 tons in the eastbound ship
ments of freight from Chicago, as com
pared with last weeks movement, had
"a rather halting effect on railroads.
The effect of these combined influences
was to turn the tide of speculation at
first from the railroads into the indus
trials The stocks of iron and steel
companies were quite largely bought.
but the earliest strength was confined
to a few of them, Federal Steel, Ten
nessec Coal, Steel q Wire and Ameri-
can Smelling being the exceptions to
the early strength. Later the entire
group was effected, gains ranging from
l to 21lA, the latter Pressed Steel car.
American Tinplate, American Hoop,
American Car and Foundry, and Amer
lean Smelling all shared in the move
ment. The tobacco stocks were strong
and Peoples Gas moved upward on the
declaration of the quarterly dividend.
There was early depression in sugar on
a report of additional competition in
prospect and when this stock rallied
strongly 2hs from the low point, the
last evidence of weakness was dissi-
pated. The strength and activity of
railroad stocks was much augmented
in the late dealings, very heavy blocks
being absorbed There was continued
buying of Southern Pacific and Cen
trail Pacific, which gained about .
points each. Northern Pacific, Union
Pacific, Atchison preferred and st.
Louis 6; San Francisco first preferred
rose from l to points. The coalers
| were quite strong throughout and
| Lackawanna was conspicuous for an
| upward movement of 61a points. Pitts
| hurg s and st. Louis rose 3 points.
| Sterling exchange was notably weak.
| actual rates dropping u and the posted
| rates y cents There was an abun-
dance of commercial bills in the mar
ket for future delivery against exports
and the bankers sold short bills against
these. This and the continued bidding
for commercial paper on behalf Of out
side capital tended to relieve anxiety
on the money question. Total sales
| 562,970. There was considerable selling
of the bonds Of southwestern railways
which lost something in prices. Other
wise bond prices were unchanged or
higher. Total sales par value S2,374,-
600. L. S. 2s and IS coupon advanced
4 in the bid price.
Quotations furnished by CARRINGTON
CUSACK, stock and bond brokers.
| rooms 41O and III COnnell building, SCran-