The times., 1899-07-12
STOCKS RECOVER LOSSES
A Pronounced Better Feeling in
Every Quarter of the Market.
Decided Strength of Gould Railroad
Shares Has n Generally Beneficial
Eject Sharp Advances Scored in
the Industrial Division-New York
Traction Stocks Dull and Weak.

New York, July 11.-A clearer compre
hension of the prospects of the money
market was the main influence in the
pronounced recovery in the stock market
today In addition to this there were
other encouraging circumstances in the
days situation. These were the Govern
ments report on the condition OF crops on
July l. the declaration of an increased
dividend upon Louisville and Nashville
stock, and the remarkable statement of
earnings submitted by the 81 Paul COM
pany for the first week of the fiscal year.
further circumstance which was not
without effect upon the general market
was the decided strength of the Gould
stocks, both Texas and Pacific and Mis-
souri, Pacific rising sharply The advance
in this quarter was believed to reflect
progress in the work of unifying the Sc
curities and management of the Gould
lines, an initial step in WHICH was the re-
cent conversion of the Texas and Pacific
seconds into Iron Mountain 4 per cents
In these days of great railway deals and
rumors of deals the suggestion of further
measures of consolidation and expansion
appeals powerfully to the speculative
imagination. 1t was worthy of note in
this regard that the advance in the Gould
shares was at once taken up by the Van
derbilt shares. Chesapeake and Ohio and
c. c. C. and St. L. being the leaders in
the days movements.
The market was quite active and was
also remarkably broad, fairly large deal
ings being noted in practically every quar-
ter. The really noteworthy reversal in tone
that the dealings showed in contrast with
those OF yesterday was clear disclosure
of the extent to which yesterdays ag-
gressive bear operations were responsible
for the declines then scored. The natural
and ordinary result of such a market as
yesterdays is transfers of securities from
weak to strong hands, and todays market
furnished evidences that considerable
progress had been made in this way Lon
don's influence in the market was again
unfavorable. though but little effective in
checking the days recoveries. The early
cabled advices showed general and pro-
nounced declines in London, consols drop
ping another half point, and on balance
foreign houses were again sellers in this
market. The weakness In the London mar
ket reflected however local uneasiness
only. the two disturbing factors being the
strained situation in the Transvaal and
the fears of higher discount rates
The bond market was also strong and
active. notably for the Iron Mountain and
| the other Southwestern issues. In the
| stock market the features. aside from those
already cited were Manhattan Railway
! Northern Pacific, Atchison preferred, and
the granger shares. In the last named
yesterdays declines were fully recovered
Louisville and Nashville and Southern
Railway were quiet and firm. There were
some sharp advances noted in the indus
trial division. conspicuous cases being
Federal Steel American Steel and Wire
Tennessee Coal and Iron, and Sugar Re-
| fning. The local transportation share!
1 apart from Manhattan, were comparativel!
dull, being apparently affected by the
efforts of the professional labor agitators
| to incite discomfort among the employees
Wall street still holds the opinion tha
the former derive their incentive in thi:
respect from the encouragement that tn,
| professional labor agitators receive from
professional bearish operators. Fortunatel!
there are reasons for believing that tn,
efforts and designs Of both parties vii
wholly miscarry. The close was stead!
at slight recessions from the days bes
| figures.