The times., 1899-07-25
STOCKS INCLINED TO sag
Traders Await Developments in the
Monetary Situation.
The Market Opens With Prices
Shaded From Saturdays Figures
New York Traction shares Follow
the General Trend-The GranGers
Firm-Business Light in Volume.

New York, July 2i.-Dullness and I'M
certainty prevailed in the stock market
today. The better feeling noticeable last
week was displaced to some extent by
disposition to await developments in the
monetary situation. But there was no
pressure TO sell stocks, and at Lond5n
there was a tendency TO view American
shares favorably and follow the trend of
prices. AS the local market displayed
sagging tendency, however, it was reflect
ed abroad, where final quotations were a
shade under the opening figures, with
sales reaching total OF less than 5000
shares. Here there was an absence OF
news bearing on the situation. Bear
traders found it impossible to make capi-
tai out of the Cleveland labor difficult
ties and the Saturday bank statement,
which they did not view in a particu arly
favorable light. Crop and railroad re-
ports continued to help give a strong un-
dertone to the trade situation. London
discount had further decline today, and
consols were slightly lower at the open
ing. The outlook abroad is interesting
in view of its relation to this market.
With trade expanding wonderfully in
Great Britain, Germany, and America
there will naturally be a greater demand
for money this autumn than inI1S9S. The
trade balance for this country, while prob
ably not so great as last year. will never
tbeiess be represented by very heavy fig
ures in the next few months In tlat
event London must offer a rate of discount
high enough to induce American banks
to hold balances there or accept the other
n pf
try. 1t is pointed out that the Bank OF
England may have to advance its dis
count rate at an early date. Last year.
in October, the Bank of England rate was
per cent, that of the Bank of Germany
was per cent, and this year much more
money will be required than in 1885,
The market opened slightly lower with
the exception of traction shares, which.
however soon became heavy in sympathy
with the remainder of the list. Consoli-
dated Gas, on rumors of a decreased divl-
dend and no sign of peace declaration in
the gas war, yielded almost three points
and later recovered point. Sugar lost
point, which it subsequently partially re-
covered. The granger group was firm and
fractionally higher with crop news becom-
ing somewhat conflicting later in the day
Among the specialties, Panhandle, St Louis
southwestern, and General Electric were
seons oh inouerdie gains. traders made an
Intellectual attempt to force prices down
but as no outside selling pressure resulted
a rally set in. New York Central while
not Influenced by rumors based on future
relations, was decidedly firm. Money
loaned at 1-2 per cent. Foreign exchange
was quiet and steady. The late trading.
which was extremely restricted in volume,
was without incident. New York Centra,
sold at the highest point of the day on light
buying. In the last half hour New York
Central became the market leader advanc-
ing on good buying, due to expectations OF
very fine earnings, and closing at the best
prices of the daY. The Close Was sfrnnp