Evening star., 1899-07-19
FINANCE AND TRADE
Street Railway Strike Causes Stocks
to Be Neglected.
FEDERAL STEEL OFF TWO POINTS
Expected Activity in the Sugar and
Tobacco Stocks.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK. July 19-The better class
OF STOCKS, and by this classification mean
ing the investment issues of known yalue
were neglected in today's market as the re-
suit OF the deterrent influence Of purely
local conditions The strike along the lines
OF the street railways and the fear that the
undercurrent Of dissatisfaction might grow
into a considerable difficulty made BUYERS
extremely timid
The railroad list held well within a frnc-
ton of its opening level and liquidation
was not apparent. To the trade the mar
ket is logically one which should submit to
raids and depression. Good earnings come
and so and are followed a week later by
equally good exhibits, but the stocks con-
cerned do not advance. Consequently the
room argues that lower prices should fol-
low, and the idea of a calm and deliberate
survey of the field being substituted for a
retreat is not grasped by the small opCr-
ator for the decline.
A year ago the material now in the hands
of the professional trader would have been
used TO force concessions Of at least 10
per cent. Today the real owner OF stocks
refuses to be scared by the temporary
evils of the labor revolt, and stocks sold
are not SO readily regained. The refusal
to buy is entirely logical, because adverse
special list of securities in trouble with en-
ployes or stockholders may allow for
temporary decline elsewhere in sympathy.
The street is fully equal TO the task Of
taking all offerings of good stocks on
scale downward. There may be no i'm
mediate effort TO do so. however. II earn
ings increase and prices decrease the great
er the bargain created.
There was throughout the day we'll
grounded fear that the Metropolitan COM
pany might find itself involved in an awk-
ward strike, and this, il was conceded,
would force prices down somewhat. Com
mission houses of the shifty sort were in
clined to advise sales for turn during the
present period of doubt.
The Federal steel dividend was also a
factor during the day, the common stock
being strong and weak by turns. Early in
the day the injunction was said to be GER
tam OF dissolution, but later renewed
doubt was in evidence and a sharp attack
forced the price down = per cent from the
best level Of the morning.
American sugar and the tobacco stocks
show some indications of preparatory oper-
atoms looking toward greater activity.
These operations in their initial stages are
difficult of solution. but good judges are
confident that the wishes Of inside inter-
ests are to see higher rather than lower
prices.
The political situation in Europe seems
to be taking on more pacific tone, and IL
is probable that the Bank of EngianG's
rate of discount may not be disturbed.
Locally the money market has not reached
the state of ease which excludes il as a
factor, but bankers see no reason for any
concern on this point. The leaders of the
conhdent that at least one more genuine
Upward movement will be recorded before
prices are materially or permanently re-
duced.