The times., 1899-07-19

New York, July 1S.-There was an alb
sence of speculative interest in to-
days stock market, which lapsed
into midsummer dullness. Bearish in
terests, which are not particularly
aggressive just now, were little ben
Gifted by the incidents in the fnan-
cial situation which favored them. on the
other hand, the adverse conditions were of
sufficient Importance to unsettle public
sentiment, thereby resulting in listlessness
and holding in check more extensive i'm
provements in prices that might have been
based on the favorable news received. The
monetary outlook improved a shade, and
was freely discussed throughout the day.
Conflicting opinions prevailed regarding
further gold exports to Europe. In some
quarters it was held that London, in view
of the money tension in that centre,
would have TO get gold from this country,
even if it had to pay liberal concessions.
Today there was an easier tone in the
London private discount rate, and demand
sterling here was a shade lower, at
4S1 5-S@3-4. Unless q smart premium is
paid by the importers in view of the quo
tations here, shipments this week among
foreign exchange houses are regarded as
i
all moved sharply in favor of London, and
1t was contended here that although there
was large supply OF gold in this coun-
try, rates would be held at figures suffi-
ciently high to limit exports. In the face
OF plentiful supply of money, however,
rates did not show noteworthy changes.
Call money at the banks was a trifie low
er at per cent, as compared with S-4
per cent on the stock exchange. Bank
arc lr1 INN lnH1 to
2G2 1-2 call rate for an indefinite period,
despite the fact that they say money is
beginning to move toward the centre in
increased supply. A per cent minimum
rate is regarded as likely for some time.
In view of the crop movement, the time
for which is not far distant the steady
expansion of this country's general busi-
ness, and the favorable condition of the
export trade, Europe will most likely have
TO make stiff concessions for required gold.
Among local traders a growing opinion
that the Brooklyn strike would be short
| lived led to sharp advance in Brooklyn
Rapid Transit-more than two points. The
| buying was by interests Identified with the
company and by bear traders who forced
the price upward in covering short con-
tracts. The improvement in the labor sit
uatlon was also reflected in American Tin
Plate and American Smelling which made
substantial gains. based on the expected
adjustment of labor difficulties in both
cases. Other labor troubles had a some
what depressing effect on sentiment and
helped make a heavy market. In the gen.
eral list London traded in about IL. 600
shares, selling 5000 shares on balance
The principal purchases were in Atchison
preferred, and the tone of the market was
slightly higher and strong. In the local
market St Paul led a fractional improve
ment in the granger shares attrihutad tn
its handsome statement of earnings A
reaction after the opening in the standard
shares was followed by recovery The
trading however, was OF a professional
| character and commission houses were not
conspicuous in the dealings. St Louis
Southwestern was not affected materially
by rumors relating to its future The
Southern stocks were firm. New York
| Central advanced l per cent on good buy
ing.
Sugar fluctuated between 155 1-2 and
157 Ia. American Tobacco and Contin-
entail Tobacco advanced ! Ia and 5-S
respectively. Federal Steel gained one
point Ali Brake sold at 223 and thereby
broke its high record An expected favor
able decision in its Westinghouse suit was
the reason advanced for the rise. In the
| afternoon trading, which was dull, Metro
politan sold at 221 81, recovering most Of
the loss caused by Strike" talk Brook
lyn Rapid Transit was firm at a slight re-
cession and Manhattan was steady, show
Ing very little net change from the day.
The foreign exchange market again re-
came firm and the rate for demand was
| quoted at 4S7 9-4, with some bankers re-
| fusing to sell at that rate. During the last
| hour the market was quiet, with traders
in control. Call-money loaned at per
cent. The close was dull but firm.