The times., 1899-07-22
STOCKS GROW STRONGER
Confidence Continues to Improve
and Trading More Spirited.
Collapse of the Strike and n Firmer
Better Conditions New York
Transportation Shares Advance
The Market Closes Quiet hut Firm.

New York July 21.-Although the vol
ume of transactions was comparatively
light there was substantial improvement
in the undertone of today's stock market.
| Commission houses were more active and
| at the opening the e was more snap to
the trading than has been displayed dur
| ing the past ten days. Today's London
market reflected a decidedly better tone,
| due to the unchanged Bank of England
discount rate, and greater ease in the
private rate which declined to 8 3-S per
cent. With clearing political situation
abroad and the collapse of the labor strikes
here there was a tendency in London 20
| take hold of international stocks, and so the
opening for Americans was almost buoyant
in tone. Local speculative sentiment was
| bullish on the failure of the strikes and the
comparatively small losses that would be
sustained by the affected companies, an
| expected favorable bank statement, the
| ease of the foreign exchange market, and
| the gratifying crop reports, together with
| excellent railway returns. Call money
was comparatively easy, and bankers gem
orally expressed the opinion that while
! they expected somewhat higher rates they
did not look for any serious stringency in
movement was in progress. Estimates
based on tomorrow bank statement point
ed to substantial increase in surplus
reserves.
1t was estimated that London bought
| about $4,000 shares represented in the
general list, Louisville and Nashville ap-
parently being the favorites. few hun
dred shares of Denver and Rio Grande
preferred were sold on balance Fractional
1n6 In he antfy- tot
the opening. Metropolitan opened up
point, while Manhattan and Brooklyn Rapid
Transit were fractionally higher. Rock
Island led the grangers in strength, and
they were all bought moderately by COM
| mission houses and the West. An excel
lent crop outlook and expected June re-
turns in the form of earnings were respon-
sible for better feeling Trading was
fairly well distributed in the remainder
OF the list and several of the specialties
shared in the trend to higher prices.
American Tobacco, Steel and Wire, and
Rubber were the most active of the in
dustrials Early gains were sustained as
the morning advanced on what appeared
to be a small investment demand for the
grangers, although dealings gradually be-
came lighter and the market lapsed into
dullness Firmness prevailed among the
coal stocks, partially due to the favorable
SSiStS NSlIlei ltpOIl vi III
late trading the market was dull and
strong Brooklyn Rapid Transit led the
traction shares in point of strength and
what little activity prevailed. The gran
gers held their early gains and the senti-
ment of room traders was more bullish,
many of them working on the long side.
Demand sterling was lower at 4S7 t-2.
Call loans were made at 8 1-2G4 per cent.
President Gary, of the Federal Steel
Company said this afternoon that the
court having decided that no dividend on
the common stock can be declared or paid
Until the end of the year, the directors can
take no action in reference to the common
stock prior to January 1. 1900. Next Tues
day the directors will consider the ques-
| tion of adding a bylaw which will fix
| dates for the declaration of dividends. 1t
is possible, he believes, that the court will
modify the injunction and allow the Lre-
ferred dividend before the expiration of
the year. The close was dull and firm.