The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-07-21
IMPROVEMENT IN SPECULATION.
The Tone Was Better But TransHc-
tons Were Narrow and Profess

The Tone Was Better But TransOc-
lions Were Narrow and Profess
siOnaI.
New York. July 2O.-To-day's stock con-
tinucd narrow and professional to-day, but
there was an Improvement in the tone of
the speculation. In the late market a rath-
er active buying movement and ptices rose
TO the top level Of the day, gaining a point
or over as compared with last nights
prices in many cases.
There was an early reaction which was
encouraged by the violent slump of %
points in New York Air Brake and an ex-
treme drop OF . points in
Consolidated Gas. There seemed
10 be an absence of commi ss.on house
buying and London, all hough prices Of
Americans had been advanced there, re-
trained from operating here. The course
of the foreign exchange market with ref
erence to the easier money cond tons
abroad was closely watched and when
sight sterling ard cables were seen TO be
Yieldins, it AFFORDED considerable relief
from apprehension of gold exports. The
fact that the Bank of England refrained
from advancing its "a of discount was
taken as evidence that the threatened
money stringency is about over at that
point.
Money worked easier in New York, but
continued above the rates prevailing at
interior points. There was some growth of
a conviction that money was not to be
come cheap for a considerable period, yet
owing to the needs of the very active trade
and the coming movement of the crops.
The heavy increase of banking deposits at
some of the large financial centers of the
country are now understood TO be due to
the great combinations Of industries and
the resulting readjustments in business
methods which have it is believed, re-
duced resources at some smaller points in
some degree corresponding to the increase
at the great centers.
There was some continued uneasiness
also over evidences of unrest amongst
vase earners. The strength of the local
traction stocks helped 10 dissipate this
selling. Brooklyn Transit and Manhattan
gained about point net and cash sales
of Metropolitan were made at 3Si over last
night. This stock was sold ex-Tights Of
subscription to new stock at a Uniform
level of IS points below the cash sales.
| Consolidated Gas recovered all of its ear
lier loss and New York AT Brake all but
two points. The early strength was not
| held in some of the industrials, notably
| Continental Tobacco and the steel stocks.
| Pittsburg, Cincinnati Chicago and St.
| Louis was marked up five points on the
! June return OF earnings ana an upward
! movement in Chesapeake and Ohio. Missou-
ri Pacific and Cleveland, Cincinnati Chica-
go and ST. Louis, spread 10 other railroad
/ stocks. including the Grangers South
westerns New York Central Union Pa
ciic and Atchison preferred. The average
gain of these approxim mated pont
Chicago Great Western debentures lost
1s4 from the last sale Leather preferred
was in good demand The closing was dun
h11t HfaF 1T11l raf 1av
irregular Total sales 81 .233,00) United
States SIS coupon and the new As registered
declined i, while the Is advanced Is, and
the Old As coupon "a in the bid price
Total sales of stocks We're 232 500 shares,
including Atchison preferred, 10 975; Chi
cago, Burlington and Quincy, $780, Rock
Island 20 $50; Louisville and Nashville, g.
0SS; Manhattan, $3.50; Metropolitan eX-
rights, 1913; Northern Pacific, 6709; St.
Paul, 1880; American Tobacco. $500;
Brooklyn Rapid Transit, 26S5; Federal
Steel, G950; Sugar, 1888