The times. [volume] (Washington [D.C.]) 1897-1901, 1899-07-27
A MARKET WITHOUT LIFE
The Financial Situation Puzzling
to Spectators. y
IA Strong Opening Followed by
General Selling Tendency-Grang-
err Shares Firm-Ncw York Trac-
ton Stocks Henyy-Thc Industrials
Neglected and SpeciaItics Weak.

New York, July 2e.-No news calculated
to change speculative sentiment appeared
/ today, and its absence was reflected in the
stock market, which ruled dull and unin-
teresting. \ number of railroad traffic re-
turns showed substantial increases in re-
cent gross earnings, but they failed to in
spire a renewal of interest among out
siders. The disposition was to await de-
velopments bearing on the financial situa-
ton, and this years crops at home and
abroad. Reports of railroad combinations
were not so plentiful as usual, and some OF
/ those promulgated recently continued to
lack the seal of official confirmation. There
was a hardening tendency TO the London
money market, private discount advancing
TO 8 1-2 per cent, consols displaying an
easier tone The foreign exchange mar
ket was steady here, but offers of futures
were on a basis that indicated no appre-
hension of a rise in rates to anywhere near
the gold shipping point Considerable ac-
tiVity was reported in time money, and
Chicago banks were said TO be experiencing
an unusual demand for mercantile loans
from this centre. Bankers here said there
was no scarcity of funds, and the large
gains of the subtreasury from the New
nificance, inasmuch as they reflect normal
conditions peculiar to the time OF the year
and the month.
The stock market opened strong, but
later traders were disposed to sell stocks
on the belief that the dullness would re-
suit in sagging prices. Comparatively few
stocks were dealt in during the morning
and the waiting policy soon extended TO
professional traders. The st. Louis South
7 80
absorption by the Rock Island of the
Chicago and East Illinois. This brought
forth a denial from the Gould interest.
Peoples Gas gained point on reports that
the company would acquire control of the
Ogden Gas Company. General Electric adj
vanced 1-2 points on talk of an increased
dividend. Consolidated Gas recovered 2
points on covering and rumors of deter
mination TO resort to the courts in order
to settle the war. but subsequently it lost
ground New York Central yielded under
the pressure of light realizing sales. The
( grangers were firm, but without feature.
The traction shares were dull and at times
inclined to heaviness. Neglect was general
in the Industrial quarters. London trad
ing was unimportant, that centre dealing
in less than 5000 shares, and the market
closing heavy.
In the afternoon trading there was
sharp decline in American Malt preferred
and common, and IL points respective
I ly. Threatened litigation by a stakeholder
in order TO obtain an expert examination
of the books with attempts at liquidation
produced the decline. AT the office of the
company it was said the stakeholder in
question was free to examine the books
in person at any time. The tone OF the
general list became rather heavy on the
weakness displayed by the specialties, but
the transactions were in very restricted
volume. Call money loaned at 1-2@4
per cent. On moderate selling the market
declined in the late trading. The close
was heavy and generally at the low figures
of the day.