The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-08-18
THE MARKETS.
Wall Street Review,

New York, Aug, 1.-THE stock mar
kct showed greatly increased activity
and strength today. The strength was
somewhat better diffused than has re-
Gently been the case, but the heaviest
demand was still confined to a small
number of stocks The majority OF the
industrial stocks were listless and
heavy. This was notably the case
with the iron and steel stocks, except
for Tennessee Coal which has regained
two points of it's decline. The bears
were disposed to continue the contest
early in the day and handled the to-
bacco stocks and sugar rather severe
ly, but in these the bear campaign
showed convincing evidence of eN-
haustion before the day was over. Su-
gar ruled above last nights level dur
ing the latter part of the day and
closed with n net gain of Ia Ameri-
can tobacco retrieved it's earlier losses
and Brooklyn Rapid Transit though
rather feverish at times, was higher
all day. The characteristic movement
of the day was in the railroads. The
southern group and the Southern and
Central Pacific stocks continued to be
the centre of strength with some ad-
ditions to the former group over these
which moved upwards yesterday.
Louisville was the leader and rose at
one time nearly three points, its close
being a small fraction below that.
Southern Railway preferred continued
strong but c. & o. Jagged. The Balti-
more & Ohio stocks came vigorously
forward into the movement, the COM
mon rising an extreme 3 points and the
preferred 2la with subsequent fraction
al reaction. Norfolk & Western pre-
ferred and Mobile e. Ohio also shared
in the strength. The buying of South
ern Pacific was very large and evil
IDENTIFY by a powerful concerted move
ment. The stock rose 21a points. There
was an isolated movement in the Pitts
burg G, c. & st. Louis stocks, the pre-
ferred rising S points to par with
subsequent reaction of 2la. the common
rising Ia ana losing the fraction.
Railroad stocks generally are higher
the gains reaching a point in only
few cases. The Changers. Atchison
preferred and Pennsylvania We're con-
spicuous. Northwestern gained pa.
The leading cause Of the more cheer
full feeling regarding the values of Sc
curitiCs was the easier condition of
the London money market as disclosed
ny the weekly statement Ol llc DillN
of England. The rate for money fell
appreciably in London today but still
rules above the bank rate. The bank
continued to buy gold today and to
import it from Germany and the pro-
bability is that If the private discount
rate should fall below the bank rate
that institution would again borrow
from the market in order to stitfen
rates. But the sentimental effect on
the New York stock market was very
marked as increased confidence was
felt that gold might be withdrawn
from London to New York in case of
higher rate here without upsettinG
the foreign stock markets. The large
Increase in St. Paul's earnings for the
second week in August in spite of the
falling off in the grain movement, was
an encouraging factor, Total sales
COZ, 100. The bond market did not
share in the increased activity OF
stocks and changes were small and
mixed. Total sales par value I,9+7,-
900. United States old As advanced
Il and the 5s s in the price.
Quotations furnished by CARRINGTON
& CUSACK, stock and bond brokers.
rooms 4l0 and Ill Connell building, Scrah-