The times., 1899-07-29

New York, July 2S.-Today, for the first
tine in rather long interval, there was
active speculation in the stock market.
There was snap and strength in the open
ing trading, and as the morning advanced
the tone perceptibly broadened, extending
from the leading railroad shares to the
specialties, and then TO the industrials,
which shared in the improvement noted
throughout the list. Commission houses
were better buyers than for several weeks,
and the bullish sentiment was quite pro-
nounced. A number of incidents contrib
uted TO the better feeling which resulted
in the higher level of prices. There was an
easier tone in the monetary situation, both
hererand abroad. The London market for
Americans was active and buoyant, led
by Louisville and Nashville, which was 4
prime favorite and scored a substantial
gain. The foreign exchange market here
was decidedly easier, displaying weakness
all along the line and indicating that the
market has probably turned for the sea-
son. Time money was a shade firmer, but
the demand was of a character that re-
feeted no apprehensions concerning the
future. Favorable weather in those see
tions of the West that have been COM
planning OF drought added an excellent
color 10 crop prospects. Reports OF rail-
road earnings continued TO show large in
creases, and there were no Developments
in the transportations that caused Wall
Street to look for a setback in the imme-
diate future. Phenomenal activity of the
iron and steel industry, with tendency
to higher prices; the report that anthra-
cite companies will advance the price of
coal on August l, no apprehension of an
unfayorable bank statement, and trade re-
ports of uniformly gratifying character,
all combined to increase the bullish senti-
ment.
The London market opened firm and be-
came strong, with the Atchisons and Wa
bash preferred the features. Louisville.
St Paul Union Pacific preferred, and
Baltimore and Ohio preferred We're higher,
while there was Continental buying of the
Pacific issues. For the day London bought
about 10000 shares, consisting largely Of
Louisville and Nashville Substantial
gains in railway shares were made in the
local market at the opening. Louisville
and Nashville gained is. as compared
with last nights closing and was one of
the market leaders during the day. ow-
ing to the coalers there was more activity
than has been ncted in long time. Della
ware, Lackawanna and Western opened at
a gain of one point, and Immediately ad-
vanced three points higher. Jersey Cen
ing issues also made handsome gains.
There was active buying OF the grangers,
which induced short covering, and led by
Burlington and Quincy they made rapid
progress to higher level. The industrials
soon shared in the activity as the market
broadened, and the Tobacco shares, nota-
bly, American Tobacco. and Sugar ad-
vanced rapidly. Traction shares were SYM
patheticaIly more active and higher, led by
urhf oh n
good advance. Among the specialties
General Electric. Laclede Gas, and Con-
solidated Gas were also strong at improved
prices.
The feature OF the early afternoon trad
ing was the advance in the Pacific stocks
due 10 talk of increased earnings and buying
by room traders. Louisville and Nash
vile and American Tobacco were notably
active and strong, as was Brooklyn Rapid
Transit which advanced two and one-quar-
ter points on liberal purchases. Consoli-
dated Gas on light trading had rise OF fom
points. Trading decreased in volume, but
strength was reflected during a period OF
dullness and reaction.
The foreign exchange market was weaker
and rates were about three-eighths below
last nights close. Demand sterling was
4s7 As bearing on the bank statement
tomorrow the known movements of money
indicate a net loss in cash 10 the banks Of
81, ,SO4, ,4I3 on all accounts. The direct ex-
press interior movement shows a gain OF
$S365s7 but the subtreasury, owing to
customs and internal revenue payments, re-
ceived from the banks 1854, 600 more than
IL paid out. 1t is probable that loans have
increased during the week. Call money was
quoted at 3 12 10 3-4 per cent. In the
late trading the market became quiet and
dull. The close was strong.