The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-07-18

transactions of the Day Featureless.
Strikes Eject Value of stocks.


Strikes Eject Value of stocks.
New York July 1.-THE stock market
to-day was an aimless and insignificant
affair. except so far as the dulness and
neglect were significant of the doubt felt
in many minds over the money outlook,
Operations were steadily confined 20 pro-
fessional manipulation by the room trad
ers. This kind of trading resulted in only
trivial net changes, most of which were
on the side Of losses.
The range of prices was quite wide dur
ing the day. many stocks at one time
rising a shade over Saturday, and then
dropping from l to 2 points. The latter
portion of the day was devoted TO a desul-
tory covering movement, which reclaimed
most of the cary losses. Even Brooklyn
Transit which was the center of the days
weakness, recovered to within Is of Satur-
days close, but yielded SHARPLY TO bear
pressure in the final dealings.
Labor troubles played a large part in
the days market Brooklyn Transit be-
ing most conspicuously affected by rea-
son of the strike amongst its employees.
The stocks opened off rs and Manhattan
and Metropolitan Street Railway Were
keenly affected in sympathy, the former
losing IA and the latter points. Brook
lyn Transit was very vigorously support
ed by inside interests and quickly rallied
a point, giving the short interests. which
is supposed to be large, small opportunity
to cover. Later the stock fell an extreme
pa when the news came that the street
railway strike in Cleveland had been re-
newed as it was feared this might pre-
sage a general sympathetic strike. Peo-
Pies Gas and Federal Steel, as being
Flower specialtes. were depressed in sym
pathy with the Brooklyn stocks, Federal
Steel dropping an extreme 134. New York
Air Brake also broke Y points, and after
vibrating wildly scored full recovery.
American Smelling moved upward on the
decision of the Colorado Supreme Court
against the consttutionality Of the states
eght-hour law, the conflicting interpreta-
tons of which led to the smelters' strike.
Tin Plate moved up on the wage scale
agreement and the advance in the price
of the product. The late weakness of
Brooklyn Rapid Transit and a break in
Sugar of nearly 2 points brought the most
active selling movement of the day, when
net declines reached a point in a number
of cases, including the Changers and Atch-
ison preferred and in New York Central
reached 1Ss.
The failure of cali money to weaken in
spite of Saturdays favorable bank state
ment caused uueasiness regarding the fu-
ture. Most of che days loans were made
at AZ per cent. and the rate weakened 10
per cent. only after most of the demand
mad been satisfied. RumOEs of financial
difficulties in London caused doubt and
hesitation in all the worlds great stock
markets. The private discount rate rose
to 3s4 per cent, and demand sterling and
cables here advanced &c There were
very persistent rumors that gold would
go from New York this week. Transac-
tons in the local stock market for Lon
don account were, however, insignificant.
The absence of any announcement of a
gold shipment by tomorrow steamer was
a factor in the late recovery of the mar
Eet, which brought prices generally back
to near Saturdays close.
The market for bonds was dun and
heavy, in sympathy with stocks. Tolal
sales, $1.65O,OOO.
United States IS advanced u and the
old As, registered, a in the bid price.
The total sales of stocks to-day were
}S7 100 shares, including Atchison prefer
red. 25,174; Burlington, IS 100; Manhattan,
no; Missouri Pacific, 147OO; Jersey Cen
trail $50; Northern Pacific 5000; Rock
Island 7,O4O Union Pacific. $50; St PAU.
IA, $50; American Cotton Oil, 7,4l0: Federal
Steel, $3.50; Brooklyn Transit 1900; Sugar,
%, no; Tennessee Coal, $500.
NTou Avly