The times., 1899-07-06
BACK TOHORK ON 'CHANGB
Market Conditions Practically Tn
altered by Holidays.
IrreguInrity Apparent I'm Some Quar-
ters-Interest Revived in Industri-
ais and Specialtics-standa Rail
way stocks Strong-Sharp Advance
in Brooklyn Rapid Transit shares.

New York, July 5.-There were evil
dences of irregularity in the days stock
market that were not present last week,
but on the other hand the market in some
respects was broader than it was then.
Business was resumed after the protract-
ed holiday with few additions to the gen.
eral situation bearing upon stock market
valuations. The condition of the associat-
ed banks, as revealed in the statement OF
averages on Saturday, was reflected in
fairly close money market, the bulk of
the borrowing on call being effected at
the full legal rate. The common expec-
tations of an early relapse in money mar
ket conditions, however, prevented the
prevailing circumstances there from being
accounted a decisive influence In the
trading.
A tangible reflection of the rates for
money was furnished in the market for
sterling exchange, thus placing the ques-
tion of gold shipments of Saturday in
some doubt Perhaps the most import
ant facts of the days situation were fur-
nished in a large number OF trafhc re-
turns for various periods which come to
hand over the holidays. These Will be
found elsewhere in this paper and their
general showing was remarkably good.
The greater breadth of the market ap-
peared in the fact that today's dealings
included fairly large transactions in
number of the industrial stocks and the
specialties, which were almost entirely
neglected last week. The revival OF in
terest in this quarter did not, however,
deprive the standard railway shares OF
the leadership of the market and outside
interest was evidently keenest in these
stocks.
At the opening 1t was evident that the
increased public demand for securities
was being utilized by large professional
operators as furnishing an opportunity for
the realization of profits. On sales on
this account the market hesitated for
time, and indeed throughout the day 1t
showed the effects of the early heavy
liquidation. London's attitude toward the
market was accounted somewhat disap-
pointing, in view of the strength with
which the London market closed yester-
day. Slight advances were shown in the
American quarter there over the local
closing prices of Saturday, but the pur-
chases for foreign account were below ex-
pectations, and in the advance few for
eign houses turned sellers. Still, on bal
ance about 5000 shares were taken for
foreign account.
+ Whereas last weeks speculation was al
most wholly connneu 10 the vanderbilt
shares and to granger stocks, today's
dealings comprised active trading not only
in those stocks and as noted in a num-
Der of the industrials and specialties, but
also in the anthracite coal group Louis
vile and Nashville AMI Southern Railway
preferred. Indeed. 40 quarter o. the mar
ket escaped attention altogether, and the
bond market was also strong and active.
Brooklyn Rapid Transit led the local
transportation shares in a sharp advance
based upon the settlement of the threat
ened labor troubles, and among the spe
ciaities noteworthy strength appeared in
Tennessee Coal and Iron and Mexican Gen.
tral. The advance in the latter was based
upon the announcement of the contem-
plated conversion of the Mexican debt,
which it is believed foreshadovs a radical
reform of the finances OF that country.
In the industrial quarter the strong
features were American Tobacco, Ameri-
can Steel and Wire, and Sugar Refining.
General Electric also rose on compara-
lively light dealings. There was no par
ticular news ON these stocks or the gem
eral market, where trading in the main
was based upon Inc current prevailing in
vestment considerations.