The times., 1899-07-21

New York, July 2o.LSpeculation in to-
days stock market. while extrem maly linz
ited in volume, was more cheerful in tone.
An undertone Of strength was reflected as
q result of the dealings, although leading
commission houses reported the lightsst
trading Of the year for today and yester-
Gay. Independent OF the labor troubles
in this country, London was disposed TO
take a favorable view Of the American sit
uation. The monetary situation there i'm
proved perceptibly, the Bank of England
holding the rate of discount unchanged
at 3 1-2 per cent, the private rate moving
back TO the same point and consols eX-
periencing a further improvement. The
easier conditions abroad were favorably
regarded here as removing temporarily,
al least, additional exports of gold from
tkis centre. With no shipments this week
there was talk of a probably favorable
bank statement on Saturday. The ease
in the local money market and the better
outlook in the labor situation were also
favorable Developments. A revival OF old
rumors OF 4 transcontinental railroad COM
ziration exerted little influence. Unfavor-
able Northwest crop reports and discus
sion occasional by the poor prospects for
a settlement of the local gas war were
about the only depressing incidents.
During the day London traded in about
5000 shares buying Louisville and Nash
vile and selling Anaconda and Atchison
issues. At the opening OF the local market
the traction shares assumed the lead in
respect TO trading and firmness The strike
failure on the Metropolitan was responsible
for substantial gain in its stock, shared
in fractionally by Manhattan and Brook
lrrF7 amid Dr1cff
sold ex-rights to subscribe to the new
S5,0o0,00O stock issue. Holders of stock
have the privilege of acquiring the new
shares on basis of IL 1-2 shares for each
loo at par. The strength of Rock Island.
due to the improved crop outlook and fine
earnings, gave firmness TO the granger
group in the morning trading. The gen
eral railway list was quiet. and more
activity was noticeable among the indus
trials and specialties. There was some
fairly good buying OF Mexican Central,
due tc increased earnings and the i'm
proved financial outlook for the Republic
The steel and iron shares were fractionally
higher in the early trading. Anaconda ad-
vaneed on rumors of expected favorable
developments affecting the property.
Consolidated Gas was weak and suffered
sharp decline of five points ascribed to
the poor outlook for an early settlement
of the gas war. There was a partial re-
covery and the selling was not particularly
heavy. New York Air Brake maintained
its reputation for erratic fluctuations and
sold during the day at figures which rep
resented a decline of 40 points from the
high record price of yesterday. 1t was an
nounced today that the directors of this
company have decided to increase the
stock from s50O0,0OO to $4,000. 900. The
stockholders will be asked to ratify thi:
action in August.
Railroad bonds were firm, and Govern
ment bonds remained unchanged. Cal
money loaned at 3d3 1-2 In the late
trading there was sharp improvement ir
prices in the active list, induced by cover
ing OF short contracts and the appearance
OF moderate commission house buying or
ders- Money loaned at per cent. TIL,
market closed quiet and strong at the hes
prices of the day.