The times., 1899-07-13
STOCKS STILL ADVANCING
Confidence Strengthened by the
Promise of Easier Money.
Favorable Statements of Railroad
EARNINGS Help TO Generally Better
Conditions - Phenomenal show
ing by the CInGin Concern Ma
teriaIIy Aids Industrial shares.

New York, July 12.-There was further
general advance in the stock market this
morning, which in the main was again di-
Iectly referable to the growth of conf
dence in easier money market considera-
tions. Aside from this influence the batch
of favorable statements of earnings Tor the
first week of July had logically favora-
bic effect, which sentiment was further in
luenced in the same direction by the be-
lief in impending developments of great
magnitude in the railway world. Today's
statements of earnings embraced the traf-
fic returns of number of companies in
various sections of the country, and the
fact that they uniformly showed handsome
increases were testimony to the general
distribution of activity in the country's
trade. One of the most noteworthy state
ments of earnings submitted today was
made by the II. B. Claflin Company, a
quasi-industrial concern and one that fur
nishes its stockholders with full and de-
tailed reports as to its condition. 1t is un-
questionably of great significance that this
corporation was able in the first six months
of the year to increase its net earnings no
less than $50 per cent over those for the
corresponding period of 1885, Other indus
trial concerns may be faring equally as
well, relatively, but unfortunately there is
no means of ascertaining whether they
are or not.
Outside interest in the market increased
materially, and trading was remarkably
well distributed throughout the market.
The standard issues, the specialties, and
the industrial quarter all reflected a sub
stantial enquiry from both accounts. For
eign houses traded very actively in the
local market hYt the balance nf
tions on this account was small. AT the
opening of business the higher range of
prices for American stocks in London, be-
ing in line with the prevailing specula-
tive sentiment, was an influence in the
trading, but subsequently speculative at
tention was chiefly concerned with local
circumstances. In the money market the
days borrowing was all effected under the
legal rates. Lenders made the best terms
from their standpoint in the early part
of the day, and subsequently there was a
gradual recession in rates.
The street learned little except from
the stock tape in regard TO the taking of
various centralizing measures commonly
accepted as being under way in the Gould
and the Vanderbilt systems of railways.
All the stocks more or less closely af-
hliated with -aese interests were conspic-
uously strong and active, but so also were
other stocks not directly concerned, Atchi-
son, Northern Pacific, and the granger
shares being cases in point. The indus
trial quarter participated in the strength
of the market without taking undue prom
inence. Sugar Refining and Federal Steel
were the features The advance in the
latter was based upon the measures con-
templated by which the recently declared
and subsequently enjoined dividend may
be paid to the shareholders. AS was the
case yesterday, profit-taking sales in the
later dealings were followed by general
recessions in the days highest prices, but
the market retained a firm undertone
throughort tho dow