The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-15

NEW YORK, Aug 1i.-Generally con-
sidered today's stock market made further
proxress toward higher level but its
movements were wanting in the uniformi-
" that has characterized them since the
present recovery set in. There were some
more pronounced exceptions to the gem
eral tendency OF the market and with the
course Of the days dealings there were a
number OF reactionary movements OF some
consequence. The latter circumstance
could hardly be called surprising in view
of several developments in the days sit
uation. 1t might have been expected, for
example that the sudden aud unexpected
death Of a CAPITALIST like Mr.. c. p. Hunt
iugton might have given shock to conf
denoe and have hurt not only securities
identified with him. but also the general
market
As matter Of fact. however, the I'M
mediate market effects of his sudden de-
mise were confined TO a single stock,
namely. Southern Pacific, and even in this
instance the resultant decline was within
fractional limits. In addition, it became
known today that the weeks exports of
gold would attain exceedingly and. it may
be said, Unexpectedly large proportions,
total shipments in excess OF $4,000. o50 be-
ing indicated. The market received this
announcement with virtual unooncern al
So Il remains to be seen what will be
The effects upon the banks reserves Of
the shipment OF some $4,000, zoo in gold
within ten days. and there can hardly
fail 10 appear on Saturday & substantial
reduction in surplus reserves
Money market conditions today were
not. however. essentially altered and
until evidences Of contraction appear
there the gold export movement is likely
10 be accorded little more attention than
at present. The foreign exchange market
continued weak today under the Offering
OF bills in connection with gold ship
ments. but as previously noted, the
tendency Of that market. until it becomes
more pronounced than at present is not
apt TO interfere with the transfer of the
metal 10 the points where it is most in
request few statements of railway
traffic made up the remainder OF today's
occurrences
The reaetionary features of the market
aside from Southern Pacific were Sugar
Refining and Baltimore and Ohio. In the
first instance the pressure appeared to
reflect the feeling of lessened confidence
tina. the September dividend will be de-
clared at an increased rate. Baltimore
and Ohio declined on the simultaneous
execution of large selling orders which
were, however. unattended by any particu-
lar gossip bearing upon the stock In the
railway list the tone was generally steady,
although many of the extreme advances
scored were shaded before the close. The
grangers were particularly firm. as also
were the Atchison shares, Union Pacific,
Jersey Central and the trunk line issues.
The most pronounced advances in the
market took place among the iron and
steel producing and manufacturing shares.
Tennessee Coal and Iron and Colorado
Fuel and Iron were strong and active, and
substantial advances were scored in Steel
Hoop, National Steel. and Tin Plate, the
rise in the last named being attended by
a revival of recent rumors of the ANAL
gamation Of these companies Federal
Steel. American Steel and Wire, and Re
public Steel participated in the strength
in this quarter.
The London market was strong, chiefly
on account of the perceptible relaxation
in the money market there, and foreign
houses bought moderately here.
About the only selling from that quar-
ter was in Southern Pacific and this was
mainly instrumental in the early decline
in that stock.