The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-21
1 RECOVERY N STOCKS


NEW YORK. July 30.-At the opening
q business in today's stock market, there
was little or nothing to suggest the
strength and Animation which developed
subsequently. The early cabled advices
showed renewed depression In London,
with American shares participating in the
general tendency OF the market there.
There was furthermore. little or nothing
IN the mornings news calculated to incite
speculative interest IN either direction.
The market indeed opened with q very
uncertain and with little animation APP
pearing. except in the Industrial quarter
and in the local traction group.
While the stocks Of this general class
continued in the speculation throughout
the day and furnished the bulk Of the deal
ings, the railway list also subsequently
developed firmness and contributed q fair
share of the aggregate transactions. The
market appeared to derive its firm Inn
petus from the announcement that the
American Minister at Pekin had been
enabled to communicate with the State
Department.
While his communication had little more
than q negative bearing upon the question
OF the actual and present state Of affairs
at Pekin. 1t at least disproved the &C.
curacy Of the earlier reports, telling of
the general massacre Of the foreign Min
listers, and at all events 1t appeared to
act as pronounced stimulus TO the mar
ket.
The fact. however. that the foreign
Ministers were alive at q given date
scarcely modifies the general question In
volved In the conditions prevailing In
China. and however gratifying the Jews
IL to the civilized world. 1t Is not likely
- change any Of the plans OF action which
must be pursued in restoring order and
= stable government in China.
Although the London market was de-
pressed, its tone was said to be owing less
to the influence Of the Chinese situation
than to apprehensions regarding the none
tary outlook. Discount rates in London adj
vanced to the Bank of Englands official ng-
ures established yesterday and exchange
on London advanced at nearly all Of the
important financial centres. No gold. how
ever, was engaged here for export tomor-
row and there is still some doubt as to the
extent Of next weeks shipments.
The local money market was unrumed,
although a slightly Increased enquiry for
time loans was noted. There was little or
nothing In the days routine developments
Including the traffic returns submitted and
the advices from the agricultural sections,
Of suficient Importance to engage much at
tention.
While the movements In the railway list
were for the most part within fractional
limits there were a number OF very pro-
nounced advances scored in other quarters
Of the market. Sugar Refining, American
Tobacco. and United States Leather adj
vanced with particular rapidity. and greater
firmness appeared in the steel industrials
and In Tennessee Coal and Iron, and Coll
orado Fuel and Iron.
Among the specialties, Peoples Gas and
Pacific Mail we're notably strong and in the
local traction group Brooklyn Rapid Tran
sit, Manhattan, and Metropolitan Street
Railway all showed decided gains.
The speculative community still clings
to its curious notion that the troubles In
the Orient are going to prove beneficial to
the industrial stocks. and the strength Of
Pacific Mail is, with rather more reason, ct
tributed to the same influence. The deal
ings in the railway list. while not particu-
1arly large, were well diversified Features
Of that quarter were the granger group.
Northern Pacific. Union Pacific, and Balt;-
more and Ohio, the last two being particu.
larly strong on a revival Of optimism re-
garding the dividend looked for in both
cases.