The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-31
TEE DEALINGS LIMITED
Market Still Manifests Professional
Tendencies.
Pronounced Pressure on the Indus
triaIs-LOndOn shows Desire to
Increase Money Rates-The Rail-
road List Says With Noticeable
Declines in the Granger Shares.

NEW YORK. July 3O.-The stock market
today did not broaden beyond the profess
sional limits that have been its chief
characteristic for the last ten days, and
prices had a sagging tendency. Recessions
were general, and they were more pro-
nounced among the industriais than in the
railway shares. There were evidences of
attempts at liquidation in various stocks
in which bull pools have been working,
stantial declines.
The more important interests in Wall
Street are not apparently encouraging
speculative activity and in conservative
quarters there was this morning a dis
position 10 emphasize the grave possibili-
ties that may grow out of the extremely
complicated and discouraging Chinese
situation. The same interests deprecated
the optimistic sentiment regarding the
campaign, believing less confidence Will
make more certain the results TO be de-
sired.
BY far the most sensational news of the
day was the assassination of the King of
Italy. Outside decline in Italian funds,
however. IT produced no adverse effects in
the Continental markets.
Because OF a British victory in South
Africa the London market ignored the vio-
lent death of King Humbert and the
Chinese situation. Trading for London &C
count in this market did not amount to
more than 5000 shares in the aggregate,
and on balance a few stocks~were bought.
There was no change in the local foreign
market, and there are no immediate indi-
cations of gold exports this week.
Cabled advices from London expressed
belief in higher money rates. An impor-
tant London authority says that it will
become necessary to raise the value of
money in that market to a point where
gold will be attracted from the United
States, and at the same time urged the
Bank Of England to offer special induce
ments.
Weakness was most pronounced in the
industrials in the early dealings. Ameri-
can and Continental Tobacco shares de-
clined easily on moderate offerings and
without any special developments regard
ing the companies. Pittsburg dispatches
stating positively that the iron market Is
still open" The Chicago conference of
steel and iron men was a failure in the
matter Of arriving at an agreement TO sus-
tain prices, and had a depressing effect
with stocks in this quarter, showing de-
clines Of about one point.
There was no definite statement regard
ing the probability of strike at any Of
the sugar refineries, and the uncertainty
was responsible for ali early setback of
per cent, part of which was recovered, but
subsequently lost. For short period
Brooklyn Rapid Transit held relatively
steady, but when the pool attempted to
make stock it Joined the downward move
ment, later rallying rather sharply.
Declines in the railway shares extended
from 1-4G1 Ia per cent. The grangers
were heavy on the St. Paul report for
June which exhibited a decrease of $780,
sos in net earnings. Comment was also
caused by the falling of in the grain move
ment since the first Government monthly
crop report. Farmers are said to be hold
ing grain in expectation Of rise in prices
to be effected through the developments in
China
In the early afternoon the pressure of
long stocks was renewed and important
declines were recorded in American To-
bacco and Sugar among the industrials.
st. Paul and Pennsylvania led the decline
in the railway shares. while Metropolitan
and Manhattan fell off sharply on moder-
ate offerings. Outside of the fact that the
selling was part of liquidating move
ment there was no definite news TO account
therefor.
In the steel stocks there was selling
for Pittsburg and Chicago. During the last
hour further weakness developed in the
markets Sugar rallied on a denial that a
strike was in prospect, but the recovery
was not sustained. The Tobacco stocks,
st. Paul, Burlington and Quincy, and Penn
sylvania were distinctly heavy, and the
list declined In sympathy.