The daily morning journal and courier., 1900-08-22
EinattrtaI.
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 THE STOCK MARK FIT.
Marked Reluctance to Embark in Ex-
 tcnsivc Operations.

Marked Reluctance to Embark in TEX.
 tcnsivc Operations.
 I New York, Aug. 21.-Considering the
 general conditions dominating the stock
 market, which include the unsettled Chinese situation and home factors of
 moment, reluctance to embark in ex-
 tensive financial operations become more marked from day to day. This
 condition of affairs produces a con- stantly narrowing speculation, of which to-days business was a good example. A cue to the tendency at the opening was furnished by London's weakness but the most pressure was concentrat- ed against the industrials. A drive against Sugar was made on the strength of a reduction in coffee prices | by the Arbuckes to conform with the rate made by the Sugar company's ally the Woolson Spice company. This was taken to indicate possible resumption of the trade war in Sugar The stock went off 1 1-4 per cent. A continuance of the recent bear campaign against Peoples Gas account ed for it's point fall Small declines in railroad stocks were in sympathy with London and representatives of unfavor- l able conditions in crop districts. Busi- l ness was only moderate during the sell
 ing, and as liquidation was not forced, the shorts commenced to cover. Before the afternoon expired prices were on the mend and there were indications of confident buying in spots. Rallies were most pronounced in the stocks which had suffered most earlier, and the general level was lifted above last night Conspicuous strength was shown by Brooklyn Transit, Manhattan and Consolidated Gas the latter rising IA per cent. from the lowest. New Jersey Central assumed commanding position in the market rising 3 IA per cent to 137 1-2, which is a record price in it's recent upward movement. Re- vived reports were current of it's proba- ble absorption by the Baltimore and Ohio railroad in the interest of the Pennsylvania railroad, the latter being credited with the dominant influence in the management of the Baltimore and Ohio. Coincident with the high price
 
 July statement of earnings of the road were reported showing a decrease in gross of only s3.1O4, but a reduction in net of $26,S30. This showing and reali- cations forced the stock off to 136 at the close. Reading first preferred was the only other coaler to show any re- flection of the movement in Jersey Central, the stock rising 1 1-2 and re- taining the gain. While the speculation in these stocks was being carried on the general list was largely neglected and showed no inclination to rise above the level recorded about noon.
 This circumstance caused small of- ferings all around in the final hour and the market yielded, closing easy In tone, with net changes generally a small fraction either way. A feature of the closing dealings was the rapid advance of 1-2 points in St. Joe and Grand Island first preferred, which was un- explained. London operations in this market were unimportant but consisted of sales of a few thousand shares on balance. Monetary conditions abroad showed a further relaxation, discounts | at London declining and exchange on I-oiltiOL dl GOiitlilGHtdl pOllilo dloO yltku- ing Tn the local market money rates were unruffied with borrowers described | as being in an independent position.
 Business in bonds expanded to-day | and there was an active demand for | St. Louis Southwestern seconds, which | advanced them 5-S per cent. The gen. eral market was irregular, but varia- | tions were slight. Total sales, par | value, S1115,000.
 United States refunding twos when | issued declined IA and new fours ad- vanced IA in She bid price.
 NEW FORK STOCK MARKET. Opening, Highest, Lowest Quotation On the New York Stock Exchange, reported