The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-03
STOCKS CONTINUE Firm
A Strong Tone Noted. in Spite of
Adverse Conditions.
Foreign Houses sellers to the Extent
of n I,arae balance - Movement
MILITANT kuparcnt Depressing Eff
fect-SteR,iiness ia the industri;ts
Advance. in the Railway List.

NEW YORK, July 2.-There was very
little in the conditions under which this
mornings stock market opened, wins h
would explain its tendency after the I'M. al
dealings Indeed, IL might have been sup
posed that the newe from China, together
with Saturdays disastrous co@fiagra'ioa IN
this harbor, might have caused some IN
settlement in both the local and the To-
eisn markets. but as matter Of fact. yer!
little appeared.
Prior TO the local opening, the Tor. IGN
cable adyices showed the London market
depressed. The declines in Ameri.a al
stocks. however, were limited 10 fractions
and the weakness Of the Berlin mark,t " S
not unduly severe, aside from the / Since
of the shares OF the steamship comp NJ
which was the heaviest loser in Saturday s
disaster.
With the course of the morning, foreign
houses were sellers here on balance 10 me
extent of about Is, coo shares, but the dis
position OF these dealings was virtual y
without any effect upon the local ma ke'-
After opening at a fIactionally -ower
range of prices, the local dealings -devci-
oped steadiness and with the course o. me
morning positive buoyancy was noted IN
several quarters. Technically regarded, the
strength of the market might nave been
scribed to the paucity OF stocks ioi S tIe'
which circumstance naturally inCuced p'r-
chascs for the short account, but the buy
ing of stocks was not by any means eA-
clusively of this chaI acter.
Indeed buying OF The same character,
mainly of an investment nature, which
has been noted In the market during TIE
past ten days. was again evident today.
But for its presence it is improbable that
such sustained firmness as appeared could
have been accounted for. In all prooa-
bility the buying of this character was
still induced by the same considerations
under which it began fortnight ago, the
chief of which is that the protracted &C.
cline in the market has forced great
many If not the majority of stocks well
/. below their intrinsic value.
Additional influences, which are at least
specifically effective in today's dealings,
were the sharp decline in wheat. and the
expectations that the proceedings IN the
Democratic Convention would be along
radical lilies. The sharp decline in wheat
was TO some extent owing 20 the heavy
downfall of rain reported throughout the
Northwest over Sunday. Other OF the
DAYS Developments were the declarations
of dividends on number of industrial
stocks notably Tennessee Coal and ION,
which Will receive 2 per cent, the same
rate that was declared at the last quarter.
number of interesting statements OF
railway traffic were also presented.
The days dealings reflected general
distribution of speculative interest and
there were no important exceptions to the
common tendency Of the market The
most coNniSuous advances in the railway
list were in ST. Paul and the other granger
stocks, Missouri Pacific, Baltimore and
Ohio, the Reading issues. and Jersey Cen
tral. The particular strength OF the last
two named was again asserted to be in
connection with purchases through which
the control of these properties will be ac-
Quired by the two dominant Eastern trunk
line systems. The dealings in the indus
trial quarter were in fair volume, and q
steady tone was noted there also.
The strong features were Sugar Refining
American Tobacco Tennessee Coal and
Iron, Federal Steel, and American Steel
and Wire Manhattan and Brooklyn Rapid
Transit were the only local traction stocks
In which the dealings were at all extern
sive, and both stocks were decidedly
strong.
Among the specialties there were note
worthy advances in Peoples Gas and New
York Air Brake, but the movements in
these. as well as the remainder of the
market, for the most part were unattend-
ed by any special news or gossip.