Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-07-14
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange Bonds, Grain,
Cotton, Provisions, Etc.

New York, July 13.-The heaviness
which was predominant IN the stock
market to-day resented the shifting
Wall street sentiment regarding the
money situation more than anything
else, though it was emphasized by the
rise in the Bank of England's mini
mum rate of discount TO 31a per cent.
and tho acute weakness of the local
traction stocks. especially Brooklyn
Transit, which dropped over 31a al one
time. Wall street had it that n strike
had actually been declared and the
stocks in that group rallied when this
canard was denied. Wall street seemed
to lay more stress on the advance in
the Bank of England rate than Lon
don itself.
The stock market there was duh, but
prices, especial of Americans, were
we'll maintained, in spite of the rise in
the private discount rate. There was
sharp rally in British consols and in
French rentes, and foreign markets
seemed to be relieved from the tension
of apprehension over the Transvaal
situation. But nevertheless prices of the
internationalS led the decline in New
York and many stocks had fallen n
point In the course of the first hour,
the Changers being conspicuous.
Sugar also developed early weakness
and only partly recovered it's decline
The southwestern stocks offered point
OF resistance, Missouri Pacific lending
. u.
Louis southwestern preferred and Tex
MS Pacific following the rise. Anaconda
was also strong. following London's
lead, and was one time two points
higher
There was sympathetic activity and
strength In Amalgamated Copper in the
outside market, the shares rising above
w. During the afternoon strength de-
yeloped in Federal Steel. American
steel and Wire. American Car prefer
~ an. Il.
general recovery in the specialties.
Northern Pacific rose to III in the late
dealings and checked the declining ten
dehcy on realizing. New York Air
Brakc. after an early decline. jumped
IA points, and Mobile and Ohio rose
5 points.
me local money market was easier in
tone, but operators who bought YES
terday on the prospect of favorable
Dank statement were inclined to feel
t ,i they mad exc ggcratod the prospec-
1--WE benefit. There were realizing sales
from this source Last Saturdays state
ment is generally recognized to be in
the words of the manager OF the Clear
ing House. "singularly unfortunate" I'm
the working of the system of y AVERAGES
TO make the returns seem worse than
the actual condition Of the banks
Inis weeks statement is expected to
ne remarkably strong. but 1t is feared
that 1t may be equally unfortunate in
rejecting actual conditions
a number of very heavy loans were
liquidated early in the week and there
mas been some expansion. and the fact
OF progressive increase in the total
VIII make Saturdays showing of loans
based on rising averages and therefore
likely 10 understr'e the actual total at
the end of the *. The sub treasury
mas been taking money from the banks
ana the interior exchange still runs
against New York.
The announcement of one of the trroot
insurance companies OF its intention to
dispose of all of it's investments I'm
STOCKS was n weight on the market dur
ing the early hours. but some relief VAS
caused by subsequent announcement
mat the holdings would probably be
disposed of at private sales.
New York Centrars Increase in gross
earnings for June of $3.50 0S4 helped the
late recovery in the market. Tho close
was about steady at mixed gains and
losses Gnu
The railroad bond market was rather
ouil and Irregular. the Southwestern
railroads being in good demand. Total
sales. par value, S2S25. 900
United States old is registered de-
clined 4 in the bid price.
shares.
New York. July ls.-standard OIL
4.56045S