Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-07-12
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange Bonds, Grain,
Cotton, Provisions, Etc.

New York, July 1.-THE stock mar
ket strikingly demonstrated its inherent
strength again to-day, with practical
recovery of yesterdays losses. Closing
prices to-day were only slightly below
those of Saturday and in some eXcep-
tional cases sharply above. The only
conditions in which any change had
taken place were purely technical.
These were the elimination OF weakly
margincd long account and the creation
of q short interest. London began to
Sell stocks in New York at the opening
to-day as 1t did yesterday, but instead
OF coming upon Il large account or
nearly exhausted margins. as was the
case yesterday, the opening decline in
vited buying to cover the short con-
tracts put out yesterday The buying
from this source afforded the principal
support to the market in the early deal
ings. 1t was practically marked in
Sugar and the New York Traction and
gas stocks, which suffered most Sc
verely from bear raiding yesterday. BY
the time this short interest had been
covered the market came to a stand
still. the bulls apparently lacking cour-
age to push their advantage in face Of
the continued stiffness of the money
market. which held quite firmly about
the legal rate of call money.
Shortly before noon. however, q de-
termined buying movement developed
in the great trunk lines, and, with &C.
casional intervals of dullness, con-
tinued for the rest of the day, spread
ing from one group to another until 1t
embraced pretty much the whole list.
The agreement among the trunk lines
to restore rates on grain TO the sea-
board was apparently the cause of the
origin of the buying in that group. st.
Pauls increase In gross earnings for
the first week in July of s203.S22 prompt
ed the buying of the Changers.
The high rate for call money was ig-
nored and very large amounts loaned
on the Stock Exchange at 6 per cent.
The rate eased off to Az per cent. ut
one time. but rose again to per cent.
the demand apparently continuing large
Tor the increased supply available. In
terror exchanges continued to run
against New York. but yesterdays con-
traction of loans had apparently left
the New York banks in an easier posi-
ton. Demand sterling in New York
only held firm under the stress of the
high rate for money in London, but
Sterling Exchange in Paris and Berlin
advanced sharply and discounts were
easier at those centres. Long sterling
IN New York weakened an additional
traction under the sales of futures.
based on the expected outward move
ment of merchandise to begin in n
short time
<hHioib tie SpcClul points or StrcnCt tn
IN the late stock market were Texas
and Pacific which rose to %, and later
the whole Southwestern group. Wall
street had rumor of contemplated
merger of Wabash and Missouri Pacific
TO account for the strength of those
stocks. Northern Pacific also scored n
brilliant advance, recovering more than
lis dividend, which was taken off TO-
DAY There was simultaneous add.
vance In Tennessee Coal, Colorado Fuel
and American Steel and Wire. which
rose from to ~. and also Chesapeake
and Ohio. Cleveland. Cincinnati. CHI.
cago and st. Louis and Lake Erie and
western preferred. After fractional
reaction on professional pront-taklng
prices We're marked up again to near
the best in the closing dealings.
Bonds rallied somewhat from the
early weakness in sympathy with
STOCKS but are generally slightly lower
s2.oS0.0 600. '"''e'
United States As. now. registered. de-
ciined nc. and the old 4's. REGISTERED
&c IN the bid price. The total sales
OF stocks to-day were co.. 53S shares.
New York, July STANDARD OH
4.53Q4.54Is