The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-07-14
Etnnnctul.
The stock Market.

New York, July 13.--The heaviness
which was predominant in the stock
market to-day represented the shifting
sentiment regarding the money situation
which was emphasized by the rise in
the Bank of England's minimum rate of
| discount of 3R per cent There was al
so weakness in the New York city trac-
ton stocks, and especially Brooklyn
| Transit which dropped over 80 at one
time on strike rumors. Wall street
| seemed to lay more stress on the adj
vance in the Bank Of England itself. The
stock market there was dull but prices.
Especially of Americans, were well main
tanned. There was a sharp rally in Brit
ish consols and in French rentes, and
foreign markets seemed to be relieved
from the tension of apprehension over
the Transvaal situation. Nevertheless,
prices of the internationals led the de-
cline in New York and many stocks
fell a point in the course of the first
hour, the grangers being conspicuous.
Sugar also developed early weakness
and only partly recovered its decline.
The southwestern etocks Offered a point
of resistance. Missouri Pacific leading,
was the case yesterday and ST. Louis
Southwestern preferred and Texas and
Pacific following the rise. Anaconda
was also strong, following London's lead
and was at one time up two points.
There was sympathetic activity and
strength in Amalgamated Copper in the
outside market, the shares rising about
80. During the afternoon strength de-
veloped in Federal Steel, American Steel
A ,O,-ta
Cotton Oil, which induced a general re-
covery in the specialties. Northern Pa
cific rose to 81 in the late dealings and
checked the declining tendency. New
York Air Brake after an early decline
of 7R points and Mobile rose 8. The To-
cal money market was easier in tone,
but operators who bought yesterday on
the prospect of favorable bank state
ment were inclined to feel that they had
exaggerated the prospective benefit
ThG~e were some realizing sales from
this source. Last Saturdays statement
is general recognized to be, in the words
of the manager of the clearing house.
"singularly unfortunate" because the
working of the system of averages made
the return seem worse than the actual
conditions warranted. This weeks state
ment is expected to be strong, but it is
feared that it may be equally unfortu-
nate in rejecting actual conditions. A
of very heavy loans We're liqui-
dated early in the week and there has
been some expansion, but the fact of a
increase in the total will
make Saturdays showing of loans based
on rising averages and therefore likely |
II.
end of the week. The sub treasury has |
been taking money from the banks and |
the interior exchanges still run against |
New York. The announcement of one I
of the great insurance companies of its
intention to dispose of all Of it's invest
ments in stocks was a weight on the |
market during the early hours, but |
some relief was caused by a SUISSE
quent announcement that the holdings
would probably be disposed of at pri-
vate sale. New York CentraPs increase
In gross earnings for June of $3.50 0S4
helped the late recovery in the market.
The close was about steady at mixed
gains and losses.
The railroad bond market was rather
iull and irregular, the Southwestern
railroads. being in good demand. To-
tai sales par value S2,S25, 900.
Old as registered declined u in the
Did price.
NJ IL a ~ |