Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-07-14
THE MARKET HEAVY.
STOCKS RESENTED WALL STREETS
SENTIMENT REGARDING MONEY.
THE BANK OF ENGLAND RATE.
Much Stress Laid on the Advance
in Its Ratcs-EarIy Weakness I'm
Liquidatcd Early in the Week.

NEW YORK, July B-The hoaYineSS
which was predominant I'm the Stock
Market to-day resented the shifting WALL
street sentiment regarding the money
situation more than anything else,
though 1t was emphasized by the rise in
the Bank OF Englands minimum rate OF
discount TO IL per cent. and the acute
weakness Of the local traction stocks, es-
pecially Brooklyn Transit, which dropped
over 3 IL at one time. Wall street had
1t that a strike had actually been de-
clared and the stocks in that group rail-
lied when this canard was denied.
THE BANK OF ENGLAND RATE.
Wall street seemed to lay more stress
on the advance in the Bank Of England
rate than London itself The stock mar
lSet there was dull but prices, especially
Of Americans, were well maintained, I'm
| spite Of the rise in the private discount
rate. There was a sharp rally in Br-
| fish cOnsOls and French Rentes. Foreign
markets seemed TO be relieved from the
| tension Of apprehension over the Trans
vaal situation, but nevertheless prices OF
the InternatiOnals led the decline In New
York, and many stocks had fallen o point
in the course OF the first hour, the Gran
gers being conspicuous.
EARLY WEAKNESS IN SUGAR.
| Sugar also developed early weakness.
and only partly recovered its decline.
| The Southwestern stocks offered a point
OF resistance Missouri Pacific leading,
as 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 two points up. There
was sympathetic activity and strength
in Amalgamated Copper in the outside
market, the shares rising above 80. Du-
ring the afternoon strength developed IN
Federal Steel and American Car Prefer
red and Cotton Oil. which induced q
| general recovery in the Specialties
Northern Pacific rose to 81 i'm the late
dealings. and checked the declining ten
dency on realizing New York Air Brake
after an early decline. jumped II points
and Mobile and ohio rose 8.
MONEY MARKET EASIER.
The local money market was easier II
tone. but operators who bought yester-
day on the prospect Of a favorable bank
statement were inclined to feel that they
had exaggerated the prospective benefit
| There were realizing sales from thi.
source Last Saturdays statement Is
generally recognized to be. In the word.
of the manager of the Clearing House
zone sngulary unfortunate" in the
working Of the system of average L
make the returns seem worse than th'
actual condition of the banks.
HEAVY LOANS LIQUIDATED.
A number of very heavy loans were
! liquidated early in the week.
There has since been some expansion
! ana the fact of progressive increase II
the total will make Saturdays showing
of loans based on rising averages, and
| therefore, likely to understate the actua
total at the end of the week. The sub
| Treasury has been taking money from thu
! banks and the interior exchange still rum
against New York. The announcement
of one Of the great insurance companies
of its intention TO DISPOSE Of all of it.
| investments in stocks was a weight or
| the market during the early hours, bu
some relief was caused by a subsequent
| announcement that the holdings would
probably be disposed Of at private sales.
New York Centrars increase in gross
earnings for June of SJG00H helped the
| late recovery in the market. The close
was about steady at mixed gains and
| losses.
RAILROAD BONDS.
The railroad bond market was rather
dun and irregular, the southwestern
railroads being in good demand. Total
| sales par value, 2S2J.0O0. United State:
old As registered, declined Is in the bic
price.
The total sales of stocks were A4s9,
shares, including Atchison, preferred, 81,
| 80; Chesapeake and Ohio 1873; Chicago
| Burlington and Quincy, 1880; Manhattan
! 1880; Missouri Pacific. H,2S5; Mexican
| Central, 1850; New York Central, 60S0
Northern Pacific. 1870; Chicago and
Northwestern. 0,0OO; Rock Island, 1920
| ST. Paul, u 49o Texas and Pacific 1860
| Wabash, preferred, 1850; American Steel
| and Wire, II ,2g5; American Cottonseed-Oil
| S.S1S: Federal Steel. 1886: Brooklyn Rapid
Transit. 6l.375; Sugar. 2LGi0; Tennessee
Coal and Iron, $3.50.
MONEY AND EXCHANGE.
Money on call steady at sal IL per cent;
last loan at 4; prime mercantile paper
3 l-2a4 per cent Sterling exchange easier
with actual business in bankers bills at
| $4@ 1-4a$4.S7 u for demand, and al
| $lSa$iS II for sixty days; posted rates
! yLSjn$lS5 and slSSa$LSS l.; commercial
bills, SLs3 3-4QSi.sL
Silver certificates. GO6Gl. Bar silver 60
Mexican dollars. A. rs.
Government bonds easy. State bonds
inactive. Railroad bonds steady.
New York stock Quotations.
.-,. Closing