The age-herald., 1899-07-09
TRADING IN STOCK
 MUCH CONFUSED
Market Sold on Publication of
 Bank Statement.
CONFIDENCE WAS JUSTIFIED
Profit Taking More Effective Early in Week. Bonds Have Shown Increas- ed Activity and Strength-Un-
 tied States Have Advanced

New York, July S-The character of the trading in stocks was much confused throughout today's short session of the ex- change. There were points of aggressive strength which encouraged the mainten- ance of prices but the certainty of an un- favorable bank statement encouraged the continuance of profit taking in some of the stocks which have recently advanced sev- eral points in price. On the publication of the bank statement the whole market sold of. and net gains were preserved in only few cases. The liquidation was by no means heavy, and the bears covered short contracts at the decline, causing a rally from the low point. The denial of the re- ported alliance between Pennsylvania and New York Central led to declines in those stocks, but the amount of selling was re- markedly small. The bank statement, on it's face, presents an extraordinary condi- tioa of affairs. It is almost unprecedented to have the cash reserve down to within little over $5,000000 of the 9 per cent. re- quirement of the law at this time of year. Yet the banks expanded their loans during the week nearly $7OOO0G0, when they were already at the highest figure on record last week.
 The conclusion is unavoidable that the banking authorities see prompt relief in certain prospects. In fact, the easing ten- deney of money during the latter part of the week shows that relief is already al hand. It comes in large part from the re- lease of funds that had been accumulated for the disbursement of semi annual obli- sations.- It is also taken into consideration that interior points are better supplied with money than ever before, so that the con- viction is held in banking circles that tight ness in the New York money market would bring funds from interior points to New York.
 The action of the stock market this week has justified the confidence of those who bought securities last week in the belief that the opportunity would be offered to realize profits quickly. The expected de- mand for stocks was forthcoming, but 1t was so freely fed with offerings accumu- lated last week that the strengthening ef- feet on prices was offset and the tide turn ed in favor of reaction. Thus, in spite of a very active market for the short week after the long holiday the net changes are not conspicuous in the majority of cases
 Money could be readily had at Sls per cent; but call loans were slow to yield be- low per cent. In London both call money and the discount rate fell below per cent, rehecting the relaxation of pressure for the half yearly settlement. Enormous loans were liquidated, both at the Bank of England and Bank of France The straln on the money market in Berlin and Vien- ma was not so much deieved, exchanges continuing to run against London. But confidence was shown, the stringency there would also relax soon and that no further demand would be made on New York for gold. The easier money condition in Lon don brought large buying of stocks in New York for London account, while money rates there began to harden again.
 The weeks trading on the stock exchange has been distinguished by some reawaken- ing of interest in industrial issues while the market for railroad stocks fell into dulness on the reaction. The older divi- dend paying industrials have been favor ties, but some of the newer ore and metal combinations have also shown signs of life, notably the eoppers. Amagamated copper has moved up several points in the outside market, but is still well below the original subscription price, and Anaconda has been active and strong
 Bonds have shown increased activity and strength. United States new 4s advanced F, the 3's F and the 5s 1s in the bid price.
 Total sales of stocks today amounted to 2S0 437 shares, including American Steel and Wire, 2,200; Sugar 15,S00; Tobacco, 3,4o0; Atctiison, 15Ge0; do preferred HOO; Balti- more and Ohio preferred 3,3O0; Brooklyn Rapid Transit, 10000; Chicago, Burlington and Quincy, Il, ,200 Manhattan, 24,000; Louis- vile and Nashville, 3,2G); Federal Steel, D. o00; St. Paul, Il, 500; Rock Island, 7,40o; Tennessee Coal and Iron, $500.