The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-15
THE MARKET ELSEWHERE.

New York, July 4.-There was a
short period of strength in some stocks
this morning but it proved insufficient
to overcome the sagging tendency in
the general market. The weakness of
Brooklyn Transit coming on the dull
market emphasized the reactionary ten
dency. The main cause of the general
weakness was the increasing fear that
money difficulties abroad would cause
future trouble for the New York money
market and would take out gold as soon
as the local rate for money fell to a
point where the London rate would
prove attractive.
Ru nors were abroad all day, that a
Shipment of gold was contemplated for
tomorrow's steamer, but up to the close
none had been announced
Money worked easier, call loans rang
ing from to per cent. The call rate
in London went to 31R per cent, and the
discount rate held at the Bank of
England's minimum rate of 3h per
cent. London sold moderately in New
York, but gave good support to a few
favorites in the American department
Of its own market. There was no quot
able change in sterling exchange rates
but sight bills showed hardening ten
dency While the sixty day bills were
easy.
Not so much confidence is felt in a
favorable bank statement for tomor-
row. The amount of the loan contrac-
| tlon is an unknown quantity upon
which depends the date of the surplus
reserve. The banks have lost nearly
$25O0,00O to the sub-treasury. largely
on account of heavy customs payments
They have gained small amount on
the regular currency movement with
the Interior. but the large sums of
money known to have been sent here
early in the week from other eastern
financial centres may have gone to
other institutions than the banks, and
would thus not figure in the returns
THESE considerations prompted Il
pause in the buying movement in
stocks, and the early strength in the
southwestern group the trunk lines
and Northern Pacific gave way in the
afternoon to decidedly low prices. The
talk of crop damage in the northwest
affected the grangers unfavorably in
the late trading.
Losses from the top point in many
active railroad stocks ranged from / to
2 points. Northern Pacific was marked
up above last nights level in the final
dealings, though it was little affected
during the day by the report of an
amicable agreement with Great Nor
thern interests. Chicago Terminal
Transfer was strong on the reported
Alton syndicate. Brooklyn Transit was
weak throughout on the prospect of "a
strike, and closed "a below last night
The early strength In Sugar gave way
to weakness, and Rubber dropped ~
with a subsequent partial recovery
Manhattan was marked up to 100 at one
time on the theory that a surface rail-
road strike would add to its business
Covering by shorts was an element of
its strength. Missouri Pacific reacted
sharply and closed point lower on the
day. A number Of specialties showed
some strength during the day on in
dividual causes.
Cotton Oil, National Biscuit pre-
ferred Tin Plate, Anaconda, and Steel
& Wire were among these New York
Air Brake gained 31s points. The bond
market was dull and prices yielded
with the weakness in stocks. Total
sales, par value, $3,510,000. United
States IS advanced " in the bid price.