Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-07-11
REVIEW OF MARKETS
FINANCIAL And COMMERCIAL
Stocks, Money, Exchange Bonds, Grain,
Cotton, Provisions, Etc.

New York, July 10.-The continued
tightness In the money market precip.-
tated liquidation of speculative ac-
counts to-day which resulted in losses
in value ranging from one dollar 10
three dollars u share in all the prin-
cipal active stocks traded in. Heavy
selling for London account marked the
opening on the exchange, and as the
day progressed the successive calling Of
loans resulted in the marking up Of the
rate for call loans to per cent. This
rate forced many spectators on the
long side to close out. There was spe-
cial points Of weakness besides in ore
OF two prominent stocks OF which the
bears were quick to take advantages.
and which were potent influence in
the general sentiment favorng de-
cline. Most conspicuous of these was
Peoples Gas. which opened at III.
agnlnst 1904 on the last sale Saturday.
There were heavy offerings of this
stock, but determined support worked
q quick rally OF IA. Afterwards it fell
below the opening price. and closed
with net loss of nearly 3 points. The
demands made upon the Metropolitan
Street Railway Company on behalf OF
Its employees and the danger OF cost
ly strike, caused the stock of that COM
pany to drop 6Ss at one time. All the
local traction stocks were affected sym
2athcticall, Manhattan losing points
and Brooklyn Transit over . on the day.
Sugar also was notably weak.
In the railroad list the weakness was
more restricted to the stocks which
have been recently pushed up by spec
ulative manipulation. Pennsylvania.
New York Central, Atchison preferred.
burlington, Reading first preferred ana
other stocks equally prominent in the
speculative world at one time were 2
points or more below Saturdays prices.
The Changers generally.-the Coalers
and the Trunk lines declined from TO
points. The Southern and Southwest
ern stocks as n rule showed resistance
TO the decline, and their net losses are.
Tor the most part small fractions The
Steel stocks also were little affected bv
the prevailing weakness. The break in
prices was due to the characterization of
spectators rs to the period of relief ex-
pected In the money market
France was an eager bidder for gold
in the London market to-day, and the
rate OF discount in London was mark
cd up n fraction, although call money
was easier there. The call loan rate
went 10 per cent. in New York. but
the only effect on the sterling exchange
market was a fall OF Il fraction in tho
rate FOR long standing. The pressure
on London was from Paris, and was re-
iected here in sales estimated as high
as $4,000 shares. The shrinkage in val
nes, coming on the low level of New
York bank reserve nccessitated the
calling OF loans. which in many cases
was found difficult to replace with other
accommodations. The market showed
very feeble rallying power and closed
very slightly above the lowest.
In the early dealings there was large
demand for st. Louis and Southwestern
seconds, which gained IL. all of which
was subsequently'lost. Bonds general
S2.757, 0O0
United States 3's registered advanced
= and the old As registered declined
* In the bid price.
The total sales Of stocks were 5i4,7oO
shares. ''V'