Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-07-12
STOCKS STRONGER
THEY CLOSE At PARTIAL RE-
COvERY OF MONDAYS LOSSES.
PRICES NEAR BEST At The END.
High Rate for Money Ignored, and
Large Amounts Loaned mt q Per
Cent.-Whent and Corn Unchanged
Provisions Higher.

NEW YORK. July 1.-THE stock mar
ket strikingly demonstrated Its inherent
strength again to-day by partial re-
oovery Of yesterdays losses. The closing
prices to-day were only slightly below
those OF Saturday. and in some excep-
tional cases sharply above. The only con-
citons in which any change had taken
place were purely technical. These were
the elimination of a weakly margined long
account and the creation OF q short in
terest. London began TO sell stocks in
New York at the opening To-Day, as It did
yesterday, but instead of coming upon a
large account of nearly exhausted mar
gins, as was the case yesterday, the open
ing decline invited buying 10 cover the
short contracts put out yesterday. The
buying from this source afforded the prin-
clpal support to the market IN the early
dealings. IL was particularly marked In
Sugar and the New York Traction and
Gas stocks, which suffered most severely
from bear raiding yesterday. by the time
ms short interest had been covered the
market came TO Il Standstill, the bulls ap-
parently lacking courage TO push their
advantage in the face of the continued
stiffness Of the money market, which held
quite hrmly at about the legal rate OF
call money. Slightly before noon how
Veloped in the great trunk lines, and,
with occasional intervals of duness, con-
tinued for the rest OF the day, spreading
from one group to another until il EN-
brdced pretty much the whole list. The
agreement among the trunk lines 10 re-
store rates on grain TO the seabOard was
apparently the cause of the origin OF the
buying IN that group. ST. Paul increase
IN gross earnings for the first week Of
July, of S2u5,S2z, prompted the buying Of
the Changers.
LARGE LOANS At SIX PER CENT.
The high rate for call money was ig-
nored, ana very large amounts were loan
ed on the Stock Exchange at 6 per cent
ne ne rae edsed on 70 AZ per cent. at enc
time. but rose again 10 d per cent, the
demand apparently continuing large for
the increased supply available Interior
exchange continued TO run against New
York, but yesterdays contraction of
loans had apparently left the New York
banks IN an easier position. Demand ster-
ling in New York Only held firm under
the stress Of the high rate for money in
London but sterling exchange IN Paris
ana Berlin advanced sharply, and dis
counts were easier at those centres Long
sterling in New York weakened an addi-
tiOnal traction under the sales OF futures,
based on the expected outward movement
OF merchandise 10 begin in "A short time
Among the special points of strength
I'm the late stock market We're Texas and
Pacific. which rose 10 q. and later the
whole Southwestern group. Wall Street
had a rumOr OF a contemplated merger
of Wabash and Missouri Pacihc 70 ac-
count for the strength Of those stocks.
Northern Pacific also scored a brilliant
advance recovering more than its divi-
dend. which was taken off to-day. There
was a simultaneous advance in Tonnes
see Coal. Colorado Fuel, and American
Steel and Wire. which rose from 2 to "a.
and also Chesapeake and ohio, Cleveland,
Cincinnati, Chicago and St. Louis, and
Lake Erie and Western, preferred.
CLOSE NEAR THE BEST.
After fractional reaction on profess
siOnal prOfit-taking, prices were marked
up again TO near the best in the closing
dealings.
Bonds rallied somewhat from the early
weakness in sympathy with stocks, but
are generally slightly lower on the day.
Total sales, par value, SZVD,0J. United
States As, new, registered, declined II,
and the old As. registered, Is in the bid
price.
The total sales Of stocks to-day were
39j, 53S shares, including AtchisOn, $3.50;
do, preferred, S9,7j; Chesapeake and
Ohio, IL, 800; Chicago, Burlington and
Quincy, 1850; louisville ana Nashville,
6,2s5; Manhattan. $685.; Missouri Pacific,
Is, $50; New York Central, $3.50; Northern
Pacific, eX-dividend. 1860: Rock Island,
6125; Union Pacific, $50; st. Paul, 81 ,4sO;
Texas and Pacific, 1880; Wabash, pre-
fered 7,23j; American Steel and Wire TO-
90; American Tobacco, $50; Federal
Steel, 900; Brooklyn Rapid Transit, d.
100; Sugar, 100; Tennessee Coal and
Iron, 1900.
MONEY AND EXCHANGE.
Money on call steady at gao per cent. (;
last loan at 4; prime mercantile paper,
3H4 per cent.
Sterling exchange heavy. with actual
business in bankers bills at Si.S0$LG Ii
for demand and Sis6 1-4Q$l.8 II for sixty
days; posted rates. $iS5 1-2q$LS5 ID and
$LSSa$.& II; commercial bills $iS3 H.
Silver certificates, 0Q6l, bar silver,
CO II; Mexican dollars, Il 81.
Government bonds easy, State bonds in
active. railroad bonds easy