The Saint Paul globe., 1899-07-15

NEW YORK, July 1-There was a
short period of strength in some stocks
this morning, but 1t was insufficient to
overcome the sagging tendency in the
general market. The weakness Of brook
lyn Transit coming on the dull market
emphasized the reactionary tendency
The main cause of the general weakness
was the fear that money difficulties
abroad would cause future trouble for
the New York money market and would
take out gold soon as the local rate
for money fell to a point where the local
rate would prove attractive Rumors
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 here, call loans
rangbkg from to 5 per cent. The call
rate in London went to S13 per cent, and
discount held at the bank of England's
minimum rate of 31h. London sold mod
erately in New York, but gave good sup
port to a few favorites in the American
department of Its own market. There
was no quotable change in sterling ex-
change rates. but sight bills showed a
hardening tendency, while the sixty days
bills were easy. Not so much confidence
is felt in a favorable bank statement for
tomorrow. The amount of the loan con-
traction is an unknown quantity upon
which depends the state of the surplus
reserve The banks have lost nearly
81 900 to the substreasury, largely on
account of heavy customs payments.
They have gained a small amount on the
regular movement with the interior, but
the large amounts of money known to
have been sent here early in the week
from other Eastern financial centerS may
have gone to other institutions than the
banks, and would therefore not ngure
in the returns.
These considerations prompted a pause
| in the buying movement in stocks and the
| early strength in the Southwestern group,
! the trunk lines and Northern Pacihc
gave way in the afternoon to decidedly
! lower prices. The talk of crop damage
! in the Northwest affected the grangers
| urfavorably in the late trading. Losses
| from the top point in many active rail-
| road stocks ranged from l to 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 agree
| ment with Great Northern interests.
| Chicago Terminal Transfer was strong on
| the reported sale to the Alton syndicate.
! Brooklyn Transit was weak throughout
! on the prospects of a strike and closed
at the lowest 212 below, last night. The
| early strength in Sugar gave way to
! weakness and Rubber dropped "a, with
| subsequent partial recovery. Manhattan
| was marked up to 120 at one time, on the
theory that a surface railroad strike
would add to its business. Covering by
| shorts was an element of its strength.
Missouri Pacific reacted sharply and
closed a point lower on the day.
A number of sDecialties showed some
strength during the day on individual
causes Cotton oil, National Biscuit pre-
! ferred, Tin Plate, Anaconda and Steel
| & Wire were among these. New YORK
| Air Brake gained S1a points,
The bond market was dull and prices
Welded with the weakness in stocks.
| Total sales, $S,51O,OOO. United States 3s
advanced u In the bid price.
STOCKS.
The following were the fluctuations OF
| the trading railway and industrial shares,
| furnished by c. II. F. Smith q Co, mem.
! bers OF the New York stock exchange and
| Chicago board of trade: