The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-07-16
STAGNANT PRICES
IN STOCK MARKET
Closing Out of Short Contracts
by Bears a Feature
LOCAL MONEY WAS LOWER
Evident That Large Portion of Cont
nent Was Not Abundantly Pro-
vided With Funds : Bonds
Maintained at Parity.
LOCAL MONEY WAS L0WER

New York, July 15.-Today's short market
was so narrow and so nearly stagnant that
movements of prices were of little signifi-
canoe. There was perceptible tone of
firmness, however, which was emphasized
after the appearance of the bank state
ment by the hasty covering of some small
bear contracts in the grangers which had
been put out just previous to the appear
ance of the settlement. Probably the
greater part of the days business was
given over to the closing out of short con-
tracts by the bears. This contingent has
been particularly active i'll Brooklyn
Transit throughout the week on persistent
talk of a pending strike. Their buying to
cover today made that stock most active
on the list and moved it up two points from
the opening decline. Sugar was largely
bought and rose at one time IL over last
night Peoples Gas recovered sharply
from yesterdays price. Oregon Navigation
preferred advanced ~ on the discharge of
the voting trust and implied guarantee of
preferred dividends to the amount of 10 per
cent in yearly installments. Cotton oil
rose over a point Manhattan and the
Southwestern railways were also inclined
to strength.
The bank statement was up to expecta-
ton In the item of loan contractions and
the consequent reduction in deposit labili-
ties. 1t was unexpectedly favorable in the
showing of a gain in cash, considering the
payment of 81, 500 900 to the sub treasury on
customs payments during the week. The
local money market worked still lower, but
the demand for sterling advanced a signifi-
. cant fraction and London discounts were
also harder. Sterling exchange at CONT
mental centers also rose sharply, lending
point to the note of alarm sounded by the
weekly English financial publications over
the immediate future of the London
market
The week in Wall street offered evidence
that eager traders are watching for an OPP
portunity to embark on the long side of the
market There is evidence also that large
portion of the continent was not possessed
OF abundant funds and the continued tight
ness of the money market and the success
full Vaccinations of the bears have checked
the bullish enthusiasm with good margins
and precipitated considerable specula ton
liquidation. A number of individual stocks
however, have shown aggressive strength
on large buying and have sustained the
general list. The activity of the market
for call loans on the stock exchange even
at the high rates also indicates confidence
in some quarters in the early clearing of
the situation. The extended period of the
hardness of money after the July 1 period
upset the calculations of many observers
and last Saturdays bank statement show
ing surplus reserves down to near S., 900 900
and lower than since the panic of 1898.
caused something like alarm There were
large orders to sell at the opening on Mon
day as it was certain that many loans
would be called to reduce deposits on ac-
count of the banks that were below their
legal reserve limit.