The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-06-30
PROFIT TAKING IN
STOCK MARKET
Most of The Traders Were Bear
iSh In Sentiment.
GOLD DRAIN IN NEW YORK
Approach ofTriple Holiday and Sharp
Advance of the Week Considered
Reason for ReacJion-Bonds
Were Generally Strong.

New York, June 29-The stock market
showed the effect of continued profit TAX
ing today. 1t was considered foregone
conclusion that this should prove to be
the case, and most of theNtraders came to
the board room this morning bearish in
sentiment. The approach of a triple holi-
day, coupled with the weeks sharp ad-
vance in prices, was considered sufficient
reason for reaction.
The lively buying after the opening for
london account seemed for a time to re-
flute the position of the bears, but later
in the day when this demand had been
satisfied and the announcement was made
OF a S2,O000 900 gold shipment to go out on
Saturday in spite Of the low price for
sterling exchange, the bears gained re-
newed confidence and the market sagged
away without much interruption until the
last. There Is contradiction difficult to
Aexplain in the facts that the needs of the
london market in money are responsible
Kor the drain of gold in New York, while
the buying for London account, In spite
OF the money stringency there, was about
the only factor of strength in the New
York market today.
The weekly statement of the Bank of
England shows that the bank has sue
ceeded in increasing it's stock of gold only
ABOUT $S0O00O. The proportion of reserve
to liability is thus materially reduced A
very striking change is the uneasiness in
England 6ver the present low stage of the
banks low gold reserve The fall in Brit
1Sh consolS of Ole was due to cash sales,
probably connected with the low stage of
the banks reserve. That the return did not
nave greater effect on the London stock
market was probably due to the reassur-
ing opinion of the British chancellor of the
eXchequer expressed last night on the sub
ject of the reserve of the Bank of Eng
land.
The local stock market, owing to the
sustaining effect of the buying for Lon
don account, Jared pretty well in spite of
the undoubtedly heavy profit taking incl
dent to the approaching holiday, the de-
pressing effect of the gold announcement
the furry In call money and growing.
apprehension that the disbursements in
July may be reflected in the money mar
ket for considerable period after July l.
2pnsolldated Gas rose at one time 5
points on rumors of settlement of the
local gas war, but reacted again. The in
dustrials and specialtieS generally were
heavy, including Sugar, the Tobacco stocks
and the City Traction stocks. Louisville
Norfolk and Western preferred, Rock Is
land, Atchison preferred, and Denver and
RIO Grande preferred were among the
stocks which showed the best support.
The bond market was generally strong
the Erie and Colorado and Southern issues
being especially So United States rs and
3's advanced u, and SIS Is in the bid price.
Money on call firm at 21S@6 per cent; last
.oan, per cent.
Prime mercantile paper, 3@3% per cent.
Sterling exchange, heavy, with actual
, business in bankers bills at $4S715@$4. S7$4
J for demand, and at $4S51AQ$4.S524 for sixty
Rdays.
Posted rates, $4S6@$4S7 and $4.SSQ$4.S9.
Commercial bills, $4S5A.
Silver certificates, 6015062
Bar silver, 60A.
Mexican dollars, 4SB.
Government bonds strong.
State bonds strong.
Railroad bonds strong.