The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-07-14
THE STOCK MARKET.
Speculation Fairly Active in Lead
ing Issues.

ing Issues.
New York, July 13.-The heaviness
which was predominant in the stock mar
ket to-day resented the shifting Wall
street sentiment regarding the money sit
uauon more than anything else though
it was emphasized by the rise in the Bank
Of Eng.and's minimum rate of discount
to 312 per cent, and the acute weakness
of the local traction stocks, especially
Brooklyn Transit, which dropped over 3j2
at one time
Wall street had il that a strike had
actually been declared and the stocks in
that group rallied when this canard was
denied. Wal street seemed to lay more
stress in the advance of the Bank of Eng
land rate than London itself. The stock
market there was duh, but prices espec-
tally OF Americans, were well maintained,
in spite of the rise in the private discount
rate. There was a sharp rally in British
COnsolS and in French rentes, and foreign
markets seemed to be relieved from the
tension of apprehension over the Transvaal
situation. But, nevertheless, prices of the
internationals led the decline in New YORK.
and many stocks had fallen point in the
course of the first hour, the grangers be-
ing conspicuous.
Sugar a.so developed early weakness,
and only partly recovered its decline. Ana
conda was also strong following Londou-s
lead. and was one time two points up.
There was sympa Jhedc activity and
strength in amalgamated copper in the
outside market, the shares rising above
49, During the afternoon strength deVel-
oped in Federal Steel, American Steel and
Wire, American car preferred and Cotton
Oil, which induced a general recovery in
the specialties.
Northern Pacific rose to 81 in the late
dealings and checked the declining ten
dency on realizing. New York Air Brake,
after an early decline, jumped IA points,
and Mobile and Ohio rose s. The local mar
ket was easier in tone, but operators who
bought yesterday on the prospect OF a ia
vorable bank statement were inclined to
feel that they had exaggerated the pros
pective benefit. There was realizing sales
from this source. Last Saturdays state-
ment is generally recognized to be, in the
words of the manager of the clearing
house, "singularly unfortunate" in the
working of the system of averages TO
make the returns seem worse than the
actual condition of the banks.
This weeks statement is expected to
be remarkably strong, but it is feared that
il may be equally unfortunate in rejecting
actual conditions.
A number of heavy loans were liquidated
early in the week, and there has since
progressive increase in the total will make
Saturdays showing of loans based on rs
ing averages and therefore likely TO under
state the actual total at the end of the
week. The sub-treasury has been taking
money from the banks and the interior
exchange still runs against New York
The announcement of one of the great
insurance companies Of its intention to
dispose of all of its investments in stocks
was a weight on the market during the
early hours, but some relief was caused
by a subsequent announcement that the
holdings would probably be disposed of at
private sales.
New York Centrals increase in gross
earnings for June of $500 0iS helped the
late recovery in the market. The close
was about steady at maintained gains and
losses.
The railroad bond market was rather
dull and irregular, the Southwestern rail-
roads being in good demand. Total sales,
s., $4,000. United States old As, registered
declined a in the bid price.
The total sales of stocks were Ala S95
shares including Atchison preferred 81
1850; Chesapeake and Ohio, 10 SIS; Burling-
ton, 1920; Manhattan, 1890; Missouri Pa
ciflc 44,2S5; Mexican Central, 1850; New
York Central, $3.50; Northern Pacific. 49,
1870; Chicago Northwestern, COCO: Rock
Island, 1920; st. Paul. 10 ,43O; Texas Pacific
1860; Wabash preferred, 1850; American
Steel and Wire. 1926; American Cotton
Oil, 1876; Federal Steel 1886; Brooklyn
Rapid Transit, 61,375; Sugar 1850; Tenn
essee. Coal, 1910