The age-herald., 1899-08-13
BANK STATEMENT
 CHANGED TONE Stocks Started Lower on Foreign
 Advances. NET GAINS IN ACTIVE STOCKS When the Bank Statement Made It's App pearance on the Tape the Market Immediately Burst Into
 Great Animation.
NET GAINS IN ACTIVE STOCKS

New York; August 12.-Today's stock market started lower on foreign advices. London manifesting anxiety as to the fu- ture of the money market. The local bears fostered the depression and tried to make capital out of the situation in France and predicted a southwestern freight rate war. The strong bank statement, however, changed the tone of the market and the close showed net gains in the most active stocks. In the early weakness the Changers and h-priced specialtes were the principal sufferers. Sugar, Brooklyn Transit, Peoples Gas and American Steel and Wire declined about a point each. The bears were disposed to cover at the decline and prices rallied rather quickly, but remained below last nights level. The duness and hardness of the market which succeeded continued until the bank state- ment made its appearance on the tape, when the market immediately burst into great animation and gave a surprising buoyant tone at some points. The stocks which had yielded most easily in the early trading came back most readily and a rule show the best net gains of the day.
 The shorts were in a scramble to cover and bid prices themselves. Chicago
 
 by successive jumps, selling at 1o312, at least 54 above the lowest and 4& net ad- vance. The preferred stock of this com pany made net gain of 29s Tennessee Coal also made vigorous advance to St, a net gain of 3A. The closing of the market was active and firm above the top mark What was generally expected to be dull week in the stock market turned out to be a more active one than for some time past.
 For the present money has been slightly easier and this has been a large factor in strength of stocks. The buoyancy has been most conspicuous in stocks of com panies in the metal industries, particularly the iron and steel industry. This was logical response to the extraordinary con- ditions prevailing in that trade where or ders for delivery in 1900 at the present hish level of prices are increasing.
 There has been special strength in other industrials the causes of which have been left to guess work by the general pubic. The approach to the end of the period or anxiety regarding the crops had led to some buying of the railroads III the gram region. the conviction having become gen erad that no setback to the country's pros perity will arise from the years results to the agricultural industry. The outlook Tor the anthracite trade has led to strength in the group of railroads interested In the transportaton branches of that trade. A number or rdIlTOdu SlOChS hdNC OhJCJNo large gains from individual causes, such as prospective increases of dividends or settle ments of competive traffic disputes or movements towards absorption by more .- powerful companies. The financial centers of the world have continued to pay large attention to the development of contentious in the money market in this country and the foregin exchanges at New York have moved strictly in response to the tone of the local money market without regard to foreign money centers. Thus the rates for both sterling and continental exchange fell on Tuesday to the lowest level of the pres- ent movement, notwithstanding jump Of a half per cent. in the private discount rate at Berlin on Monday and the harden ing of shade in the London rate on Tues- day. When the New York money market began to tend towards greater ease later in the week, there was a significant hard ening in the local rates for foreign ex- change and the Bank of England refrained from marking up its rate of discount on Thursday
 Bonds have been quiet and price move ments irregular. United States As have advanced h percent. in the bid price.