The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-07-01
DEMONSTRATION In
STANDARD STOCKS
Strong in Spite of Events Favor
able to Bears.
SQUEEZE IN MONEY MARKE T
Activity Foreshadows Elk
pansion in Loans-Prices as Rule
Were Higher in Bonds-Total
Sales at Par $2,372,ooo

New York, June 30.-There was re-
niarkable demonstration of the underlying
strength of standard stocks today, in spite
of the happenings which the bears have
been relying upon to put down prices be-
fore the triple holiday.
The squeeze in the money market proved
more severe than for many months, the
rate for call loans jumping at one time to
IL per cent. Loans made today carry over
until next Wednesday and the shifting in
cident to heavy demands on the eve of
semi-annual disbursement caused very
active bidding for money.
There was, besides, the natural hesitation
on the part Of most operators to making
large commitments on the eve of the holi-
day and the general tendency to close up
accounts. This kept the market very dull
during the early part of the day and prices
were disposed to sag. The opening was in
deed fraction below last night, for most
of the railroads, liquidation in SUI
gar and the city traction stock pulled the
railroads back again tier they had first
started up. But during the second hour
of the trading very determined and con-
fident demand sprung up for st. Paul and
New York Central, after the latter stock,
which was dealt in ex-dividend, had fallen
off one-half below last nights level.
This demand grew and spread through the
most prominent stocks on the list, including
the leading trunk lines the Changers, the
Texas Paifcs and one or two southwest
ems. The manner in which this buying
ignored the furry in the money market in
dicted that it came from sources not de-
pendent on the ordinary resources of the
banks. Notwithstanding the strength of
N hasa fnxx nlxS thea
general market continued very much ne
elected and little changed in price.
The total sales for the day were consd-
erably below the average for the week and
dealings were almost wholly concentrated
in the few stocks which developed SO buoy
ant q tone. In these the strength con-
tinued with very slight reaction at the
close, the level of prices being lifted for
them from l to 2h per cent. above last
nights level. Numerous blocks of 1000
shares and upwards Of Pennsylvania were
taken on the rise. The ndustrials were al
most wholly neglected. Sugar recovered
from its early weakness and closed about
a point higher. Leather preferred and
Anaconda and Tennessee Coal were also
strong.
The local traction stocks were notably
weak, Brooklyn Transit being most keenly
affected. feature of the early market
was the number of cash sales of gilt edged
stocks selling ex-dividend including the
Fanderblts, Rock Island and Atchison pre-
ferred. The most prominent of these more
than recovered their dividend on the day 5
trading. All opinions seem to agree that
very heavy decrease in cash will be
shown by tomorrow's bank statement some
estimates running as high as $40 900 00O
This includes 100000 of the gold ship
ments, a loss to the sub-treasury on ac-
count OF the governments small expendi-
lures this week and net loss for the New
York banks the interior movement of
currency. Besides this, the speculative ac-
tlyity OF the week foreshadowed an ex-
pansion in loans and a sharp decline In
surplus reserves.
There was considerable activity in the
bond market and prices as rule are
higher. Total sales par value, $2S72vvJ.
Government bonds are UNCHANGED
Money on call, strong, at 5@12 per cent:
last loan, per cent.
Prime mercantile paper, 31k@4 per cent
Sterling exchange, weak, with actual
business in bankers bills at $4.S7AMs4 S71a
for demand, and at S4.S5A@$4. S5h for sixty
days.
Posted rates, s4.S6Gs4S 61s and $4.ss1
Commercial bills, $.S5
Silver certificates, 6OA@61
Bar silver, 60A.
Mexican dollars, 4Sh.
Government bonds steady
State bonds inactive
Railroad bonds, strong.