The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-07-29
SHORTS ALARMED
IN STOCK MARKET
London Marked Up Prices Be-
fore Opening Hour.
THE PUBLIC WAS STILL COY
Business Fell Off Notably in Afternoon
Prices Generally Higher in
Bonds, With Total Sales
Amounting to So, le8, 600
THE PUBLIC WAS STILL COY

New York, July 2S-Today's stock market
was strong early and traders generally
ranged themselves on the loug side. Tbs
shorts took alarm from yesterdays rise
and the continued upward tendency this
morning, and covered rather extensive
lines. London marked up prices before the
opening hour and bought considerable
amounts in this market, The sentimental
effect OF this buying was even more pro-
nounced than the direct demand for stocks. .
The recovery in French rentes in Paris
had a stimulating effect and part of Lon
don's buying of Americans was reported to
be for continental account. Taking all In
all there was sufficient demand for stocks
to run the forenoon business up TO within
10000 shares OF yesterdays total transac-
tions, and considerably over the total for
some days OF this week. Business fell off,
however, very notably in the afternoon.
The public showed itself still coy about
coming forward and bull operators in con-
sequence proceeded to take their profits on
the advance. The stocks which advanced
yesterday and the day before were especi-
ally affected and in Il number of cases were
carried below last nights leva. South
western stock, Kansas and Texas pre-
ferTed, Lake Erie and Western and the
Trunk lines were examples.
There was nevertheless an appreciable in
crease in commission house business. This
was conpicuouS in the grangers Burlington
leading on account OF the benefit to the
crops from ruin. The coalers were notably
strong on the approaching operation of
a higher scale OF prices and Luckawanna,
wirich in addition enjoyed the benefit Of a
reported combination with New York,
- IA
points. Louisville was the leader of the
market considered as to tho strength and
activity. 1t closed at the top price at a
net gain of rs over yesterday. Since the
dividend of per cent. was taken off yeStes-
day morning, the stock has risen Az points.
There was an active demand for sugar all
day and the price went to 1619s. National
steel was strong on the reported acquires
meht OF new property and Brooklyn Transit
rose an extreme 1A. There was a belated
upward movement in some of the south
western stocks not heretofore affected.
Denver and Rio Grunde preferred, Southern
Pacific St Louis and San Francisco pee
ferred and the St. Joseph and Grand Island
stocks gained from l to . points. The late
realizing movement carried prices down
from the best and the market closed dull
and easy. Tomorrows bank statement is
expected TO show another loss in cash
owing to operations with tho suD-treaSury,
though there has been net gain on the in
terror movement Sterling exchange was
weak and lower on account OF London buy
ing stocks here and increased supply of
commercial bills.
Bonds did not respond fully to the
strength in stocks but prices are generally
higher. Total sales par value, 2.lS,OO.
United States regulars advanced Is in the
bid price,
New York, July 2a--Money ON cali, 3ts@
per cert; last loan. 31a per cent. Prime
mercantile paper. 31a0n4ts per cent Ster-
ling exchange weak, with actual business
in bankers bills at 4.S61s44ST for demand
and at 4S39s for 60 days. Posted rates,
4Sfsd4S5k and 4S6G4S6ia. Commercial
bills, 4SS6e4.S& Silver certificates, G05s@61-
Bar silver, 60H. Mexican dollars, 48. Gov
eminent bonds firm; state bonds inactive;
railroad bonds strong