The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-07-12
THE MARKETS.
Wall Street Review.
BY Associated Press.

BY Associated Press.
New York, July 1.-THE stock mar
ket strikingly demonstrated it's inher-
ent strength again today with a prac-
tical recovery over yesterdays losses.
Closing prices today were only slightly
below those Of Saturday and in some
exceptional cases scarcely above. The
only conditions in which any change
had taken place were purely technical.
These were the elimination of a weakly
margined long account and the crea-
ton OF short interest. London began
to sell stocks in New York at the OPEN
ing today as it did yesterday but in
stead OF coming upon large account
of nearly exhausted margins, as was
the case yesterday the opening decline
invited buying to cover the short con.
tracts put out yesterday. The buying
from this source afforded the principal
support to the market in the early deal
ings 1t was particularly marked in
sugar and the New York Traction and
Gas stocks, which suffered most severe
ly from bear raiding yesterday. BY
the time the short interest had been
covered the market came to a stand
still, the bulls apparently lacking cour-
of the continued stiffness of the money
market which held quite firmly about
the legal rate for call money Slight
ly before noon, however a determined
buying movement developed in the
great trunk lines, and with occasional
intervals of dullness. continued for the
rest of the day, spreading from one
group TO another until 1t embraced
liz mi
ment among the trunk lines to restore
rates on grain to the seabcard was ap-
parently the basis of the origin Of the
movement. st. PauPs increase in gross
earnings for the first week of July
SeO3,S22, prompted the buying of the
Changers. The high rate for call
money was ignored and very large
amounts loaned on the stock exchange
at 6 per cent. The rate eased off to
Az per cent. at one time, but rose
again to 6 per cent, the demand ap-
parently continuing large for the in
creased supply available. Interior ex-
changes continued to run against New
York, but yesterdays contraction Of
loans had apparently left the New York
banks in an easier position. Demand
sterling in New York only held firm
under the stress of the high money
rate in London, but sterling exchange
in Paris and Berlin advanced sharply
end discounts were easier at those CEN
| tres. Long sterling in New York weak
| ened an additional fraction under the
| sales of futures based on the expected
| outward movement of merchandise to
begin in a short time. Among the
special points of strength in the late
stock market We're Texas and Pacific,
| which rose to % and later the whole
southwestern group. Wall street had
a rumor of a contemplated merger of
| Wabash and Missouri Pacific to ac-
| count for the strength of those stocks.
| Northern Pacific also scored brilliant
advance, recovering more than it's dlvi-
| dend which was taken off today.
There was simultaneous advance in
Tennessee Coal, Colorado Fuel and
| American Steel and Wire, whse rose
| from to 2SI and also in Chesapeake
| and Ohio Cleveland, Cincinnati, Chi
| cago and ST. Louis and Lake Erie and
! Western preferred. After a fractional
| reaction on professional profit taking
| prices We're marked up again to near
| the best in the closing dealings. Total
| sales, 53S shares. Bonds rallied
! somewhat from the early weakness in
| sympathy with stocks, but were gem
| orally light. Total sales, par value,
! 50 0S0 ,00C.
United States new is registered, de-
clined Il and the old As registered, n
in the bid price.