The age-herald., 1899-07-23
STOCK MARKET
 WAS UNIMPORTANT London Manifested Some Inter- est in American Securities. OFFERINGS WELL ABSORBED
l ank Statement Showed Increase in Surplus Reserve - Dealings in Bonds Were Dull, With Some
 Issues Falling Away

Now York, July 22.-Today's stock mar ket was an unimportant even an insg- nlfcant, affair. London manifested some continued interest in American securities marking up prices rather above the pO4ut reached on this side, even in the opening rise The opening advance nere quickly suecumbed to the sympathetic influence of a reaction in Sugar, which lost something over a point Heaviness in a few other in- dustrials helped to hold back the market But the bears were no more disposed to operate than the bulls, and the market sus- pended near last nights level. The bank statement brought a realizing movement which carried prices off in some cases a point from the best, Rock Island and few other stocks which have been going up fer several days being most affected. The of- ferings were well absorbed and the short session ended with short quotations not far from last nights prices. The oppressive heat prevailing had something to do with the extreme lassitude of the trading. The American Linseed oil and Iowa Central stocks showed good advances in prices and the Fort Worth and Denver City first mort gage bonds rose IA on the requirement of trackaSe rights between Denver and Pu- eblo from the Atchison by the Colorado and Southern, which controls the Texas read. The bank statement showed the surplus reserve increased by reason of a contraction in loans as was expected but tae loss of over a million in cash was d disappointment. In view of the low pre- Vaiilng rates for money at interior scenters 1t was expected that funds would have been attracted to New York during the week, but no such movement is reflected in the bank statement. The continued high rate ot sterling exchange causes some anxiety as well as bewilderment in view of the lower discount rates in London and the hell marked disposition of London to buy stocks in New York in the last few days.
 The sterling rate has only yielded a frac- tion and still hovers within cent of the gold export point. Net changes in prices of stocks for the week mostly small and show both gains and losses. There were some sharp losses in the early part of the week. and the movement after that was irregular. It was the smallest week s busi- ness of the year. Even dealings by pro- fessional operators had dropped to a mini- mum. Looking back over a period of a month, 1t is easy to discern that the best judges failed to correctly estimate the worlds need for money and the release of large sums which was confidently expected after July has been successiyely delayed from day to day and from week to week. Large loans were repaid to the Bank of England in the first days of July, but be- fore the week was over the market was again borrower from the bank, and has been ever since at rates up to 41a per cent, as against the banks official minimum of 3ls per cent. Only in the last three days has there been any marked relaxation in the money stringency at the British capi- tai. It has been obvious as the situation developed that London and the Continent were going to be more dependant on the United States for relief than was contem- plated and the continued hardness of money here has aroused doubts as to the availability of that relief. There is con- tinued evidence of the strong influence of A,,,a in, thn rlyatc of world. The industrial activity in Germany, especially in iron and steel, and the specu- 1ation on the Berlin hpurse have kept money high at Berlin.
 In Great Britain itself there has been eX- banding trade and interior demand for money beyond what had been counted upon, and the call for a portion of the Japanese loans pinched the London market. In the face of these conditions, when London saw the money rate in New York holding high and very slow to yield, the speculation in securities came to a standstill, not only in London but on the continent and in New York. The tardiness with which the money paid out in divisions and interest on July 1 has reappeared in New York bank depos- its while it delayed relief, is evidence of the widespread distribution of securities. Several large financial transactions have made demands on New York banks, includ- ing the foatation of the tube combina tion, temporary loans to the New York city gov ernment and the Mexican loan. The un- exampled activity in all branches of busi- ness and industry makes use of the light funds at interior points which would other wise find their way into New York banking deposits but which only high rate for money in New York now serves to attract. Nevertheless high class bonds, railroad,4 state and municipal. continue at record fig ures and capital is evidently abundant as never before. The conservative element views with equanimity the future to arouse q rampant speculation in securities and holders are apparently we'll satisfied to hold at present prices. The street railway strikes in Manhattan and Brooklyn bor- oughs of New York aroused some anxiety as a possible sympathy of unrest among wage earners This has been an important factor in discouraging active operations in the stock market while so many favorable conditions seem to presage that rise in promise.
 Dealings in bonds have been dull and some issues fell away in prices, but others moved upward on active demand. United States registered 3s and 5s advanced k and 5s advanced 1s and the old As registered Ii and 4s coupon F in the bid price.