The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-07-14

New York, July 1.-THE stock mar
ket showed continued strength today,
and buying by professional operators
was on a large scale. There was a
good demand from outsiders through
commission houses at the opening en-
couraged by the rise in prices yesterday
and yesterdays professional buyers
were free sellers to realize, while this
lasted. The market then came 10 the
customary halt after such a process be
fore taking up an advance. An eager
demand developed for Missouri Pacific
and affected nearly all the Gould south
western group in sympathy. Not only
the stocks, but all the securities Of his
group of railroads affected. Mis-
souri, Pacific had the leadership OF the
market throughout b day and mad
/. late advance % 48s, an extreme rise
of 2 points. The motive Of this buying
was the Wall street lint OF plans for
merging the various railroad proper
ties in the southwest in which the
| Goulds are interested. Good buying
set in early for the grangers. Pacifcs
aQ0 AIculSOu pEC1ClIC0 dIlu d1(CI AhAA
day New York Central was suddenly
pushed up an extreme %. Large buy
ing of Pennsylvania at an advance OF
| IL seems to be associated with the New
York Central movement, but an at
| tempt was made to connect the latter
with Union Pacific and Northwestern
by manipulating the price Of these two
sticks. Ali Of the Northwestern's
gains were subsequently lost.
The manner in which the buying de-
mand progressed through the railroad
list, together with the upward tenden-
cy in Su-ar, prompted the professionals
to attempt a movement in the indus
trial stocks. Leather preferred. Ma
tiona1 Steel, Tinplate, Federal Steel and
General Electric were bid up between
1 and 2 points and New York Airbrake
| made a characteristic upward dash OF
10 points. Mexican Central rose quite
| conspicuously q per cent. under the
| sentimental influence Of the opening
in New York of subscriptions for the
new Mexican refunding loan. Sugar,
| Manhattan and Brooklyn Transit
dropped sharply from top figures and
many of the gains in the industrials
f, were practically wiped out. Prices Of
| the railroads sagged considerably from
the top and the closing of the market
was decidedly heavy, net gains being
only partly retained. Philadelphia
company stocks after selling at SO
suddenly dropped to 80 in the late mar
ket.
The money market was easier today
and confidence is felt that the supply
| will become still more abundant at a
very early date. Several large loans
for the purpose of new industrial fOta-
ton are now released and the banks
are gaining money from the sub-treas-
ury. The bull traders are talking of
a very favorable bank statement, al
though the s. pen caE. rate for cal
Of today does not indicate a plethoric
condition as yet. The New York stock
market received some support today
from London, in spite of the continued
heaviness there in other departments,
but a sharp recovery in British consols
and French rentes late in the day, the
fall in the price of gold in London and
the advance in sterling exchange rates
in Paris and Berlin today indicate a
relaxation of the money market pres
sure in London.
There was a good business in bonds
today, st. Louis Southwestern seconds
leading the market. Total sales were
1886, 600. The total sales of stocks
today were 643, 292 shares.