The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-07-15
THE MARKETS.
Wall Street Review.

By Associated Press.
New York, July 14.--There was a
short period of strength in some stocks
this morning, but it was sufficient to
overcome the sagging tendency of the
general market. The weakness of
Brooklyn Transit coming on the dull
market emphasized the reactionary
tendency. The main cause of the gen.
eral weakness was the increasing fear
that money difficulties abroad would
cause future trouble for the New York
money market and would take out gold
as soon as the local rate for money
fell to n point where the London rate
would prove attractive.
Rumors were abroad all day that a.
shipment of gold was contemplated for
tomorrow's steamer, but up to the close
none had been announced. Money
worked easier here, call loans ranging
from to 5 per cent. The call rate in
London went to 31a per cent. and dis
count held the Bank of Engand's min
imum rate at 91A per cent. London sold
moderately i'm New York but gave good
support to a few favorites in the
American department of it's own mar
ket. Their was no quotable change in
sterling exchange rates but sight bills
showed a hardening tendency, while
60 day bills were easy. Not so much
confidence is felt in favorable bank
statement for tomorrow. The amount
of the loan contraction is an unknown
quantity upon which depends the state
of the surplus reserve The banks have
lost nearly $2,5OO,0OO to the sub treas
ury, largely on account of heavy Gus
Ton,
small amount on the regular currency
movement with the interior but the
large sums of money known to have
been sent here early in the week from
other eastern financial centers may
have gone to other institutions than
the banks and would thus not figure
in the returns These considerations
prompted pause in the buying move
ments in the stocks and the early
strength in the southwestern group, the
trunk lines and Northern Pacific gave
way in the afternoon to decidedly lower
prices.
The talk Of crop damage in the north
west affected the grangers unfavorably
in the late trading Losses from the top
point in many active railroad stocks
ranged from | to points Northern
Pacific was marked up above last
nights level in the final dealings,
though 1t was little affected during
the day by the report of an amicable
agreemnt with the Great Northern in
tercsts. Chicago terminal transfer was
strong on the reported sale to the AL
ton syndicate. Brooklyn Transit was
weak throughout on the prospects of a
strike and closed at the lowest, 2A be-
low last night. The early strength in
sugar gave way to weakness and rub
her dropped 2lI with a subsequent par
tial recovery. Manhattan was marked
up to 120 at one time on the theory that
surface railroad strike would add to
its business. Covering by shorts was
an element of its strength. Missouri
Pacific reacted sharply and closed a
point lower on the day. A number of
specialties showed some strength dur
ing the day on individual causes. Cot.
ton OIL national biscuit preferred, tin
plate, anaconda and steel and wire
were among these. New York air
brake gained S% points. Total sales
3il,06S shares.
The bond market was dull and prices
yielded with the weakness in stocks.
Total sales par value So $4,000.
L. S. IS advanced Is in the bid price