Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-07
FINANCE AND TRADE
Stocks Somewhat Irregular on Rumors
on the Board.
STRONG UNDERGONE Was APPARENT
Bears Argue Bank Statement and
Rumored Sales of Rockefeller.
GENERAL MARKET REPORT
Special Dispatch to The Evening star.

Special Dispatch to The Evening star.
NEW YORK. August THE little activ-
ity that characterized the opening OF the
New York stock market continued to be
principally in the tobacco stocks, realiza-
tons In which appeared 10 be about over.
The Flower group came next in point Of
activity: while the grangers showed an ir-
regular movement. Rock Island advanced
and ST. Paul declined on relatively small
business. Pan Handle was about the
strongest thing on the list and showed the
presence of some inside buying. other
specialties moved irregularly.
Traders a rule. were inclined to be
bearlsh on the situation, and sold stocks
rather freely on the idea that are going
TO have higher rates for money. and citing
Saturdays bad bank statement as a cause
for it.
The market. as a rule, however, showed
a very fair undertone in the early dealings.
which resulted in advances in most Of the
active shares shortly after the opening.
Kansas and Gulf securities continued to
advance and the strength this morning was
attributed TO the fact that the reorganiza-
ton is taking shape rather more quickly
than was at one time looked for, and that
reports from the road are more satisfactory
of late A Chicago dispatch today says,
too. that the S3oo.oo0 of per cent re-
ceiver's certificates have been bought by
the reorganization committee.
A further rally ensued during the sec
ond hour. carrying prices generally higher
than the opening, Tobacco stocks, however
met some renewed selling orders and re-
lapsed sharply to figures somewhat below
those of Saturday. The granger shares
were steady 10 strong on western buying,
but the gains were relatively less imam
those in some of the industrial group.
The afternoon market was somewhat adj
Versely affected by a statement issued by
one of the wall street Journals. saying il
could state on the highest authority that
Mr.. John d. Rockefeller, during the past
three weeks. had sold out about 10000
shares of various stocks, including Burhng-
ton. Atchison preferred, st. Paul, brooklyn
Rapid Transit, Southern Railway, Central
Pacific and others. The last of his sales,
according to this story, were made on Fri
day last.
Money loaned at and 3l4 per cent.
The London States prints estimate OF
Union Pacific railway earnings for year
ended June 30, and figures the company mas
earned over 80 per cent on the common
stock
As opposed to principal argument of The
bears-tight money-leaCIre brokers say
that no significance attaches 10 Saturdays
bank statement as indicating a disturbance
in money rates. The cash that failed 10
appear in the statement Is, they say, IN
New York in one fern or another. no
such amount was forwarded to Canada
(S2, JO9.oJD) to provide against the run of
Canadian Savings Bank depositors. While
they look for a continuance OF strong tone
in money for a month or SCAT about
per cent on call and Az and , per cent on
time it is emphatically reiterated that
there need not be any apprehension of a
monetary stringency.
This emphasis is backed up by the knOwl-
edge that gold imports-alrcady most in
sight-wouid be FASTENED by any serious
pinch for money here. Prime mercantile
paper market does not show any special
charges: rates are nominally ~ and per
cent, while Bradstreet's estimate on last
weeks wheat export Is by far the largest
of any week since the opening of March,
and for corn. the shipments are the largest,
with one exception of any week in the
past thirteen months. For the two cereals
combined. the record runs 2G1O.oD0 bushels
beyond the previous week and 2,s.O.ug0 be-
yond the current week in 1895. Imports of
mercha ndise, on the other hand fell 80 per
cent below the corresponding week OF 1892
and p per cent under even 1S9a. The Bank
of Germany has advanced its rate TO . per
cent.