The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-11
FINANCIAL AND CoMMEBuAL.


MONDAY. July 10.
Fsars OF an uncomfortably active money
market caused considerable liquidation to-day
Of speculative holdings OF stocks As q matter
OF fact spectators in securities betrayed
greater anxiety regarding the Immediate fu-
ture Of the money market than bank officers
and other lenders OF money. These last appre-
ciate that the recent drain upon the cash
resources OF the banks is practically over
and that tho higher rates that pre-
vail to-day will not only check fur
Their exports OF specie. but also attract
money to this centre from various interior
points that are well supplied with cash. 1t was
learned to-day that part Of the increase in
bank loans last week was due to extensive
borrowing by the city pending payment for the
bonds recently sold. 1t is generally conceded
by bankers that the condition Of the Associated
Banks 10 much better than was shown by Bat
urday's statement Of averages because large
part OF the money disbursed by the Govern
ment and BY corporations for interest was not
returned to the banks by their depositors until
the latter part Of the week. owing to the vir-
tual suspension OF business during the first
four days OF the month
There was no special calling or shifting OF
loans TO- day and in consequence the greater
part OF the transactions in call money were at
bGD6 v cent. The highest rate recorded was
10 cont While these rates cannot DO re-
garded as excessive. they prevented specula-
tive purchases Of stocks and, as already noted.
Influenced tmid and weak marginal holders to
decrease the volume Of their ventures. Tho
situation was naturally enough taken advan-
taRe OF by professional operators for decline.
and II was aggravated by comparatively heavy
sales by London. The foreign selling appeared
TO DO based partly upon the unsatisfactory DO
litical outlook in South Africa and the flrmness
OF the London money market on the eve OF a
fortniRhtly settlement on the London Stock
Exchange. Specific depressing influences were
q show Of aGEressiveness on the part OF the
Ogden Gas Company of Chicago and fresh
rumors Of labor troubles on the local traction
systems. These last should be eTectualy
disposed Of by the manner in which the
officials OF the Brooklyn Rapid Transit
and OF the Metropolitan Street Railway
companies have received and treated their
employees. II IL now plain that the talk Of
strikes on these two systems results entirely
from the efforts Of professional labor agitators
to involve the companies in controversy with
their employees. 1t is common talk in Wall
street, and has been for some time. that oper-
ators who are short of the local traction stock
are probably responsible for the offcious ac
tivity Of professional labor agitators. who as
sumo TO represent the employees OF the street
railway lines OF this city and Brooklyn.
The reported activity OF the promoters OF
the Ogden Gas Company OF Chicago revives
memories OF former attacks upon tho Peoples
Gas Light Company of that city. 1t was
companied as usual by selling Of Peoples Gas
by brokerage houses having direct telegraphic
communication with Chicago. The greatest
activity in the railway list was In Atchison pre-
ferred. yet It did not sustain much greater
net loss than the usually active Granger stocks
which. with 1t. were conspicuous in the
recent advance. The greatest net losses
were sustained by Manhattan Railway. Peo-
pies Gas. Sugar Refining. Metropolitan
Street Railway and Brooklyn Rapid Transit
The decline in prices did not stimulate unusu-
al activity. nor did the liquidation appear to
extend beyond speculative holders. The actual
owners OF securities are doubtless Influenced
more by the condition of general business and
by railway traffic returns. such as that Of the
St Paul Company for the first week in the cur
rent month. printed further on in this column.
than they are by n temporary furry in the
money market. The Government crop report.
showing. according to all accounts. a satsfac-
tory condition Of the spring wheat crop. was
not made public until after tho close OF bust
ness The tone 81 the market at the close was
in the main heavy. yet final prices we're frac-
tionally above the lowest recorded