The daily morning journal and courier., 1899-07-01
EstmaMctal.
-,-.-- THE STOCK M.I RK EJ,.
Remarkable Demonstration of Under-
 lying Strength of Stocks.


 New York, June 30.-There was a re- markable demonstration of the underly- ing strength of standard stocks to-day i'll spite of the happenings which the bears have been relying upon to put down prices before the three days holi- day. The squeeze in the money market proved more severe than for many months, the rate for call loans Jumping, at one time to 12 per cent. Loans made to-day carry over until next Wednes- day, and the shifting incident to the heavy demands on the eve of semi-an- nual disbursements caused a very active bidding for money. There was besides the natural hesitation on the part of most operators to making large commit ments on the eve of the holiday and the general tendency to close up accounts. | This kept the market very dull through the early part of the day and prices were disposed to sag.
 The opening was indeed a fraction be- low last night for most of the railroads and liquidating movement in Sugar and the city traction stocks pulled the railroads back again after they had first started up again. But during the sec- ond hour of the trading a very deter mined and confident demand sprang up for St. Paul and New York Central af- ter the latter stock, which was dealt in ex-dividend, had fallen 1-2 below last nights level. This demand grew and spread through the most prominent stocks on the list, including the leading trunk lines, the grangers, the Pacifics and one or two of the southwesterns The manner in which this buying ig- nored the furry In the money market indicated that 1t came from sources not dependent on the ordinary resources of the banks. Notwithstanding the note worthy strength of the move- ment in thes few stocks the gen. eral market continued very much neg lected with little changes in price. The total sales for the day are considerably below the average for the week and dealings are almost wholly concentrated in the few stocks which developed so buoyant tone In these the strength continued with very slight reaction at the close, the level of prices being lifted for them from to ? 1-2 per cent. above last nights level. Pennsylvania, which is usually very little dealt in on the New York exchange, showed market activity and rose at one time 1 3-4. Numerous blocks of 1000 shares and upwards of this stock were taken on the rise. The industrials were almost wholly neglected and with one or two exceptions, what ever activity was shown was at the ex- pense of values. Sugar recovered from it's early weakness and closed about a point higher Anaconda, Leather pre- ferred and Tennessee Coal were also strong The local traction stocks were notably weak, Brooklyn Transit being most keenly affected, A feature of the early market was the number of cash sales of gilt edge preferred stocks. There was quite long list of stocks selling ex-divldend, including the Van derbilts Rock Island, Atchison pre- fererd and q number of minor stocks. The most prominent of these more than recovered their dividend on the days trading. All opinions. seem to agree that'| a very heavy decrease in cash will be shown by to-morrow's bank statement, | some estimates running as high as $10,- | 000 GOO. This includes over $7,000, 900 of | the gold shipments, a loss to the sub treasury on account of the govern ment's small expenditure this week and | a net loss for the New York banks on the interior movement of currency. Be- sides this the speculative activity of the week foreshadowed an expansion in loans and a sharp decline in surplus re- serve.
 There was considerable activity in tho bond market and prices as a rule are higher. Total sales, par value, s2,372,- 900.
 Closir z Prices.