The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-07-12
LOSSES RECOVERED.
Activity Shown in the Trunk Lines
Money Market stiII stiG.

tCAiNANN III tnt
Money Market stiII stiT.
New York, July 1.-THE stock market
strikingly demonstrated its inheren,
strength again to-day, with practical re-
covery of yesterdays losses. Closing
prices to-day were only slightly below
those of Saturday and in some eXcep-
tional cases sharply above The only con-
ditions in which any change had taken
place were purely technical. These were
the elimination of weakly margined
long account and the creation of a short
interest.
London began to sell stocks in New York
at the opening to-day, as 1t did yesterday,
but instead of coming upon q large ac-
count of nearly exhausted margins, as Was
the case yesterday, the opening decline
invited buying 10 cover the short contracts
put out yesterday. The buying from this
source afforded the principal support to
the market in the early dealings. 1t was
particularly marked in Sugar and the
New York traction and gas stocks, which
suffered most severely from bear raidinS
yesterday
BY the time this short interest had
been covered the market came TO a stand
still. the bulls apparently lacking courage
10 push their advantages in face of inc
continued stiffness of the money market.
which held quite firmly about the legal
rate of call money. Slightly before noon.
however, a determined buying movement
developed in the great trunk lines, and
with occasional intervals of duilness, con-
tinued for the rest of the day spreading
from one group to another until it en-
braced pretty much the whole list. The
agreement among the trunk lines to re-
store rates on grain to the seaboard was
apparently the cause of the origin of the
in "a = i'm a1n
in gross earnings for the first week in July
of $203 ,S22 prompted the buying of the
Changers.
The high rate for call money was ig-
nored and very large amounts loaned
on the Stock Exchange at per cent.
The rate eased off to AZ per cent at one
time but rose again to per cent, the de-
mand apparently continuing large for the
increased supply available.
Interior exchange continued to run
against New York, but yeterday's contrec-
ton of loans had apparently left the New
York banks in an easier position.
Demand sterling in New York only held
firm under the stress of the high rate for
money in London, but sterling EXCHANGE
in Paris and Berlin advanced sharply ana
discounts were easier at those centers.
Long sterling in New York weakened an
additional fraction under the safes of fu-
lures based on che expected outward move
ment of merchandise to begin in a short
time.
Among the special points of strength in
the late stock market was Texas and Pa
cific, which rose TO % and later the whole
Southwestern group. Wall street had
rumor of contemplated merger of Wa
bash and Missouri Pacific to account for
the strength of those stocks. Northern
Pacific also scored a brilliant advance
recovering more than its dividend, which
was taken off to-day. There was stimuli
taneous advance in Tennessee Coal, Colo
RADIO Fuel and American Steel and Wire
which rose from 2 to "a and also Chesa-
peake and Ohio, Cleveland, Cincinnati.
Chicago and St. Louis and Lake Erie and
Western preferred.
After a fractional reaction on profess
sional profit-taking prices were marked up
again TO near the best in the closing deal
ings.
Bonds rallied somewhat from the early
weakness in sympathy with stocks but
are generally slightly lower on the dav
Total sales, par value, 50 ,0SOOOO United
States As new, registered. declined 4 and
the old As, registered, y in the bid price.
Total sales of stocks to-day were 395 59S
shares, including Atchson, $3.50: Atchison
preferred. 1915; Chesapeake and Ohio, H.
500; Burlington, 1850; Louisville and Nash
vile, 6,2S5; Manhattan, &c, 5S5; Missouri Pa
cfic, $780, New York Central $3.50:
Northern Pacific, eX-dividend II. 60; Rock
Island, 6,125 Union Pacific, $50; St Paul
81 AGO. Texas and Pacific, % 800; Wabash
preferred, 1885; American Steel and Wire
1O05O American Tobacco, $40; Federal
Steel, 800; Brooklyn Rapid Transit, 21.-
1905 Sugar 27750; Tennessee Coal and
Iron, 5000.