Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-07-01
STOCKS A BIT 7. HIGHER.
REMAeeEEx6LE DENOMINATION OF
STRENGTH IN RAILROADS.
SQUEEZE IN The MONEY MARKET.
II Proves More severe Than for
Many Months-Rate for Call Loans
at One Time IL Per Cent.-Produce
Markets.

NEW YORK, June 3o.-There was re-
markable demonstration OF underlying
strength OF standard railroad stocks to-
day, In spite OF the happenings which
the bears have been relying upon 10 put
down prices before the triple holiday. The
squeeze in the money market proved more
severe than for many months, the rate for
call loans jumping at one time to u per
cent. Loans made to-day carry over until
next Wednesday, and the shifting incl
dent TO the heavy demands on the eve OF
semi-annual disbursements caused a very
active bidding for money. There was,
besides the natural hesitation on the part
of most operators to making large COM
mitments on the eve of "a holiday, and
the general tendency TO close up accounts.
This kept the market very duh through
the early part of the day, and prices
were disposed TO sag. The opening was
indeed fraction below last night for
most OF the railroads, and liqudating
movement in Sugar and the city Traction
stocks pulled the railroads back again,
after they had first started up again.
But during the second hour of the trading,
a very confident and determined demand
sprang up for ST. Paul and New YORK
Central. after the latter stock. which was
dealt In ex-dividend. had fallen y be-
low last nights level. This demand grew
and spread through the most prominent
stocks on the list, including the leading
trunk lines, the Changers, the Paclncs'
and one or two of the SouthWesterns.
The manner in which this buying ignored
the furry in the money market indicated
that II came from sources not dependeht
upon the ordinary resources OF the banks.
The total sales for the day were con-
siderably below the average tor the Week
and dealings were almost Wnoly concern
tratetf in the few stocks which developed
so buoyant a tone In these the strength
continued. with a slight reaction az the
close the level of prices being llfted from
! to q, per cent. above last nights level.
Pennsylvania, which Is usually very niue
showed marked activity, and rose at one
time l&. Numerous blocks of l.OoO shares
and upwards Of this stock were taken on
the rise.
INDUsTRIALS NEGLECTED.
The industrials were almost wnoly
neglected, and with one or two exceptions,
Whatever activity was shown was az tne
expense of values. Sugar recovered from
its early weakness and closed ABOUT
noint higher. Anaconda. Leather pre-
ferred. and Tennessee Coal were strong.
The local traction STOCKS were notdoIy
weak Brooklyn Transit being most Keen
w affected -
All opinions seem 10 agree that very
heavy decrease in cash will be shown by
to-morrov's bank statement some es'i-
mates running as high as SlO'Vvo,Vyo; IN
Includes over 100000 Of the gold snip
rAents. a loss TO the Sub-Ireasury on az
count of the government sman expeiull-
lures this week. and net loss LOT tiIe
New York banks on the interior move
mont Of currency. Besides this, the specu-
Iafive activity of the week foreshadoWed
an exnansion In loans and sharp decline
in surplus reserve. ,..,.. l., .ho
There was considerable activity IN tne
bond market and prices as rule are
higher. Total sales, par value. $Z,5fz'oVo'
Government bonds unchanged. $500
The total sales Of stocks were S?o'SO
shares Including Atchison, $50; Atchison,
nreferred. 20. 500: Chicago, Burlington and
Quincy. 1850: Louisville and Nashville
7'750. Manhattan 25,770; Metropolitan
Sweet Railway. 3Ol50: Missouri Pacific.
II i50. New York Central 25S7O; Rock
island % 400: Northern Pacific. lo'oaO;
Northern Pacific, preferred. 200; Union
Pacifc. 1850; Union Pacific. preferred,
& S40. ST. Paul. 26,l5O; Brooklyn Transit
1880; Sugar 1855.
MONEY AND EXCHANGE.
Money on call strong at 5Gl2 per cent. 4;
last loan at per cent; prime mercahtlle'
SI6df per cent. Sterling eXchange Weak,
9th actual business in bankers DIS AT
e. ~ SSt S7ib for demand. and A.3k n
s4.SjIS for sixty days Posted rates N;oo4
e. SSit and 81 SsIA; commercial bills A.S5.
silver certificates 60]2n6lc. Bar silver,
60i4c. Mexican dollars. 4Sl2c;
Government bonds strong. state ponds
dc. s-fF