Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-07-01
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange Bonds, Grain,
Cotton, Provisions, Etc.

New York, June S0--rhere was n re-
markable demonstration ot underlying
strength of standard railroad stocks to-
day in spite of the happenings when
the bears have beeh 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 ell loans jumping
at one time to II 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 disbursement, caused very
active bidding for money. There was
besides the natural hesitation on the
part of most operators 20 making large
commitments on the eve of the hoii-
day and the general tendency to close
up accounts. This kept the market
very dull through the carly part of the
day, and prices We're disposed to sag.
The opening was indeed Il fraction be-
low last night for most of the railroads
and IA 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 Il very de-
termined and confident demand sprang
up for st. Paul and New York Central
after the latter stock, which was dealt
In eX-dividend. had fallen u point 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 Pacific and one or two of the South
westerns. The manner in which this
buying ignored the furry in the money
market indicated that it came from
sources not dependent on the ordinary
resources of the banks The total sales
Tor the day were considerably below the
average for the week. and dealings
81.
the few stocks which developed so
buoyant n tone. In these the strength
continued with a very slight reaction
at the close, the level of prices being
lifted from to 2E per cent. above last
nights level. Pennsylvania, which Is
usually very little dealt in on the New
York exchange showed marked activi-
~ and rose at one time IA. Numerous
blocks of 1000 shares and upwards of
this stock were taken on the rise. The
induStrialS We're almost wholly neg
lected and with one or two exceptions
whatever activity was shown was at
the expense of values. Sugar recover
cd from its early weakness and closed
about a point higher. Anaconda
Leather preferred and Tennessee Coal
ana Iron were also strong. The local
traction stocks were notably weak
Brooklyn Transit being most keenly af-
fected. All opinions seem to agree that
u very heavy decrease in cash will be
shown by to-morrow's bank statement
some estimates running as high rs $l0,-
00O00O This includes over 81 600 900 of
the gold shipments, a loss to the sub
treasury on account of the govern
mcnts small expenditures this week
and net loss for the New York banks
on the interior movement OF currency
Beside this the speculative activity of
the week foreshadowed an expansion in
loans and n sharp decline in surplus
reserve.
There was considerable activity i'm
the bond market and prices as IA rule
are higher. Total sales. par value. 81
$4,000. Government bonds are I'M
changed.
Total sales of stocks were $4,000
shares
Standard Oil, 4Gl@4G2.